One of the most interesting, anachronistic and perhaps most disrespected rules in Portuguese corporate law is the (prohibition of) "financial assistance", under Article 322 of the Portuguese Commercial Companies Code ("CSC").
It is not unusual to see entities investigated by public bodies in order to verify that they comply with legislation and, if appropriate, punish them for breaching it. This leads some entities to blame executives for the imposition of penalties, as was the case in Vodafone Ono, for example.
Law No. 89/2017, which came into force in Portugal on 20 November 2017, transposes into national law Chapter III of Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015 (4th Money Laundering Directive), and approves the legal framework for the Central Register of Beneficial Ownership (CRBO) under Article 34 of Law No. 83/2017, which establishes measures to prevent and combat money laundering and terrorist financing (the "Money Laundering Law").
Distribution agreements are not specifically regulated under Spanish Law. This lack of regulation implies that relations between the parties are based on (i) the terms and conditions agreed by the parties (whether written or oral); and (ii) interpretation by Courts, which is very casuistic and tend to apply the Act 12/1992 of 27 May, on Agency Agreement ("Agency Act").
Madrid’s Labour Inspectorate Division has recently indicated that during the coming months, fixed-term and part-time hiring will be, once more, under close watch. The inspectorate is trying to eradicate fraud in this area once and for all and is thus determined to lead a meticulous campaign on the matter.
Thursday, 14 December 2017 11:33

International arbitration shifting east - PBBR

Market observers have highlighted how Hong Kong and Singapore are becoming increasingly popular jurisdictions for the resolution of arbitral disputes. As we close 2017, it remains clear that some of the biggest countries in Asia continue to be a popular hub for dispute resolution, particularly in international arbitration.
In accordance with the State Budget proposal for 2018, gains arising from the onerous transfer of shares, or similar rights, held in companies or other entities non-resident in Portugal shall be considered obtained in Portugal.
We have experienced the first resolution of a Spanish bank under Act 11/2015, of 18 June, on the recovery and resolution of credit institutions and investment firms and Royal Decree 1012/2015, of 6 November, developing Law 11/2015. Such was the case with Banco Popular, the Spanish bank subject to resolution and subsequently sold to Banco Santander on 7 June 2017.

While bringing unquestionable benefits into our lives, fast-evolving technological development also has a downside, which is the more significant risk of invading people’s privacy.

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