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On 18 September 2017, a new version of the Rules for Accounting of Financial Instruments and their Circulation (the “Rules”) came into effect. The Rules finally cancelled an excessive requirement, according to which, in case of transfer of shares in public limited liability companies (UAB), in excess of the limits provided for in Article 1.74 of the Civil Code of the Republic of Lithuania (the “Civil Code”), but having no intention to make a notarised transaction, it was required not only to transfer management of shareholders’ personal securities accounts to an account manager, but also to register UAB shares with Nasdaq CSD SE
On 15 September 2017, Māra Stabulniece, Associate at TGS Baltic, made a presentation at the annual Lawyer Forum organised by the Competition Council, where the experts of the Competition Council met the lawyers and attorneys to discuss the current competition law events. Māra in her presentation addressed the problematic aspects of recommending resale prices. The margin between the permissible recommendation of resale prices and an agreement on a fixed or minimum resale price, which is one of the most severe violations of competition law, pretty often is rather delicate; therefore, from the perspective of market participants, it is essential to be timey aware of the potential risks.
On September 5, 2017 in the newspaper Dienas Bizness Inese Hazenfusa, Partner at TGS Baltic, comments on the regulatory sandbox for financial technology companies or fintech companies. Among other things, Inese states that the regulatory sandbox is a safe place, where an entrepreneur may try one’s innovative ideas and solutions in real life within the existing regulatory framework and in close communication with the state supervisor of the respective field. Thus, it creates possibility to identify potential risks on time and to prevent them.
As the Board of the Bank of Lithuania adopted new Information Disclosure Rules (the “Rules”), the Lithuanian national regulation in connection with prevention of market abuse, disclosure of inside information, disclosure of information about managers’ transactions, also regulation in connection with persons in possession of inside information, etc., has been finally fully harmonised with requirements of Regulation No. 596/2014 on market abuse (the “MAR”) and related regulatory technical standards and implementing technical standards.
On the 4 September 2017 the daily newspaper Diena published an article by Pavels Tjusevs – an associate in TGS Baltic. The article concerned the current state of arbitration within the legal system of Latvia, as well as the influence and effectiveness of the arbitration reform initiated and completed by Ministry of Justice. The article evaluates both the public opinion in Latvia towards the use of arbitration as an alternative dispute resolution method, as well as the recent amendments to the ICC Rules of Arbitration.
On the 4th of September, 2017, an article was published on the internet journal iTiesibas by Inese Rendeniece – a senior associate in TGS Baltic. The article consisted of an evaluation of the most important changes to the Labour law of Latvia that came into effect on the 16th of August, 2017. The author examines the changes made to areas such as the calculation of hourly wages, compensation for overtime work, changes in prohibition of competition for current and past employees, as well as other significant amendments.
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