International Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of International Law.
In response to feedback from its consultation with stakeholders in the Cayman Islands financial services industry (including feedback on a draft Statement of Guidance on Corporate Governance for Regulated Mutual Funds), the Cayman Islands Monetary Authority (“CIMA”) has formally issued, on 13 January 2014, a final Statement of Guidance on Corporate Governance for Regulated Mutual Funds (the “Statement of Guidance”).
Following the announcement of the signature of a bilateral Memorandum of Understanding between Malta and Alderney between the Malta Lotteries and Gaming Authority (LGA) and the Alderney Gambling Control Commission (AGCC) on the 9th October 2013, several operators await further details about the MoU with some anticipation.
By BCH Lawyers
Decide promptly, but never give any reasons. Your decisions may be right, but your reasons are sure to be wrong. -William Murray, 1st Earl of Mansfield
By BCH Lawyers
An asymmetrical, unilateral or non-mutual arbitration clause may be grossly defined as the one that grants one party to an agreement the right to select either arbitration or litigation as a means to resolve disputes arising from the underlying agreement, yet denies that right to the other party.
Schengen Visa Decisions of the German Embassy Can be Fully Controlled by the Berlin Administrative Court
A German embassy can only reject to issue a "Schengen-Visa" if this is expressly regulated in the EU Visa Code. The national authorities have a wide discretion to determine if there are rejection reasons for the visa applicant, but it is not an exclusive discretion which cannot be controlled by the administrative court.
Argentina: Tax Havens - Publication of the List of Cooperative Jurisdictions for Tax Transparency Purposes
The National Tax Authority (“AFIP”) published today in its “web” site the list of countries, jurisdictions, territories, states and special tax regimes which qualify as cooperative for tax transparency purposes (the “Cooperative Jurisdiction List”).
It is no surprise that in times of global and local economic uncertainties, people are more tend to look for a safe haven to wait for the fluctuations to come to an end.
Notwithstanding the earlier request to the Central Authority it is open to either party to request the judicial authority of the contracting state to issue a fresh letter of request for taking evidence directly to the High Court of the State in which the witness resides or carries on its business. The fresh letter of request addressed to the concerned High Court of the Indian State would be executable under the provisions of the Code of Civil Procedure, 1908 (‘Code’).
Today, in global cash flow around the world made multinational companies to think more on tax benefits and cost effectiveness before they invest in a country.
The Order of the Ministry of Health of Ukraine № 960 dated November 8th, 2013, “On Approval of the amendments to the License terms for the business related to the importation of drugs" was published. The stated Law cancels the Order of the Ministry of Health of Ukraine № 453 dated March 30th, 2013 and suggests phased introduction of the new requirements for the importers.
Actions the Retailer Must Take after Issuance the Order for a Ban on Circulation of Batches of Medicines - Ukraine
The issue of imposition of a ban (temporary ban) on medicine circulation is regulated, in particular, by the Procedure for imposing a ban (temporary ban) on and restoring circulation of medicines in Ukraine (hereinafter referred to as “the Procedure”) approved by the order of the Ministry of Health of Ukraine dated 22/11/2011 No. 809.
A rather detailed introduction of the legal aspects of outbound investment from China to foreign countries based upon the legal reality of China before 2012, which is undergoing further major changes in China at the moment.
Business world firstly threw master funds opinion into the pot in 2011. After two years, this attempt currently came into climax with government support.
Major countries can encounter the problem of current account deficit which bring economic problems in developing countries.
Turkish government makes room for new investors as Turkish economy is open economy which impact Turkey’s growth positively over the last decade and Turkey has growth potential among developing countries.
The World Trade Organization (WTO) reached its first trade reform deal on Saturday with the approval of nearly 160 ministers, who had gathered on the Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy.
As many other countries, Turkey also intends to increase the rate of renewable energy resources to 30 % in its power generation until 20231. In accordance with this, adequate legislative amendments and legal reforms in energy have been made since 2010 which provide diverse incentives to investors. Recently, the Council of Ministers passed a resolution concerning investments and domestic production in renewable energy.
