Tirana, Albania

Undertakings for Collective Investment: Albania Adapts Itself to European Standards

By Evis Jani, Gjika & Associates, Attorneys at Law

On 30 April 2020, the Albanian parliament approved Law 56/2020 “On the Undertakings for Collective Investment” (Law 56/2020) which entered into force on 20 June 2020. This legal change is being undertaken at a time when the market dynamics of investment funds have undergone major developments that do not meet the requirements of European markets.

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Boston, USA

GDPR: Questions to Ask About HR Data and Third-Party Employers

By Adrienne Drew, Globalization Partners

The European Union’s General Data Protection Regulation (EU) 2016/697 of 27 April 2016 (GDPR) is now two years old, and the European Union—and the entire world—has changed in innumerable ways. Following the two-year anniversary of GDPR implementation, companies doing business in the EU should evaluate whether all aspects of their data processing are in compliance. Remembering that the Directive applies to actors within the EU but also that GDPR has an extraterritorial scope, companies in the US and elsewhere who did not previously need to comply with the Directive should re-evaluate whether they now may have GDPR compliance obligations.

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Lawyers as Fiduciaries: When Things Go Wrong

By Krystyne Rusek, Pallett Valo LLP

When choosing an executor or estate trustee for your estate, a lawyer can be a good option. As regulated professionals, lawyers are scrutinised by the Law Society of Ontario to ensure they refrain from “professional misconduct or conduct unbecoming a licensee”1. This extends to non-legal activities, such as when a lawyer is an estate trustee. Because lawyers are held to such high standards, beneficiaries can usually have confidence that their lawyer-trustee will act in their best interests. But, as illustrated in the recent case of the Law Society of Ontario vs Comartin, occasionally, a lawyer may abuse the authority granted and act in a way to further his or her own interests to the detriment of the estate and beneficiaries.

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Timisoara, Romania

Will We See a Paradigm Shift After COVID-19?

By Ioana Hategan, Hategan Attorneys

Sooner or later, any contract negotiation fits the paradigm of the conflict of interests or the opposing interests. Any business lawyer is inevitably taking sides by protecting the interest of one party “at the expense” of the other. This is the way this profession works pro parte, therefore, it is divisive in most cases. You are someone’s lawyer, you defend someone’s interests, you represent a certain party. It is either you or the other party’s lawyer who is right. There is hardly a middle way. If one wins, the other one inevitably loses. For this reason, contracts also become more and more complex. From the very beginning, a simple fact is clear: the conflict of interest in unavoidable throughout the negotiation process and therefore the clauses in the contract need to prevent or avoid that situation.

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Airport Amsterdam, Netherlands

Posting of Workers to the Netherlands

By Paulien van der Grinten, TeekensKarstens advocaten notarissen

According to the Posted Workers in the European Union (Working Conditions) Act (“WagwEU”), as of 01 March 2020, a notification obligation will be applicable to workers posted to the Netherlands. This duty to notify applies to companies outside the Netherlands performing (new) services within the Netherlands using posted workers. Posted workers in this respect are employees who have been sent by their employers to carry out services in the Netherlands on a temporary basis, in the context of a contract of services, an intra-group posting, or a hiring out through a temporary agency.

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modern corporate buildings in Moscow International Business Center

Liability of General Directors in Russia

By Valeria Khmelevskaya, KBK Accounting

The Russian CEO, the General Director, is the sole executive body of a company. Compared to many other countries, the general director in Russia bears a significantly higher responsibility in front of state authorities.

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Container vessel

Beware the Perils of Transshipment

By Frederic Rocafort, Harris Bricken

The imposition by the USA of tariffs of up to 25% against many Chinese products (part of the “Trump tariffs” and the broader US-China trade war) has left many international businesses that source from China scrambling for alternatives. These tariffs, imposed under the authority of Section 301 of the Trade Act of 1974, affect products covered by thousands of subheadings in the Harmonized Tariff Schedule of the United States (HTSUS).

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Payment for employment

Bitcoin Compensation Hurdles: Borderless Money in a Bordered World

By Bryan F. Jacoutot, Taylor English Duma LLP

Bitcoin, the world’s first and most popular cryptocurrency, continues its rapid ascent into mainstream consciousness. Initially developed as a method to circumvent traditional financial structures for internet-based transactions, it is increasingly seen as a potentially viable payment method for legacy structures like employment.

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Mississauga, Canada

New Record-Keeping Requirements for Private Corporations

By Matthew Kindree, Pallett Valo LLP

Effective 13 June 2019, private corporations regulated under the Canada Business Corporations Act are required to prepare and maintain a register of individuals with “significant control” over the corporation. Previously, the Canada Business Corporations Act (the CBCA) required corporations to maintain a register showing the names of each person holding shares of the corporation, but did not require the corporation to list individuals who were the beneficial owners of such shares or who had direct or indirect control or direction over such shares.

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