2021 Global Awards is LIVE!

The Leaders in Law – 2021 Global Awards commemorates those who have been successful over the past 12 months and who have shown excellence not only in expertise but in service.

You can view the the 2021 Winners in the Publication below. Congratulations to all Winners again on a superb year!

View 2021 Global Awards: https://www.leaders-in-law.com/award-winners-2021/

 

Markus Fell­ner joins Leaders in Law as the exclusive Banking & Finance Law member in Austria

Leaders in Law, the leading platform in its field, is delighted to welcome Markus Fell­ner as our exclusively recommended & endorsed Banking & Finance Law expert in Austria. Markus’ office is located in Vienna.

Markus Fellner is a founding partner at fwp and specialises in banking and finance, corporate and M&A, insolvency law and restructuring, and dispute resolution.

As a specialist speaker and author of specialist publications on banking & finance, company law, insolvency law as well as restructuring, Markus Fellner, with the support of his team, stands for exceptional quality, profound expertise and long-term experience. His clients include both domestic and international companies and financial institutions. The international character of the Austrian business law firm fwp is highlighted by regular cooperation with leading partner law firms in a network spanning all relevant jurisdictions.

If you require any assistance in this area, please use the contact details provided in Markus’ profile below or contact us at info@leaders-in-law.com & we will put you in touch.

Wang Zhengyang joins Leaders in Law as the exclusive Arbitration Law member in China

Leaders in Law, the leading platform in its field, is delighted to welcome Wang Zhengyang as our exclusively recommended & endorsed Arbitration Law expert in China. Wang’s office is located in Shanghai.

Mr. Wang Zhengyang specializes in the areas of litigation, arbitration, and foreign investment. He has profound knowledge of Chinese law and more than 30 years of legal practice experience, including 5 years in Court.

In the field of civil and commercial affairs, Mr. Wang has provided high-quality advisory services and litigation & arbitration legal services for many state-owned and private enterprises in the fields of finance, oil and gas, construction and real estate, manufacturing, logistics, and trading. In the criminal field, Mr. Wang has successfully defended many companies and individuals in major and complex criminal cases involving loan fraud, illegal business operation, contract fraud, and bribery.

Mr. Wang also actively provides criminal compliance training services for corporate customers, member companies of the chamber of commerce, member companies of the industry association, to help companies prevent criminal legal risks. Furthermore, Mr. Wang also specializes in foreign legal services. He has successfully defended foreign-funded enterprises and individuals involved in intellectual property infringement disputes, labour disputes, shareholder disputes, contract disputes, debt recovery disputes, illegal personal detention, contract fraud, illegal possession of drugs, etc.

If you require any assistance in this area, please use the contact details provided in Wang’s profile below or contact us at info@leaders-in-law.com & we will put you in touch.

Leaders in Law – 2021 Global Awards is LIVE!

The Leaders in Law – 2021 Global Awards commemorates those who have been successful over the past 12 months and who have shown excellence not only in expertise but in service.

You can view the the 2021 Winners in the Publication below. Congratulations to all Winners again on a superb year!

View 2021 Global Awards: https://www.leaders-in-law.com/award-winners-2021/

 

White & Case Advises on Isoclima Financing

Global law firm White & Case LLP has advised Crédit Agricole FriulAdria as lender on the extension of a super senior revolving credit facility entered into by Isoclima to finance its working capital needs.

White & Case concurrently advised Pemberton Asset Management as provider of senior secured notes that were refinanced at closing.

Controlled by Stirling Square Capital Partners, Isoclima is a world leader in the production of high performance transparent glazing solutions. It has several production facilities across Europe, Mexico and the United States.

The White & Case team in Milan that advised on the transaction consisted of partners Iacopo Canino and Gianluca Fanti together with associate Stefano Bellani and lawyer Angelo Salis.

Cyprus Delivers New Boost to Fintech, Funds Innovation Clusters

Cyprus is offering an enticing deal for tech companies and ICT specialists to relocate to the island as they seek more cost efficient and less crowded countries that offer a better lifestyle alongside strong telecommunication and digital infrastructures in the wake of the Covid pandemic.

Under the new Immigration Framework initiative, tech companies are entitled to employ up to 15 third-country nationals as directors and middle management executives, and any number of qualified third-country nationals in possession of required ICT skills, including: software and system engineers; ICT and enterprise solution architects; machine learning engineers; web developers and designers; cyber security specialists and AI, robotics and big data specialists.

