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News June 2010 - E.U. - Distribution Agreements and the Law – new EU Regulation.Every ten years, the European Commission revises its laws on distribution and franchising agreements and the law. On 1st June 2010, the new block exemption for vertical agreements and its accompanying Guidelines will come into force. The new law changes rules on internet selling under competition law in the EU. "The regulation provides an 'exemption' if its hard core listed restrictions are avoided. However, companies where either party has more than 30% of a market cannot use it, and will need to analyse their agreements from scratch under the competition rules, using the useful Guidelines of the Commission to do so, which have also just been revised and issued". For more information e-mail: Pastles@kiddrapinet.co.uk June 2010 - New member - Perjesi Law Office, Budapest We are delighted to welcome Perjesi Law Office, Budapest, as a member of our Group. Perjesi are able to offer legal services on all commercial matters relating to Hungary. Their contact details are: Perjési Law Office, H-1055 Budapest, Hanved utca 22 – I/1, Hungary e-mail: andras.perjesi@perjesilawoffice.hu
June 2010 - Germany - Two high profile anti-competition cases The German courts have imposed heavy fines on various companies in the opthalmic lenses industry (113 Million Euros), and the coffee industry (30 Million Euros), for price fixing and cartel arrangements. These decisions have wide ranging implications for all European commerce. For more information, please contact Kanzlei Dr Reuter by e-mail: info@reuter-law.com June 2010 - Switzerland - An End to Banking Secrecy? Switzerland has agreed in principle to abolish banking secrecy in relation to the USA. This is likely to be considered and ratified by the Swiss Parliament on 7th June. If ratified, this could damage Switzerland’s reputation as a neutral and discrete banking location.
21.05.2008 - Federal Government adopts modern accounting law for enterprises in Germany According to the german Ministry of Justice, this legislation substantially eases financial strains in the economy and strengthens Commercial Code accounting law for competition with international accounting standards. Provisions that are central to the proven, inexpensive and straightforward accounting law of the Commercial Code will be retained. The annual financial statement drawn up under commercial law remains the basis for distributing profits and for calculating profits for tax purposes.
May 2010 - Germany - Competition Law blocks Canadian automotive take-over Germany has prohibited the Canadian automotive component supplier Magna International Inc from acquiring the insolvent Karmann's GmbH’s European convertible roof systems business. On 21 May 2010, following almost four months of examination under merger control, the Bundeskartellamt decided to prohibit the acquisition project. The competition authority’s decision was based on extensive analysis of the relevant market in Germany and Europe.May 2010 - Germany offers English language pleading in court The Bundesrat has voted in favour of introducing the Reform Bill, originating from the state governments of North Rhine-Westphalia, Hamburg, Hesse and Lower Saxony, into Parliament. Under the proposed rules, international commercial litigation proceedings before German courts would be held in the English language. Such proceedings would come under the jurisdiction of special chambers, to be newly established at a number of designated regional courts. German law is internationally renowned for its coherence and consistency. English as a court language would help create awareness for the benefits of the German judicial system. Business partners from abroad would be more inclined to agree to a forum selection clause in favour of a German court. For more information, please contact Dr Michael Reuter by e-mail: info@reuter-law.com April 2010 - Scotland - environmental innovation Anderson Strathern has acted as the lead Solicitor to The Crown Estate in the completion of Agreements in respect of the world’s first commercial wave and tidal electricity project, which is in Scottish waters, at locations that are said to be amongst the best in the world for generating electricity by wave and tidal power. This emphasises The Crown Estate’s unique position in the marine renewables industry, and is a key step towards delivery of the statutory reduction in gas emissions. Unlike wind power, wave and tidal power is an industry yet to be developed on a commercial scale making the challenges quite different. The Crown Estate and developers worked together to create a framework for the development of technology.March 2010 - European Court of Justice – Insolvency law Case 444/07 MG Probud Gdynia sp. z.o.o:- “The European Court concluded that after the main insolvency proceedings have opened in a Member State the competent authorities of another Member State, in which no secondary insolvency proceedings have been opened, are in principle required to recognise and enforce all judgements relating to the main insolvency proceedings and, therefore, are not entitled to order, pursuant to the legislation of that other Member State, endorcement measures relating to the assets of the debtor declared insolvent that are situate in its territory when the legislation of the State of the opening of the proceedings does not so permit”. This is an important Decision as it means that if a decision has been given in an insolvency proceeding no enforcements of any pre-existing judgements can be enforced in another jurisdiction i.e. a judgement credit or cannot sequestrate the assets of the insolvent company in another jurisdiction.January 2010 Republic of Ireland - Attractive domicile for insurers - XL Capital (Bermuda) is following Zurich Financial Services and Aviva who recently said they were moving their European HQ's to Dublin. Ireland has been becoming popular as an important market for international commercial insurance. Ireland is seen as a stable, low-tax environment for insurers. 2009 International Legal Awards for Practice Excellence - Corporate International. The firm of O’Gradys Solicitors, a CLG member, was chosen as the winner of Corporate International Magazine Practice Award for Best Law Firm in Ireland for Insolvency Legal Work 2009. William O’Grady, Senior Partner of the firm, said “this Award is a true reflection of the hard work and team effort of our Insolvency Department over the years and we are very proud to receive this recognition. The firm is committed to delivering the highest standard of service to all our commercial clients and reflects the high standard aspired to by all CLG members"
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