Page 27 - Law Developments News Today

A new provision establishes the requirements for the suitability of transfer pricing documentation. In order to align the domestic transfer pricing framework with the Organisation for Economic Cooperation and Development standards, the provision updates the rules relating to the content of transfer pricing documentation, which must be prepared in order to support the application of the arm's-length principle to intercompany transactions.

On 11 August 2020 the Ministry of Industry and Information Technology issued the Guidelines on the Construction of a Data Security Standards System in the Telecoms and Internet Industries for public comment. According to the draft guidelines, the data security standards system for telecoms and internet industries comprises four categories: basic and general standards – these include terminology definitions, data security frameworks and data categories and classifications; critical technology ...

Introduction There are several ways in which parties can discharge their contractual obligations. For example, the doctrine of accord and satisfaction allows parties to discharge their contractual obligations by performing certain modified obligations or by novating or rescinding the existing contract.(1) In other words, a liability arising out of a breach of contract can be discharged by a new agreement (an accord), wherein the parties mutually agree a new consideration, forfeiting their right...

Whether employers can review employees corporate email accounts and rely on any findings collected during such an inspection in a potential termination is a controversial issue in terms of personal data protection and privacy. The Constitutional Court has rendered two recent decisions on the right to privacy and the privacy of communication with regard to corporate email accounts. Both decisions elaborate in particular on employees information rights. Constitutional Courts recent decision On 17...

President Trump recently signed into law the Holding Foreign Companies Accountable Act, which aims to increase oversight of Chinese companies listed on US stock exchanges and force the delisting of those that refuse to comply with US audit inspection requirements. This bipartisan legislation was motivated by longstanding US frustrations over China precluding inspections of locally conducted audits of Chinese companies.

the graphic designers were entitled to compensation for non-pecuniary damage. Invalid termination – joint employer responsibility Pursuant to Section 15-7(1) of the Working Environment Act, a downsizing process as a result of reduction in production must be objectively justified by a companys situation and circumstances. The legal requirement is that the entire downsizing process must have a justifiable basis and implies, among other things, that the selection circuit cannot be unjustifiably ...

The Federal Council recently tasked the Department of Finance with drafting a bill which will introduce a cyberattack notification obligation for operators of critical infrastructure. The draft will appoint a central reporting office and provide uniform criteria for all sectors in order to clarify how the reporting procedure would work. This step forward represents a key point of implementation of the national strategy for the protection of Switzerland against cyber risks.

On 4 December 2020 the Office for the Protection of Competition (the office) announced in a press release(1) that it had imposed a Kc32 million (approximately €1.2 million) fine on Czech retail chain HRUŠKA, spol sro for an alleged abuse of significant market power. The decision is not final and an appeal has been filed. According to the press release, the retail chain allegedly violated the Significant Market Power Act (SMPA) by fully transferring all business risks and losses associated wi...

The Royal Court recently handed down judgment in In the matter of CanArgo Limited (in liquidation) ([2020] GRC064), bringing to an end an important chapter in a long-running dispute regarding control of the exploration and exploitation of the oil and gas reserves of Georgia. This judgment makes it clear that liquidators can approach the court to approve a significant decision that they have taken to enter into a transaction and that such decision is akin to a Public Trustee v Cooper blessing ...

Introduction In recent years there has been a remarkable effort to make Greece an attractive destination for the production of audiovisual works (eg, films, TV series and video games). The most important initiatives in this respect are: the cash rebate state aid scheme, which covers 40% of eligible production costs; and the tax relief incentive, which covers 30% of eligible production costs. An audiovisual work may qualify for both the cash rebate scheme and the tax relief,(1) provided that thi...