As a member of the European Union, citizens from all European Economic Area (EEA) member states can freely work in Cyprus, without permission. The Framework means there are now no restrictions on the maximum duration of stay of third-country nationals, while employees with residence and employment permits have direct access to family reunification with their spouse and minor children, provided that the necessary conditions are met.

Investment has been boosted by a low corporate tax of 12.5% and a developed network of over 60 double tax treaties. Cyprus also offers an 80% tax exemption, on qualifying profits arising out of the exploitation of R&D intellectual property qualifying assets (Cyprus IP Regime). The effective tax rate for corporate income, taking advantage of this incentive, can be as low as 2.5%.

The initiative complements existing national strategies to integrate innovative tech that include generous fiscal incentives to attract IT start-ups and regional headquarters and is being spearheaded by Invest Cyprus, the national investment promotion agency.

Invest Cyprus chief executive George Campanellas said: “The world is changing and with Europe fast becoming a tech haven for talent and companies, Cyprus provides a very safe and attractive destination for tech firms and non-EU investors.

“We are now taking enquiries from tech companies on a daily basis. We have visited California and other tech hubs in the US, and cities in Israel, Ireland and Eastern Europe countries and we can see that Cyprus is well positioned to become among the top European destinations for setting up regional headquarters and development centres.”

Cyprus’s commitment to innovative research and its rapidly growing start-up ecosystem is supported by a generous support package with state and EU funds to spend on a number of key projects over the next three years. The funds will go towards various initiatives including the creation of new innovation clusters to bring together entrepreneurs, researchers and academia as well as digitalising over 160 state services and cybersecurity projects.

The dynamic FinTech movement in Cyprus comprises nearly 250 FinTech including start-ups, offering services ranging from real time investment portfolio securitisation and advanced performance analytics to automated order processing.

In Limassol alone, a community of more than 8,000 ICT professionals serve the FinTech industry, and it is home to some of the world’s leading names in RegTech, the ‘Internet of things’ (IoT) and cybersecurity. Among them is AmDocs, which has around 1,000 software programmers living and working in Cyprus, the multi-asset online social trading firm eToro, and Point Nine, an industry leader in outsourced operations, processing and reporting that was recently acquired by Mitsubishi UFJ Financial Group through its subsidiary in Cyprus.

Gaming platforms also feature prominently in the new tech space in Cyprus. This year Nexters Global, the Cyprus-based mobile and social game developer behind Hero Wars and Throne Rush, cemented a $1.9 billion deal with Kismet Acquisition One Corp, reflecting the strong progress it has made since moving its operations to Cyprus in 2017.

For entrepreneurs looking for a European base to begin operations, Cyprus takes some beating. Strategically located at the crossroads of Europe, the Middle East and Africa, Cyprus is an internationally recognised financial centre, with a sound banking sector and a well-established common law system. Both the banking sector and the fully comprehensive FX industry in Cyprus have opened to technological development and regulators and competent authorities take a positive pro-business approach to facilitating fintech activity – all of which offers optimal conditions for new and existing players.

To encourage the wide transformation of financial services, the Cyprus Exchange & Securities Commission (CySEC) launched the ‘Innovation Hub’ in 2018, a regulatory ‘sandbox’ to enable a seamless transfer of information as to how existing regulation applies to new products or business models, whilst also helping identify what regulatory frameworks might need to be established to meet evolving needs – all without stifling innovation.

The business models represented in the Hub include regulatory and AML compliance tools based on big data analytics and data reporting, the use of Distributed Ledger Technology (DLT), AI tools and a venture capital fund investing in blockchain start-ups.

A recent evaluation of Cyprus’s fintech laws and regulations by the Legal500.com guide concluded: “We do not identify any imminent risks to fintech growth. On the contrary, regulators’ positive disposition towards fintech should encourage its further development.”

“These continuous efforts to upgrade the legislative and regulatory regime in Cyprus, and adoption of new technologies to ensure investor protection and service quality, has also made the island one of the top emerging investment fund centres in Europe,” said Campanellas. “Its visibility has been greatly enhanced by being able to list Cyprus funds on international platforms such as Bloomberg, Clearstream, Morningstar and Refinitiv.”

