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Finland: Public Register Proposed for Tax Debts of Enterprises

(Dec. 23, 2013) The Finnish government presented draft legislation to Finland’s parliament, the Eduskunta, on December 5, 2013, concerning the establishment of a public register on tax debts of enterprises. (Laura Pakarinen, Finland: Government Proposes Public Tax Debt Register, TAX NEWS SERVICE (Dec. 6, 2013), International Bureau of Fiscal Documentation online subscription database.) Under law […]

Switzerland: Referendum Rejects Limits on Executive Pay

(Dec. 12, 2013) On November 24, 2012, the Swiss people voted on a popular initiative that would have amended the Swiss Constitution by adding a new article 110a to limit executive pay to 12 times the pay of the lowest-paid worker in the company. (Eidgenössische Volksinitiative ÆÂ?:12 – Für gerechte Löhne,’ Federal Chancellery website (Dec. […]

European Union: European Parliament Committee Approves Legislation Requiring Mineral and Oil Companies to Disclose Payments to Governments

(June 7, 2013) The Legal Affairs Committee of the European Parliament has endorsed draft legislation that requires companies involved in gas, oil, and mineral extraction as well as logging, to provide full disclosure of payments made to national governments. (Press Release, MEPS Back Deal Forcing Oil and Mineral Firms to Disclose Payments to Governments (May […]

Israel: Imprisonment for Insider Trading

(May 2, 2013) Israel’s Supreme Court recently rejected appeals of the sentences of three employees of an Israeli public company that trades its shares at the Tel Aviv Stock exchange. The employees were convicted of insider trading, having acquired the company’s stock after being exposed to information regarding its negotiations with Spanish companies over the […]

Switzerland: Referendum on Executive Pay

(Mar. 27, 2013) On Sunday, March 3, 2013, the Swiss people voted for a popular initiative to limit executive pay. Voter participation was over 45%, and 68% of those voting supported the measure. (Volksabstimmung vom 3. März, 2013:08.080 «Gegen die Abzockerei» Volksinitiative [Popular Vote of March 2013, Popular Initiative Against Being “Ripped Off”], Die Bundesversammlung […]

Italy: Law on Start Up Companies and Other Stimulus Measures

(Nov. 6, 2012) Regulation No. 179 of October 18, 2012, on Further Urgent Measures for the Country’s Growth, was published in <?Italy's Official Gazette No. 245, of October 19, 2012, as Ordinary Supplement No. 194. (Decreto-Legge 18 ottobre 2012, n. 179, Ulteriori misure urgenti per la crescita del Paese [hereinafter Regulation No. 179], GAZZETTA UFFICIALE […]

Indonesia: New Law on Franchises

(Nov. 2, 2012) On October 30, 2012, Indonesia’s Ministry of Trade issued a new regulation on franchised businesses in the country. The regulation limits the number of company-owned stores in a chain to 150; any additional outlets must be franchised. (Peraturan Menteri Perdagangan Republik Indonesia Nomor: 68/M-DAG/PER/10/2012, Tentang Waralaba Untuk Jenis Usaha Toko Modern [Regulation […]

Netherlands: Revision of Law on Private Limited Companies

(Oct. 17, 2012) The private limited company (besloten vennootschap met beperkte aansprakelijkheid, or B.V.), which is similar to the American limited liability company, “is the most frequently used legal entity in the <?Netherlands for conducting business activities." (How to Incorporate a BV in the Netherlands, TAX CONSULTANTS INTERNATIONAL (Oct. 5, 2012).) As of October 1, […]

United States: Delaware Supreme Court Rules That Spanish Law Applies in a Corporate Law Dispute

(Mar. 2, 2012) The Delaware Supreme Court has ruled that the law of Spain, rather than that of Delaware, applied in a case where a plaintiff corporation brought a shareholder derivative suit on behalf of a Delaware subsidiary of a Spanish parent corporation. Sagarra Inversiones, S.L. (Sagarra), a Spanish corporation, filed suit in Delaware Chancery […]

China: New Measures to Discourage Unreported Business Concentration

(Mar. 2, 2012) Mergers and acquisitions in China are subject to regulations on business concentration. Under the Chinese anti-monopoly regime, a “business concentration” means a business transaction involving (1) merger with another business; (2) acquisition of control over a business by acquisition of all or part of its equities or assets; or (3) acquisition of […]