Regions

CHANGES TO ONTARIO’S BUSINESS CORPORATIONS ACT COME INTO EFFECT

The significant amendments to the Business Corporations Act (Ontario) (the “OBCA“) introduced by the Better for People, Smarter for Business Act, 2020 (“Bill 213“) were proclaimed into force and took effect on July 5, 2021. Directors and shareholders of Ontario corporations and foreign investors should be aware of such amendments as they reduce barriers for setting up Ontario corporations and for conducting business which requires approval by ordinary resolution.

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ITAR Material Change and Registration Renewal Guide And Checklist

Any U.S. company that manufactures, exports, or temporarily imports items or performs defense services that are controlled under the International Traffic in Arms Regulations (ITAR) is required to register with the U.S. Department of State Directorate of Defense Trade Controls (DDTC) and keep that registration current. Current in the context of the ITAR means not only the company information that is current at the time the registration is initially submitted, but the information in the registration must accurately reflect the registered company’s current information at any point in the company’s timeline. When certain changes occur within the registered company, such as a change of control, a merger or acquisition, or a change in executive leadership, those changes must be reported to DDTC and the company’s ITAR registration must be updated. At a minimum, ITAR registration must be renewed annually. Read more…

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USTR Enacts Then Suspends Tariffs in Response to Digital Services Taxes

On June 2, 2021, the U.S. Trade Representative (“USTR”) announced the imposition – and immediate 180-day suspension – of 25% tariffs on goods from six countries pursuant to findings in the Section 301 of the Trade Act of 1974 investigations (“Section 301 investigations”) into digital services tax (“DST”) regimes.[1] Read more…

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CFIUS Heightens Scrutiny of Non-Notified Transactions

For many years, the Committee on Foreign Investment in the United States (“CFIUS”) has had the authority to review non-notified transactions – deals which have not been submitted to CFIUS for review and approval – but until recently, resources for such efforts were limited. That changed in 2018, when the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) significantly bolstered resources for CFIUS oversight and enforcement activities. Read more…

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The Wild West of name, image, and likeness: Be prepared when the dust settles – A series

Amateur (noun): a person who pursues a particular activity or field of study independently from their source of income.

Although fiercely competitive and incredibly popular (and lucrative) today, collegiate athletics comes from humble beginnings. Formalized participation in the first college athletic teams began with crew in the 1840s, baseball in the 1850s, football in the 1860s and track and field in the 1870s. For nearly two-centuries, athletes who competed in collegiate sport were amateurs. On July 1, 2021, that all changed. Read more…

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Virginia Implements New Overtime Laws

Effective July 1, 2021, Virginia employers must ensure that their pay practices comply with a new stand-alone overtime law called the Virginia Overtime Wage Act (“VOWA”). VOWA largely tracks the federal Fair Labor Standards Act (“FLSA”) in that it incorporates most FLSA exemptions and requires employers to pay 1.5 times a nonexempt employee’s regular rate of pay for all hours worked in excess of 40 hours each workweek. However, VOWA and the FLSA differ in several ways.

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Circle of Good

Foundation for support of children with severe life-threatening and chronic diseases, including rare (orphan) diseases (“Circle of Good” or “Fund”) was established by the decree1 of the President of the Russian Federation in 2021. The main goal of the Fund’s activities is to implement an additional mechanism for organizing and financially providing medical care to children with severe life-threatening and chronic (including rare (orphan)) diseases and providing such children with drugs and medical devices (including those not registered in Russia), as well as technical means of rehabilitation that are not included in the federal list of rehabilitation measures, technical means of rehabilitation and services provided to a disabled person. The Fund is financed mainly by deductions from the increased personal income tax rate, which is valid for income over 5 million rubles a year. These funds are transferred to the federal budget and then granted to the Fund in the form of subsidies.

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New Tools for Corporate Financing in Russia-Convertible Loan

On 23.06.2021 the Federation Council approved the Law on Convertible Loan1. After the law is signed by the President of the Russian Federation, it will enter into force within 10 days.

In accordance with the Law, a convertible loan agreement is a loan agreement that entitles the lender (instead of returning all or part of the loan amount and paying all or part of the interest) on time and depending on the other conditions to demand from the borrower the placement of additional shares or grant an interest in the authorized capital in favor of the lender towards debt repayment.

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IAM Patent 1000 2021 Again Ranks Connolly Gallagher for Delaware Patent Litigation

IAM Patent 1000 2021 Again Ranks Connolly Gallagher for Delaware Patent Litigation

Connolly Gallagher can be relied on for the right steer on all issues that come up in patent litigation,” the 2021 edition of IAM Patent 1000 ranks the firm’s intellectual property group for Delaware IP law firms.

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2021 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

2021 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

In its current session, the Delaware legislature passed a number of amendments to the Delaware General Corporation Law (the “DGCL”), the Delaware Limited Liability Company Act (the “DLLCA”), the Delaware Revised Uniform Limited Partnership Act (“DRULPA”) and the Delaware Revised Uniform Partnership Act (“DRUPA” and, together with the DLLCA and DRULPA, the “alternative entity statutes”). Delaware Governor John Carney signed these bills into law on June 30, 2021. The amendments become effective on August 1, 2021.

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