June 1, 2020
On 27 May 2020 WIPO launched new online business service, WIPO PROOF1, that provides tamper-proof evidence of the existence at a point in time of any digital file, including data sets, in any format.
The WIPO PROOF service generates tamper-proof evidence proving that a digital file existed at a specific point in time, and that it has not been altered since that time. An evidence in this case will be a digital WIPO PROOF token which consists of a date- and time-stamped digital fingerprint of the file (or data).
May 29, 2020
After more than three years of litigation and two rounds of extensive discovery, in Calendar Research LLC v. StubHub, Inc., et al., 2:17-cv-04062-SVW-SS, the United States District Court for the Central District of California dismissed almost all the remaining claims against StubHub and the other defendants. In doing so, the Court confirmed that in California, specific identifiable trade secrets are required and general industry knowledge and “know how” is insufficient for trade secret protection.
May 28, 2020
16 May 2020 the Russian Government enacted the rules on online sales and delivery of medicines (the Rules). According to the Rules, online sales of medicines are allowed. The exceptions are: RX medicines, narcotic and psychotropic medicines, and medicines containing more than 25% ethyl alcohol.
To receive authorization for online sales a pharmacy shall have a license for at least 1 year, minimum of 10 retail stores, an Internet website or a mobile app, a delivery service, or a contract with such service provider.
May 28, 2020
This refers to the fast track registration and conduct of clinical trials, which is valid until January 1, 2021 and is worked out for medical drugs potentially effective in the fight against COVID-191
State registration of these medical drugs is carried out by the Ministry of Health of the Russian Federation.
The applicant submits for registration an application; administrative documentation; chemical, pharmaceutical, biological documentation; pharmacological, toxicological documentation; clinical documentation.
May 28, 2020
An ‘estate freeze’ is a common tax planning strategy. The owner of shares of a private company can ‘freeze’ the value of his/her shares and transfer the future growth of the company to other family members. The benefit of a freeze from an income tax perspective is that the future taxation of the growth of the company can be transferred to other family members particularly children, thus limiting the tax liability of the owner on death and deferring the tax to the next generation. If the shares qualify as ‘qualified small business corporation’ shares, a freeze can enable such other family members to claim the lifetime capital gains exemption. A freeze is most commonly used to freeze the value of a company that owns a business, real estate or public securities. If the owner has already implemented a freeze, a ‘re-freeze’ at a lower value can be effected if the value of the company has dropped.
A freeze or re-freeze should be considered in a down market because it may provide the owner with the opportunity to freeze his/her shares at a lower value than would otherwise have been possible.
May 22, 2020
Insolvency of companies in Portugal – Liability of directors and managers article can be read here.
May 22, 2020
Pursuant to the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), the Committee on Foreign Investment in the United States (“CFIUS”) is authorized to review and take action to address national security concerns arising from certain investments and real estate transactions involving foreign persons. On May 21, 2020, the U.S. Department of the Treasury (“Treasury”) published a Proposed Rule that includes two important changes impacting mandatory filings.
In October 2018, Treasury published the “Pilot Program Interim Rule,” an interim rule that implemented—on a temporary basis—a pilot program which imposed a mandatory filing requirement for certain foreign investment transactions involving a U.S. business across the five types of critical technologies as defined by FIRRMA; and with a nexus to specified industries identified in the North American Industry Classification System (“NAICS”). For more details about the critical technologies pilot program, please see our previous article.
May 20, 2020
For the second time this week, the U.S. Department of Labor’s Wage and Hour Division (“WHD”) has issued a Final Rule involving the overtime provisions of the Fair Labor Standards Act (the “FLSA”). Following closely on the heels of the revisions to the section 7(i) exemption regulations discussed here, on May 20, 2020 WHD released its revisions to the regulations regarding the “fluctuating workweek” method of paying overtime to salaried non-exempt employees. And, as with the 7(i) Final Rule, the fluctuating workweek Final Rule eliminates confusion caused by WHD’s previous rulemaking efforts.