Other thriving fintech companies include crypto-trading platforms and crypto-exchanges, and companies offering alternative payment solutions. Having adopted a national blockchain strategy in 2019, Cyprus has been highly successful in attracting investment capital, with 27 blockchain startups having raised a total of €142 million in funding. Cyprus has also been a trailblazer in blockchain. The University of Nicosia is the first university in the world to offer a Masters in Digital Currency and also the first to allow fees to be paid by Bitcoin.

“Cyprus has the capacity to become one of the great technology hubs in the world. Amongst our strategic priorities is to showcase Cyprus as an ideal EU location for international high-tech companies to base their operations and scale-up. In this context, we focus our efforts towards empowering a new generation of tech entrepreneurs, and nurturing a culture of innovation and entrepreneurship,” said Campanellas.

Article By

George Ayiomamitis

 

Leaders in Law – 2021 Global Awards is now LIVE!

The Leaders in Law – 2021 Global Awards commemorates those who have been successful over the past 12 months and who have shown excellence not only in expertise but in service.

You can view the the 2021 Winners in the Publication below. Congratulations to all Winners again on a superb year!

View 2021 Global Awards: https://www.leaders-in-law.com/award-winners-2021/

 

Morgan Lewis makes up 40 partners

Morgan Lewis has elevated 40 lawyers to partner, the majority in the United States but also including lawyers in Europe, the Middle East and East Asia.

Morgan, Lewis & Bockius has promoted 40 new partners, effective 1 October.

Philadelphia professionals Conor LarkinRachel LewisAdam Prince and Andrew Rocks in the corporate and business transactions practice have been promoted, as have Matthew Ziegler in the finance group, labour and employment lawyer Benjamin Jacobs and private client specialist Ellen Deringer in the same office.

Corporate and business transactions lawyers Leland Benton and Brian Soares, investment management advisers Brian Baltz and Ruoke Liu, and Eileen Ho of the structured transactions team are based in Washington, DC.

Brandon Tanguay of the corporate and business transactions group, finance lawyer Christopher Carter, labour and employment professional Keri Engelman and tax practitioner Meghan Mccarthy have taken a step up in Boston.

Chicago lawyers affected include Saghi Fattahian of the employee benefits and executive compensation practice and Matthew Russell on the labour and employment team, while the New York-based practitioners are Etienne Shanon and Ashley Hale in the corporate and business transactions and labour and employment groups, respectively.

Other members of the labour and employment practice to be elevated include Princeton-based Emily Desmedt and Silicon Valley lawyer Andrew Frederick. In the Los Angeles finance practice Keith Fujiu also became a partner.

In Europe, corporate practitioner Allison Soilihi and finance lawyer Nichola Foley in London were promoted, along with fellow finance adviser Alexey Chertov in Moscow, while Dubai-based Amanjit Fagura in the investment management practice, and corporate lawyer Kuinan Wei in Beijing, also took a step up.

Also affected were 12 contentious lawyers including US-based Julie SilvaBanee PachucaJared WilkersonZachary JohnsWilliam McEnroeMark FioreChristopher McAuliffeZachary HillGene ParkCorey Houmand and Ryan Lighty, along with Jitsuro Morishita in the Tokyo office.

In a statement, firm chair Jami McKeon highlighted the new partners’ “excellence, strength, resilience, and empathy”.

Other firms to announce mass promotions in October include Goodwin Procter which also elevated 40 lawyers to partner.

Leaders in Law – 2021 Global Awards is now LIVE!

The Leaders in Law – 2021 Global Awards commemorates those who have been successful over the past 12 months and who have shown excellence not only in expertise but in service.

You can view the the 2021 Winners in the Publication below. Congratulations to all Winners again on a superb year!

View 2021 Global Awards: https://www.leaders-in-law.com/award-winners-2021/

 

Get the facts about our Global Tax Practice

1. What is Baker McKenzie’s position on the impact of its tax advisory work?We advise our clients on understanding the highly complex, ever evolving and often conflicting tax rules around the world, and on how to assess and meet their tax obligations.

Taxation is a core area of our global expertise. Our advice is always in strict accordance with all applicable laws and regulations.  Transparency and accountability are integral elements of such advice and we strive to ensure that our clients adhere to both the law and best practice.

2. Does Baker McKenzie support a more equitable global tax system?

Baker McKenzie supports the development of a simplified, consistent, and well understood global tax system, and works towards collaboration between different stakeholders for systems of taxation that balance the interests of businesses, citizens and governments.