Cartoonist David Horsey earlier this year created an image of an anxious Uncle Sam asking a fortune teller, "Can you tell me about my future?" She responds: "Hmm ... I would, but I can't read Chinese."
The Shanghai branch of the China International Economic and Trade Arbitration Commission (CIETAC) recently split from CIETAC after the launch of its 2012 arbitration rules. The Shanghai branch (Shanghai CIETAC) declared itself an independent adjudication body with its own arbitration rules and its own panel of arbitrators. However, CIETAC denies the validity of the secession.
In the last 5 or 6 years some projects have had the benefit of insurance which is designed to pick up the risk after the contractor's liability has been exhausted.
The overriding concern behind the new Turkish incentive scheme is the resumption of the macro-economic stability of the Turkish economy.
Enforcement of a Foreign Judgment in Turkey - Is It Possible to Enforce Romanian Judgments in Turkey?
This article aims at explaining enforcement of foreign judgments obtained from Courts of Romania in Turkey. It explains the procedure of implementation of Romanian Decrees/Decisions in Romania based on judicial and legal cooperation agreement which enables reciprocity between Turkey and Poland as a core treaty. It also touches arbitral awards enforcement which are given by Romanian Courts.
In 2014, essentially all the financial institutions operating in Panama will be required to submit information to the United States (IRS) authorities, concerning “American citizen” in Panama.
There is a significant regulation with regard to the companies in Turkey and their shareholders in Turkey and abroad which has been promulgated in the Official Gazette dated August 28, 2012, numbered 28396, which indicate ‘‘Regulation pertaining to the General Assembly of Joint Stock Companies to be held via Electronic Means (EGKS) ’’.
The primary legislation regulating hedge funds in the Cayman Islands is the Mutual Funds Law (As Revised) (the “Funds Law”) and accompanying regulations, including the Retail Mutual Funds (Japan) Regulations (2007 Revision, as amended) which generally apply to investment funds licensed under the Funds Law (licensed funds) where the securities are marketed to the public in Japan.
According to the Federal Supreme Court (BGH), founding limited partners are liable for incomplete or wrong information given by the brokers they use.
Project finance means the term applied to a variety of financing structures that have a few features in common. There are lots of participants take place in Project financing, namely; project sponsor, suppliers, contractors, bondholders and the other parties.
No More Individual Application Will Be Allowed to Become "Angel Investor" in Turkey as of 01.01.2014
Turkey, as one of the pioneering countries that has particular regulation and tax reliefs for angel investment, has almost TRY 10 million volume of angel investment which is remarkably less when compared with Europe and U.S. markets.
By CTM Avvocati
When entering the Italian market, a foreign corporation is often confused about which legal form their presence in Italy should have. This article provides some practical tips to better understand the differences among Branch, Subsidiary and Rep Office.
Economic liberalization and the elimination of trade barriers are crucial for any country that is well integrated in to the world economy and aiming at increasing its trade volume.
Turkey as a member of NATO and due to its geographic location has been allocated the highest funds from the budget to defense industry for many years. Today the total turnover of defense and aerospace industry is around USD 4,5 - 5,0 billion.
Economic activities contribute to increase of banking sectors in Turkey since expectations have developed rapidly and there is a stability which has been sustained in the financial markets. Therefore, this situation reflects to ascend the effectiveness of supervision in the banking system.
Sharia compliant non interest paying Islamic instruments, Sukuk is on the rise throughout the global financial markets. The volume of the global Sukuk market which is currently led by Malaysia, has already reached a volume of 1.5 trillion dollars
The construction contract in an international project financing serves to give the project company a fully completed and equipped facility. In addition, it provides for delivery by the contractor of a facility that satisfies specified performance criteria, for a fixed or predictable price, and completed on a specific date.
Since the last decade due to the increase in FDI which is positively affected by GDP growth, Turkey has attracted many investors from all around the world. While some of those investors were looking for opportunities to set up their organizations some run their business through the agencies based in Turkey
The management of a company is one of the most crucial issues for private equity funds since it is the value of the acquisition itself. As a key component of funding by a private equity, the management refers to controlling of daily business.
