M+A NEWS EUROPEAN M&A AND THE NEW EUROPEAN DATA PROTECTION RULES: ADDITIONAL RISKS FOR TRANSACTIONS AND HOW TO AVOID THEM IN THIS ISSUE
|
|
- Ruby Hudson
- 7 years ago
- Views:
Transcription
1 EUROPEAN M+A NEWS Spring 2016 IN THIS ISSUE M&A and the New European Data Protection Rules: Additional Risks for Transactions and How to Avoid Them Page 1 Current Developments Morrison & Foerster s 2015 M+A Annual Review Noteworthy Deals Beijing Enterprises Acquires German EEW Energy from Waste ChemChina to Acquire German KraussMaffei ChemChina Offers to Buy Swiss Syngenta for USD 43 Billion Shanghai Electric to Take Major Stake in German Manz German Bilfinger Group to Sell Water Technologies Division to Chinese Chengdu Techcent Environment Group IBM Buys German IRIS Analytics IBM Acquires German Digital Agency Aperto Ningbo Joyson Electronic and Preh Acquire German TechniSat Automotive German RNTS Media Acquires U.S.Based Heyzap, Inc. RNTS Buys Israeli Inneractive Salesforce.com Acquires German YOUR SL Page 5 M&A AND THE NEW EUROPEAN DATA PROTECTION RULES: ADDITIONAL RISKS FOR TRANSACTIONS AND HOW TO AVOID THEM By Hanno Timner and Alex van der Wolk After almost five years of intense debate, EU institutions have finally agreed on a new European data protection framework: the General Data Privacy Regulation (GDPR). The GDPR is expected to come into effect in The next two years will give companies a transitionary period in which to prepare for the changes effected by the GDPR. In the M&A context, purchasers should consider how the new framework may affect the risks and liabilities involved in a transaction, taking into account increased powers of data protection authorities (DPAs) and the potential for significant fines. The following aspects of the GDPR are of particular importance regarding M&A transactions: continued on page 2 Attorney Advertising
2 Does the target company fall within the scope of the GDPR? A very notable change is that the GDPR applies not only to companies established in the EU, but to all companies targeting EU markets or consumers. Therefore, companies in non-eu countries may soon find themselves with a significant investment backlog in privacy compliance and may be exposed to previously unknown compliance risks. Does the target company meet the GDPR s compliance burdens? The new framework provides comprehensive recordkeeping obligations and mandatory data protection impact assessments (DPIAs). Does the target company have a data protection officer (DPO) in place? What is at stake? Penalties for non-compliance will reach unprecedented heights with new maximum fines of EUR 20 million or 4 percent of group annual worldwide revenue (whichever is higher). 1. Scope of Applicability The GDPR will apply to the processing of personal data by controllers and processors that are established in the EU, but also to companies outside of the EU that (a) offer goods or services to individuals located in the EU (regardless of whether payment is sought) or (b) monitor the behavior of individuals in the EU (insofar as that behavior takes place in the EU). The offering of goods or services criterion requires some form of targeting of individuals in the EU. The mere accessibility of a website from the EU, or the use of a language that is also used in Europe (where such language is also the language of the controller s country) does not necessarily lead to applicability. A combination of factors, such as the ability to order goods and services in an EU language, payment options in EU currencies, and providing local content, may lead to the determination that the company is targeting EU individuals. The monitoring behavior of individuals criterion which will potentially include the tracking and the profiling of EU individuals through websites, cookies and other remote activities requires that such behavior take place in the EU. Consequently, even if the target company is located outside of the EU, it may still be subject to the GDPR. 2. Compliance: Documentation Duties and Mandatory DPIAs Purchasers should closely evaluate the type of processing activities that the target company is engaged in and make an inventory of its current state of compliance. The purchaser will then be in a better position to assess which measures and potentially substantial investments are necessary within the next two years to meet the new level of compliance required under the GDPR. In particular, the new regulation introduces comprehensive recordkeeping duties, mandatory processes to safeguard data subjects rights, and DPIAs for high-risk processing activities. The GDPR requires data controllers and processors to maintain extensive records of processing activities (Art. 30), which must be available to DPAs. These records must provide, among other things, the name and contact details of the controller or processor and data protection officer, if any; the purposes of the processing (controllers); the categories of processing (processors); the transfers (including the list of the third countries to which data will be sent); the retention and erasure periods (controllers); and a description of the company s technical and organizational security measures. Furthermore, companies should have processes in place to meet the requirements on individuals rights. This includes procedures on how to grant access to data, as well as how to trace and remove individuals from databases ( the right to be forgotten ). The procedures should allocate these responsibilities within the company and provide target response times. Purchasers should screen target companies for high-risk processing activities that require a DPIA, such as profiling or the large-scale use of sensitive data. DPAs will maintain lists of the processing activities for which DPIAs will be required. The DPIA is a written review process that companies should implement; it includes a systematic description of the company s processing operations and an assessment of the necessity and proportionality of the processing, as well as its risks and safeguards. Importantly, if the DPIA indicates that the processing would result in a high risk that cannot be mitigated the company must consult with the DPA. If the DPA is of the opinion that the processing would violate the GDPR, it will provide written advice to the 2 European M+A News, Spring 2016 continued on page 3
