ILN Today Post

NEWS FLASH – GDPR

Dear All, 

The European Data Protection Board (hereinafter “EDPB”) is a key player in data protection and privacy.

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ILN Today Post

SEXUAL OFFENCES AGAINST CHILDREN: WHAT SHOULD SCHOOLS KEEP IN MIND?

Incidents of sexual offences against children in schools are a cause of grave concern not only for the parents but also for the school administration which comes under heavy scrutiny of the parents, the Government, the police authorities and the media. It therefore, becomes imperative for schools to be aware of the current legal framework and implications thereunder, so as to implement appropriate measures to prevent occurrence of such incidents in the first place and the appropriate protocol to follow within the confines of the law in case of occurrence of such an unfortunate incident in their schools.

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ILN Today Post

NRIs CANNOT HOLD BENEFICIAL INTEREST IN FOREIGN PORTFOLIO INVESTORS – NEW SEBI KYC REQUIREMENTS

The Securities and Exchange Board of India’s (“SEBI”) recent circular dated April 10, 2018 (Ref No. CIR/IMD/FPIC/CIR/P/2018/64) (“2018 Circular”) has shaken up the investment industry due to its wide ranging impact on the Non-Resident Indians (“NRIs”), the Foreign Portfolio Investors (“FPIs”) and the resident Indian managers of funds. The Know Your Client (“KYC”) requirements for FPIs have been made stringent by SEBI primarily to identify and verify the Beneficial Owner (“BO”) of the FPIs to potentially curb the money-laundering and round tripping concerns.

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ILN Today Post

Can final NAV decisions be re-contested?

Due to a seemingly trivial error, a series of NAV decisions are being overturned in court: a good many of them don’t contain the proper signature. This procedural error, however, could be useful not only in ongoing lawsuits, but possibly in past, closed procedures too – hundreds of businesses could claw back the tax forints they thought were lost for good.

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ILN Today Post

Limitation for contribution claims – take care

In commercial disputes, it is not unusual for the claimant’s losses to be caused (or contributed to) by a number of different parties.  For instance, the claimant may have elected to pursue the party with the deepest pockets, or the loss may have been caused by one of the defendant’s subcontractors.  In such circumstances, the defendant may be entitled to seek a contribution from these other parties under the Civil Liability (Contribution) Act 1978, either by joining them to existing proceedings or by starting a new claim.

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Escrow agreements can be structured under Russian law 1 June 2018

On 1 June 2018 comes into force the federal law1 (the “Law 212-FZ”) which allows the parties to execute escrow agreements under Russian law.

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Foreign financial services providers may require an AFSL under ASIC’s proposals

Foreign financial services providers providing unlicensed financial services to wholesale clients in Australia may be required to hold a modified AFSL under ASIC’s proposals.

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Talking Tax – Issue 121

Case law

A slight diversion!

In Hart v FCT [2018] FCAFC 61, the Full Federal Court unanimously dismissed an appeal against a Part IVA determination that had the effect of including part of the earnings of a law firm in the Taxpayer’s assessable income. The Taxpayer entered into two arrangements with others called the ‘New Venture Income Scheme’ (NVI Scheme). The effect of the scheme was to divert two classes of earnings away from the Taxpayer, or entities he controlled, and into the hands of a company with carried forward tax losses. Then, following a series of gifts and subscriptions for capital, the earnings were paid to the Taxpayer in the form of loans. The Commissioner assessed the earnings as taxable income in the Taxpayer’s hands.

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Three more members join RSS

June 4, 2018 — Three recruits joined RSS over the past few weeks:

  • William Dion-Bernard became a member of our Estates, Wills and Trusts Practice Group; a notary since 2009, he offers our clients the unique services that are a trademark of notaries;
  • Jean-Philippe Savoie became part of the legal department of a major Quebec financial institution soon after being called to the Bar, in 2015; he recently left that position to join our Insurance Law Practice Group in our Saguenay office;
  • Wendy Sfeir was first a student at RSS before articling with us; upon being called to the Bar a few weeks ago, she became a member of our Labour and Employment, and Litigation Practice Groups.
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ILN Today Post

Employment Law This Week®

Arbitration Agreement Enforcement, Maryland’s #MeToo Legislation, California’s National Origin Regulations

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