A Corporate Guide for Private Equity Funds in Turkey: Shares and Shareholder Rights in Joint Stock Companies
In contrary to the decrease in European and U.S. markets the private equity funds in Turkey accelerating the volume of the investment day by day. Either financially backed by management buy-outs or leveraged buy-outs the acquisition by a private equity fund has a typical acquisition progress like in a private company.
New regulations in Turkish International Trade Law came into effect on 10.01.2013 in order to simplify customs procedures for international traders. With the new regulation, economic operators can apply for an Authorized Economic Operator (AEO) status, which is given permanently with no expiry, either to have easier access to customs simplifications or to be in a more favorable position to comply with the new security requirements.
The value added tax (VAT), is a type of indirect turnover based tax that is levied during the final phase of the purchaser of the goods and is included in the price of the purchased item or service. Being a turnover tax, VAT is levied at each stage of the production and the distribution process as well.
In an effort to boost the property market and enhance the attractiveness of Cyprus for foreign investment, Cyprus has implemented measures that allow for citizens of non EU countries to acquire more than one property in Cyprus, provided that certain conditions are met.
The press increasingly writes about the decline of investment attractiveness of Ukraine, reducing the amount of investment, including investment in infrastructure projects.
Recently, the press increasingly writes about the decrease of investment attractiveness of Ukraine. This is indicated by both politicians, experts, and international rankings.
Nowadays, always more and more companies cannot avoid facing the threat of unpaid invoices which obliges them to spend time and energy in long procedures in order to recover the due payment. Thus, since its start, our law firm has been developing an increasing experience in the field of bad debt collection. We currently represent our clients throughout the procedural steps required to obtain their payment, giving them the most appropriate legal support.
The Global Competiveness Report 2013-2014, prepared by the World Economic Forum, has ranked Malta’s financial services sector amongst the top 20 world nations, out of 148, with regards to issues related to soundness of its banking institutions (14th), the regulation of Securities Exchanges (17th) and the strength and reporting standards (13th), thereby reaffirming Malta’s position as a leading financial jurisdiction.
A wet lease is a leasing arrangement whereby the lessor (one airline or aircraft operator) provides an aircraft, complete crew/only cockpit crew, maintenance, and insurance (hull and third party liability) to the lessee (another airline or aircraft operator), which pays by hours operated. The term ACMI is an acronym signifying the four main elements of a wet lease which are; Aircraft, Crew, Maintenance and Insurance.
Turkey proved its aspiration with the liberalization of electricity market for being an energy hub in the heart of Europe and Middle East territory. According to Türk Eletrik İletim Anonim Şirketi (TEİAŞ) 2012 report, the electricity demand in Turkey will arise within the range of 398-434 billion kWh in the light of historical perspective in 2023.
The Arabic term for Islamic securities Sukuk , commonly refers to the Islamic equivalence of bonds. The Islamic ban on interest payments is the root cause of the Islamic financial instruments such as Sukuk that provides the investor a share of an asset and its cash flows and involved risks.
Most of the economic pundits are in agreement that Turkey has increasingly been playing a prominent role in the world economy and redefining itself as an attractive hub for Foreign Direct Investments. The country has already been associated with the economic powerhouses of BRIC and accentuated its appeal for foreign investors by its resilient economic standing during the latest global economic recession.
Enforcement of a Foreign (Poland) Judgment in Turkey - Is It Possible to Enforce Polish Judgments in Turkey?
This article aims at explaining enforcement of foreign judgments obtained from Courts of Poland in Turkey. It explains the procedure of implementation of Polish Decrees/Decisions in Poland based on judicial and legal cooperation agreement which enables reciprocity between Turkey and Poland as a core treaty. It also touches arbitral awards enforcement which are given by Polish Courts.
To promote fair trade, enhance protection for individual consumers and to prevent unfair business practices in Hong Kong, the Trade Descriptions (Unfair Trade Practices) (Amendment) Ordinance 2012 was passed on 17 July 2012 to amend the Trade Descriptions Ordinance (Cap 362) (“TDO”).