3 controller (Art. 36(2)) and may (ultimately) use its enforcement powers (Art. 58) and prohibit the processing. 3. Does the Company Need a DPO? The GDPR introduces an obligation to appoint a DPO (Art. 37) for controllers and processors, which is currently not mandatory under the EU Data Protection Directive 95/46/EC (but under some national laws, e.g. in Germany). The appointment of a DPO is obligatory where the core activities of an entity involve the large-scale processing of sensitive data or regular and systematic monitoring of data subjects on a large scale (e.g. online behavior tracking or profiling, or the monitoring of employees by an employer). This may affect many multinationals (if, for instance, they engage in such activities as Data Loss Prevention or have centrally managed employee expenses). The GDPR furthermore sets requirements for the qualifications of a DPO, so companies are advised to review whether their organizations are subject to the DPO requirement. 4. Increase in Fines and Enforcement Powers for DPAs (Art. 55 and 83) The past years have seen an increased level of enforcement initiated by the DPAs in the EU (e.g. in Spain, France and Belgium). In the M&A context, the Bavarian DPA announced in July 2015 that it had imposed substantial administrative fines on both the seller and the purchaser of a company who had transferred personal customer data as part of the transaction. The stakes are raised under the GDPR. The new framework grants broad powers to the DPAs, encompassing the power to launch investigations, suspend data flows, terminate processing activities and impose fines of increasing levels of severity. Certain infringements (such as those pertaining to consent requirements, individual rights, transfer restrictions and compliance with certain DPA orders) may be sanctioned with fines of up to EUR 20 million or 4 percent of a group s global annual turnover (whichever is higher being the maximum). The GDPR also grants broad rights for individuals to lodge complaints with DPAs and obtain judicial remedies and compensation from companies. CURRENT DEVELOPMENTS Morrison & Foerster s 2015 M+A Annual Review The M&A market hit a new high in 2015, as did Morrison & Foerster s M&A practice. We enjoyed our best year ever, continuing to handle significant deals for clients across the globe. We advised on 138 transactions, with a total value of USD 195 billion; of those, 19 transactions each had a value greater than USD 1 billion. Our cross-border transactional offerings remained a hallmark of our M&A practice in 2015, as our Europe, U.S. and Asia teams combined forces on a number of significant cross-border deals. We had a particularly busy year handling crossborder transactions involving Asia-based companies. We bolstered our European capabilities in 2015 with the addition of several new partners in London, and our Berlin team continued to dominate in the technology and media space. We invite you to visit our 2015 M+A Annual Review to read more about the deals we worked on this past year. NOTEWORTHY DEALS 1. Beijing Enterprises Acquires German EEW Energy from Waste Beijing Enterprises Holdings has acquired EEW Energy from Waste, a market-leading German energy-fromwaste company which is also active in Luxembourg and the Netherlands, from EQT Infrastructure II, a Swedish private equity investor, for EUR 1.44 billion the largest Chinese direct investment in a German company in history, according to EQT. EEW operates 18 energyfrom-waste plants and produces electricity, district heating and process steam for industrial use, with sales of about EUR 539 million in ChemChina to Acquire German KraussMaffei China National Chemical Corp. ( ChemChina ), China s leading chemical company, has agreed to buy KraussMaffei, the German machinery maker, for EUR 925 million from Onex Corp., Canada s largest buyout firm. KraussMaffei, which generated revenue of EUR 1.1 billion in 2014, supplies machines that process and produce plastics and rubber, with customers in industries ranging from automotive to consumer goods and pharmaceuticals. KraussMaffei, with a corporate history of 178 years, will continue to operate in its current corporate structure and at its current locations. 3 European M+A News, Spring 2016 continued on page 4