3. Is Baker McKenzie involved in lobbying Governments and/or policymakers?

Like other law firms and relevant industry or subject matter experts, Baker McKenzie is regularly requested to assist governments and regulatory bodies with the analysis and development of potential new legislation in countries around the world, by contributing our legal expertise and experience.

We are also asked by clients to provide expert input on proposed laws and regulations including through public submissions processes or occasionally by legislative testimony. All our work in this area is done in compliance with applicable laws and regulations, including lobbyist registrations where required.Want to know more?Our Global Tax Practice

Baker McKenzie’s global tax practice is internationally recognized and highly regarded for its depth, breadth and quality. Taxation is a complex area of law and it is a core area of our expertise – as it is for many other international law firms. Many of our clients operate, invest and do business globally and require our expertise to understand and comply with the relevant laws, including their taxes. We help our clients assess and meet their tax obligations on a worldwide basis, and navigate highly complex, ever evolving and often conflicting tax rules around the world. Our services are always provided in strict adherence to all applicable laws and regulations. More information about our Global Tax Practice

Corporate Services

Corporate services generally refer to services provided in relation to the maintenance of a company in accordance with local laws. For example, multinationals that have business operations in a given jurisdiction, but no in-house legal staff based locally, sometimes ask Baker McKenzie to provide basic corporate services on their behalf. Corporate secretarial support is a common form of this ancillary corporate service provided by many leading local and international law and advisory firms across the world, as well as corporate administration firms, accounting and CPA firms.

Government and Industry Engagement

Law firms, industry and subject matter experts are routinely approached by governments, regulators and industry bodies to contribute views and analysis on potential laws, rules and regulations. As an established global law firm with leading experts in multiple practice areas, we have participated in this consultative process in various jurisdictions. This is done transparently and in full compliance with all applicable laws and regulations.

Client Intake and Review

We take very seriously and stand by our Code of Business Conduct and compliance with professional responsibility rules and expectations.  Baker McKenzie performs comprehensive anti-money-laundering and sanctions compliance and background checks on all potential clients as an integral part of our global client intake risk management procedures. All potential clients are examined through World-Check and other databases to screen for Politically Exposed Persons (PEPs), close associates, and family members; global sanctions lists; global regulatory and law enforcement lists; adverse media; Iran Economic Interest (IEI); identifying Ultimate Beneficial Owners (UBOs); and state-owned entities and state invested enterprises. Given our global footprint, we evaluate not only US laws, but also the laws, rules and regulations of all applicable jurisdictions, related risk factors, and our professional obligations in deciding whether to take on a particular client or matter. On occasion, we find that clients later engage in activities that are not consistent with our initial due diligence, or new facts or developments come to light, which would cause us to terminate our representation of them.

Sanction Issues

Baker McKenzie’s award-winning international trade and export controls practice provides clients with expert advice on how to fully comply with all trade sanctions laws.  For example, the United States government issues sanctions prohibitions against entities and individuals who must comply with these or face civil or criminal penalties. US law expressly permits seeking and providing legal advice on how to comply with any sanctions issued; this is essential to supporting the policy objectives behind the imposition of such sanctions in the first place.  The Office of Foreign Assets Control (OFAC) guidance issued by the US government confirms this. It also includes general licenses authorizing legal services so that companies can consult with legal counsel to ensure compliance with the laws in their dealings with any sanctioned entities or individuals.

Also, the US government has implemented different levels of sanctions. For example:

  1. Targeted sanctions: Often only apply to very limited transactions
  2. Sectoral sanctions: Target only very specific and limited types of activity, but do not otherwise prohibit dealings with such parties
  3. Blocking sanctions: Generally, prohibit most US persons or entities from engaging in any transactions with “Specially Designated Nationals” (SDNs)

To comply with US sanctions laws, both those subject to sectoral sanctions and those who deal with them on non-sanctioned matters need access to competent legal advice and representation. These are expressly permitted under US law. Again, in advising clients, Baker McKenzie complies with all sanctions and export controls laws.

Our Continued Commitment

Our clients are our top priority. We are proud of the work we do and the clients we serve and take our duties to them very seriously. This includes client confidentiality and professional attorney-client privilege.  We remain firmly committed to providing best-in-class legal services locally and globally, and to being fully compliant with all applicable laws, rules and regulations. We also recognize the important role we play in society and work towards collaboration between different stakeholders for legal systems, especially of taxation, that balance the interests of businesses, citizens and governments.