Enforcement of a Foreign Judgment in Turkey - Is It Possible to Enforce Chinese Judgments in Turkey?
This article aims at explaining enforcement of foreign judgments obtained from Courts of China in Turkey. It explains the procedure of implementation of Chinese Decrees/Decisions in Turkey based on judicial and legal cooperation agreement which enables reciprocity between Turkey and China as a core treaty. It also touches arbitral awards enforcement which are given by Chinese Courts.
Amendments to the Companies Law (as Revised) of the Cayman Islands (the “Law”) has streamlined the mechanics for implementing mergers involving Cayman Islands companies.
When Turkey first acquainted with franchising system, it was 1991. From that day to this, Turkey's economic perspective was entirely amended and currently ranked as the world's 17thlargest economy regarding GDP all over the world and converted into an integrated emerging market with a growing financial system.
The Companies Bill, 2013 has been passed by the two houses of Parliament of India and is awaiting the assent of the President, which, when assented to by the President of India, will replace the 57 year old Companies Act, 1956. An attempt is made in this article to focus on how the new Bill impacts small and medium sized foreign companies who seek to do business in India through the means of a limited liability company.
Cyprus had been the first Member State to experience and implement the resolution and bail-in approach with respect to failing banks, thus relieving taxpayers and direct investors from suffering the burden of rescuing failing, bad-managed banks. But there can be no doubt that Cyprus is a jurisdiction actively protecting foreign direct investment at the highest levels.
International trade transactions relate to the importation or exportation of goods or services from one country to another.
Double tax treaties provide for relieving double taxation; sometimes double taxation relief is extend to tax paid by foreign subsidiaries and other foreign affiliates in terms of economic definition.
Panamanian corporations may be organized by two or more elderly (who may be Panamanian or foreign) as well as legal entities, for any purpose (lawful) for which the incorporators subscribe at least one share each (they are considered shareholders), the authorized capital stock of the corporation in training
U.S. domestic steel producers consistently raised concerns about the Turkish steel industry, alleging that it is subsidized and unfairly aided. U.S. Commerce Department and International Trade Administration found a variety of Turkish subsidy programs to be dependent on export performance and imposed countervailing duty and anti-dumping penalties. As a response, Turkish steel producers have challenged these rulings in the U.S. Court of International Trade (CIT) with varying degrees of success.
Corporate authority problems may arise occasionally, with Panama legal doctrine providing interesting solutions.
The Commercial Companies Law covers the formation and regulation of Branches and Representative Offices of foreign companies in the UAE, and stipulates that they may be 100% foreign owned provided that a local service agent is appointed.
Advantages of Using Cayman Islands Exempted Companies for Investment Purposes and Finance Transactions
The Cayman Islands exempted company is the corporate vehicle of choice among international investment fund managers and investors. The popularity of the exempted company is principally as a result of the Cayman Islands being rightly recognized as a stable jurisdiction for structuring international investments owing to the following features.
On the 15th July 2013, the Malta Financial Services Authority (MFSA) issued a Notice for the purpose of formally notifying all Financial Services License Holders of the recent publication of the Malta Financial Intelligence Analysis Unit (FIAU) Annual Report for 2012, issued in terms of Article 42(1) of the Prevention of Money Laundering Act (Chapter 373, Laws of Malta).
On the 28th June 2013, the Malta Financial Services Authority (MFSA) issued a Circular to the Financial Services Industry on the proposal by the European Commission for the implementation of a new investment fund framework designed for investors desirous of effecting long-term investments into corporate entities and projects.
Nowadays foreign investors seek to establish their legal presence in Uzbekistan in order to better explore and understand the Uzbekistan market. While considering different options, investors face certain dilemmas, e.g. whether to open a representative or branch office, or a subsidiary; as well as issues regarding economic and other risks, and so on.
The judicial system of Uzbekistan consists of the Constitutional Court, courts of general jurisdiction for civil and criminal cases, economic courts, and military courts. The main act regulating and establishing the procedure for organization and activity of courts is the Law on Courts (new edition) dated December 14, 2000.
