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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.
Internet magazine ITiesības in its 22 August 2017 issue published an article by TGS Baltic lawyer Reinis Grunte on the new restrictions to the Commercial Law with respect to the transactions with related parties. Amendments to the Commercial Law, which came into force on 13 July 2017, prescribe for essential changes to the transactions with related parties. The new amendments are meant for strengthening the protection of minority shareholders, as well as ensuring transparency in the conclusion of transactions by companies.
Internet magazine ITiesības, in its 8 August 2017 issue, published an article by Kalvis Krūmiņš, Associate Attorney at Law of TGS Baltic, on new exceptions to the procedure for registration of the acquirer of shares in a limited liability company, which came into effect on 13 July 2017. Those amendments to the Commercial Law are essential, since there have been dispute in practice in cases, when the shares were purchased by using a commercial pledge, while the management board refused making an entry in the shareholder register.
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