Global financial markets breathed a sigh of relief as lawmakers in the United States reached a last minute deal to pull the US economy back from the brink of its so-called ‘fiscal cliff’ and expectations for the global economy edged higher.
As already mentioned in the preceding newsletter, from a social law point of view, four elements of the General Policy Statement catch the eye: 1) increasing the competitiveness of our enterprises by eliminating the salary gap with our surrounding countries; 2) further increasing the competitiveness of our enterprises by lowering the social charges; 3) increasing job opportunities for younger and elder workers; and 4) stimulating the continued training of the workers.
The latest amendments to the Bulgarian Commerce Act are intended to implement the Late Payment Directive.
Measures have been proposed to improve the promotion of domestic and foreign investments in line with EU law.
The new scheme provided by the Cyprus parliament which aims to enhance credit institutions'
access to liquidity and help them to overcome the impact of the economic crisis.
If a contract is performed after 1 April 2012, the contractor will be obligated to deliver a list of subcontractors to the public contracting authority, so that the latter may post the list on its profile.
During its upcoming session in September the Chamber of Deputies is scheduled to further discuss a bill of the substantially amended Building Code which should come into effect as of 1 January 2013.
On 10 December 2012, the EU Council reached an agreement on a general approach to the European Commission's proposals to reform the public procurement rules.
The Finnish Advisory Board for Bankruptcy Affairs has recommended an accelerated reorganization model to be applied to viable companies that have fallen into financial difficulties.
Finland has enacted laws and regulations against money laundering.
The first draft of the law was heavily debated in Greenland as
it allows foreign companies to contract foreign workers on foreign
The 2013 Irish Budget (hereafter referred to as "Budget 2013") was announced on 6 December 2012 and included therein are several measures that are specifically relevant to the Irish fund industry.
are three main pieces of national legislation, which implement the EU public procurement Directives.
The Microenterprise Loan Fund Act 2012 and the supporting Scheme (the "Microfinance Act") established Microfinance Ireland to provide newly established or growing microenterprises with access to limited funding where they have been unable to access bank credit or sufficient bank credit to start or develop their business.
The recent Recommendation of the OECD Council is part of the on-going work of the OECD to try to prevent collusion and bid-rigging in public procurement.
On 6 September 2012, the Department of Public Expenditure and Reform published a report ("the Report") received by it from Accenture, which undertook a capacity and capability review of Ireland’s central procurement function.
The 2010 Act overhauled this area of law and introduced new anti-money laundering requirements for credit and financial institutions and other "designated persons," requiring them to carry out certain due diligence measures in relation to customers.
2011 proved to be a record year for foreign direct investment ("FDI") in Ireland.
Circular 06/12 was recently issued.
In December 2012, SatTV (part of the leading space industry publisher Satellite Evolution Group) visited the Isle of Man to explore the reasons behind the Isle of Man’s phenomenally successful commercial space industry.