As you know, most of the national companies in a certain period of their development set themselves the task to bring out their goods, works and services to foreign markets, which may be done, including through the expansion of their actual geographical presence outside the country of incorporation of the company, or the location of the head office.
As 22 July 2013 looms ever closer, as part of our continuing legal update series on this topic, this Guidance Note seeks to consider the impact of the Alternative Investment Fund Managers Directive (the “Directive”) for non-EU Managers who manage Cayman Islands domiciled funds.
Whether there is a need to restructure a business, to protect assets or simply develop an international presence for a business, one of the ways of doing so, is by opening an Offshore company.
After its adoption by the National Assembly and the Senate of the Democratic Republic of the Congo ("DRC"), the President of the Republic promulgated on June 26, 2013 the Law No. 13/023 authorizing the accession of the DRC to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards signed in New York, on June 10th, 1958 (the "Convention").
Almost twenty years have passed since the enactment of Law 8 of 1994, which until the end of the year 2012 regulated tourism investments and incentives in the Republic of Panama. This body of law responded to a national strategy and a master plan oriented towards promoting tourism related investments in Panama.
As the CIETAC Shanghai and CIETAC Shenzhen have respectively declared to become a independent arbitration commission breaking away from the CIETAC Beijing. The effect to the contract with a arbitration term and potential disputes involving the CIETAC can be seen from recent judgments.
There are different types of commercial companies that can exist in a member state of OHADA (the organization for the Harmonization of Business in Africa) such as the Democratic Republic of Congo [DRC]. This article discusses the types of companies and their incorporation or establishment in the Democratic Republic of Congo
With approximately a month to go from the transposition deadline, Malta has announced that it is first member state to have fully transposed the Alternative Investment Fund Management Directive (“AIFMD / Directive”).
Futures and Derivatives Trading To perform as a trader (broker) of commodities in the UAE the company (a legal entity incorporated according to the UAE law or foreign company incorporated outside the UAE) needs to carry out the necessary procedures to obtain a membership from DGCX (Dubai Gold and Commodities Exchange).
On April 4, 2013, the Council of Ministers of Gabon adopted a draft law regulating the mining sector, which aims to reform the mining sector of Gabon by introducing a new institutional, fiscal and technical framework.
Importers and exporters often face harsh treatment through the hands of customs administration. Though there exists a class of traders which indulges in the acts of under invoicing,1 yet, the rejection of ‘transaction value’ on whimsical grounds is not mandated by Article VII of GATT 1994 and the implementation agreement on the application of GATT Code of Valuation.
Among the well-known commercial risk of today, expropriation seems to stand out as the most prominent. It represents the most dreadful form of measures to investors, which might be taken against foreign direct investment by a host state.
The Cameroon Government in its effort to protect foreign direct investment has adopted a legal framework made up of on the one hand of national laws and specific contractual agreement signed between Cameroon and a prospective foreign investor and on the other hand , of Inter- Governmental Bilateral Regional and Multilateral Treaties agreed to by the Government.
The Investment Services Act (CHAP. 370 of the laws of Malta) currently defines collective investment schemes as arrangements which, inter alia, “operate according to the principle of risk spreading”. By virtue of this definition, the requirement of risk spreading has been imposed on all licensed collective investment schemes alike and this irrespective of the type of collective investment scheme licence.
The article introduces the procedure to settle the international trade disputes in China.
In business litigation, the quality, independence and acceptability of the expert evidence can make or break the case. This article discusses the law of Canada affecting the use of financial experts and best practices to make their evidence most effective. This presentation was prepared for a legal conference which took place in Toronto on May 30, 2013. The contents are not legal advice. Please contact the authors if you have any questions.
International Trade is expending day by day, small and big countries of the world are engaged in transfer of huge quantum of goods and services. The mutual contact between the parties, at time, creates legal problems. These problems arise from the first act of offer made by a trading partner and its acceptance by the other trading partner. The contracts created between the traders are generally binding on the parties.
A registered agent shall at all times retain physical possession of the bearer shares certificate, whether he deals directly with the end-user customer or with a professional intermediary customer.
The industrial property legislation had significant changes, as: any registered trademark must be used within the Panamanian territory, etc.
The Panama-USA free trade agreement has entailed the modification of several legislations.
All countries try to monitor and control import-export flows that pass through their borders. While some European countries have significant experience in these activities, contemporary Ukraine is continually developing its customs control systems (and supporting legislation). Ukraine’s new Customs Code, which came into force on January 1, 2013, completely overhauled the prior legislation governing customs bonded warehouses.
The moratorium on alienation of Ukrainian farm land has long prevented meaningful foreign investment into the Ukrainian agricultural sector. To somehow obtain access to agricultural land, instead of outright ownership foreign investors had to register Ukrainian companies that entered into lease agreements with landowners, most with a “right to buy” option if and when the moratorium will be lifted.
By Koan Lorenz
On February 27, the Article 29 Data Protection Working Party adopted an opinion on smart devices. The opinion strives to clarify the European regime on the collection and use of personal information by means of smart devices.
Legal Advice on the Arbitration Clause After Separation of CIETAC Shanghai and South China from CIETAC Beijing
The separation of CIETAC Shanghai and CIETAC South China from CIETAC Beijing has made a great noise, causing some confusion and legal issues about the arbitration clause. The author intents to briefly clarify it in this article.
A European business group is calling on China to make big changes to its patent system. The European Chamber of Commerce in China argues that the current Chinese patent system hinders the country's ability to innovate and may be detrimental to foreign companies. The group released a report recommending a total of 52 changes.
India and Malta renegotiated the Double Taxation Avoidance Agreement (DTAA) between the two countries with the intention of aligning to changes in domestic laws.
On the 16th April 2013, Fitch Ratings issued a statement regarding a special report published by Fitch, highlighting the main differences between the Maltese and Cypriot banking systems and concluded that these differences far outweigh the similarities and that, as such, ‘Malta Does Not Face Same Bank System Risks as Cyprus’ meaning the Maltese banking sector does not present the same level of risk to the sovereign that was seen in Cyprus.
This article aims to explain Enforcement Procedure and Conditions in Turkey. International private and civil procedure law of Turkey and Turkish Procedure Law are the main laws governing the procedure of enforcement of Foreign Judgments in Turkey. In this article, we’ll guide our readers based on the provisions of these laws. It is also important to note that Turkey ratified Convention on the Recognition and Enforcement of Foreign Arbitral Awards which apply to the cross-border enforcement.
Following Mitt Romney's run for election and the more recent fall of Cyprus, tax havens have become increasingly scrutinized by the public eye. But are they always illegal?
This summary of Civil Litigation Procedures was prepared on the on the occasion of the 2012 Annual Conference of the International Network of Boutique Law Firms in Rancho Palos Verde, CA on Oct 12-14, 2012. The law and procedure are similar but not identical in the Canadian common provinces and territories but differs in Quebec which has a Civil Code. This summary is not exhaustive and is not intended as legal advice.
With the proliferation of international commercial arbitration and business arbitrations locally, a large body of rules, protocols, laws and conventions - formal and informal -- have developed. Litigation lawyers cannot assume they know the ins and outs of arbitration without learning how the details. This article reproduces the power point slides of a presentation made by the author at an Arbitration Advocacy seminar in October 2012. They are for information only and not legal advice.
The concept of the Community Trademark (CTM) has long been considered very straight-forward in its approach. The common understanding is that it gives protection of a trademark applicable to all 27 Member States of the EU. Naturally, this could be easily abused if a CTM were registered and only used in one Member State.
When we think about creativity in the field of technology, we normally think about the U.S. and Japan. The European Union Commissioner for technology and the digital agenda Neelie Kroes is now actively trying to challenge this notion. Few people realize, for example, that Angry Birds and Skype were actually created in Europe. These may not trump the prolific success of Silicon Valley, but they are certainly a start.
International commercial arbitration is the most common method for resolving disputes arising from agreements between businesses from different countries. In this presentation, the author describes the systems and procedures applicable to international commercial arbitration and helps business people understand what to expect.