4 The transaction is expected to close in the first half of 2016, subject to regulatory approval. 3. ChemChina Offers to Buy Swiss Syngenta for USD 43 Billion ChemChina has made an offered to acquire Syngenta, the Swiss agrochemicals giant, for USD 43 billion, which would be the largest foreign acquisition ever by a Chinese company. ChemChina offers USD 465 per share, plus a special dividend of CHF 5 per share to be paid upon and before the deal s closing. Syngenta, which specializes in producing pesticides and genetically modified seeds, has over 28,000 employees in over 90 countries. In 2015, it generated sales of USD 13.4 billion. Under the deal, Syngenta would continue to be based in Switzerland and be run by the current management team. The deal is expected to close by the end of the year, subject to regulatory approval. 4. Shanghai Electric to Take Major Stake in German Manz Chinese power and electrical group Shanghai Electric has agreed to buy a stake of at least 29.9 percent in German technology group Manz, with the possibility of a full takeover. Manz produces equipment for the solar industry, and machines for the manufacturing of smartphones and tablets. In order to enable Shanghai Electric the acquisition and to strengthen the financial performance, Manz plans to increase the company's capital stock by 43 percent against cash contributions (corresponds to 29.9 percent after the capital increase) by issuing new shares from the authorized capital with the inclusion of the shareholders subscription rights. 5. Bilfinger Sells Water Technologies Division to Chinese Chengdu Techcent Environment Group The leading German engineering and services group Bilfinger has sold its water technologies division to Chinese company Chengdu Techcent Environment Group for EUR 200 million. Bilfinger s water technologies division has 1,600 employees and generated sales of EUR 300 million in The acquisition was closed at the end of the first quarter of IBM Buys German IRIS Analytics IBM has acquired IRIS Analytics, a German startup company which specializes in real-time analytics to identify patterns in payment fraud. The acquisition will enable IBM to offer its clients solutions to detect fraud more accurately so respective countermeasures may be implemented more quickly. The financial terms of the transaction were not disclosed. 7. IBM Acquires German Digital Agency Aperto IBM has acquired Berlin-based digital agency Aperto. Upon completion of the transaction, Aperto will join the IBM Interactive Experience (IBM ix) team, supporting IBM s growth in Germany. Aperto s 300-plus employees will continue to serve its clients, which currently include companies such as Airbus Group, Volkswagen and Siemens. The financial terms of the transaction were not disclosed. 8. Ningbo Joyson Electronic and Preh Acquire German TechniSat Automotive Chinese Ningbo Joyson Electronic and its subsidiary, Preh Holding GmbH, are each acquiring 50 percent of the TechniSat Automotive division from TechniSat Digital GmbH. TechniSat Automotive develops and produces innovative products and software solutions in the fields of car infotainment, navigation, vehicle networking and telematics. It has 1,200 employees in Germany, Poland and China and generated sales of EUR 450 million in Within the Joyson Group, TechniSat Automotive will be operated in the as Preh TechniSat Car Connect GmbH. The financial terms of the transaction were not disclosed. 9. German RNTS Media Acquires U.S.-Based Heyzap, Inc. Berlin-based media holding RNTS Media N.V. has acquired Heyzap, Inc. for up to USD 45 million. RNTS is the parent company of Fyber GmbH, a Berlinbased company running a leading mobile advertising technology platform. Heyzap Inc. is a quickly growing mobile advertising technology company based in San Francisco. The deal consists of an initial cash consideration of USD 20 million, with potential earnout payments in cash and shares of up to USD 25 million upon achievement of certain performance targets by A cross-office team of Morrison & Foerster advised RNTS on the transactions. 10. RNTS Buys Israeli Inneractive RNTS Media N.V. has acquired Inneractive Ltd. for up to USD 45 million. Inneractive Ltd.,which is based in Tel Aviv, operates a global market for mobile advertising ('Ad Exchange') and specializes in display, native and video formats. The purchase price amounts to USD 72 million and includes an initial cash payment of USD 46 million and possible earnout and final payments of up to USD 26 million in the next three years. Morrison & Foerster advised RNTS on the acquisition. 4 European M+A News, Spring 2016 continued on page 5
5 11. Salesforce.com Acquires German YOUR SL Salesforce.com has acquired YOUR SL, a German consulting company in the field of digital business optimization. Salesforce is based in San Francisco and a leading cloud solution for sales, marketing, customer service, application development, communities and data science. Founded in 1999, it was the first company to offer software via the cloud. YOUR SL is a Berlin-based consulting company with more than 100 employees that covers the full range of digital business optimization, from planning to implementation of methods, processes and IT solutions. We are Morrison & Foerster a global firm of exceptional credentials. Our clients include some of the largest financial institutions, investment banks, Fortune 100, and technology and life sciences companies. The Financial Times has named the firm to its lists of most innovative law firms in Northern America and Asia every year that it has published its Innovative Lawyers Reports in those regions. In the past few years, Chambers USA has honored MoFo s Bankruptcy and IP teams with Firm of the Year awards, the Corporate/M&A team with a client service award, and the firm as a whole as Global USA Firm of the Year. Our lawyers are committed to achieving innovative and business-minded results for our clients, while preserving the differences that make us stronger. Because of the generality of this newsletter, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. The views expressed herein shall not be attributed to Morrison & Foerster, its attorneys or its clients. This newsletter addresses recent mergers and acquisitions. If you wish to change an address, add a subscriber or comment on this newsletter, please write to: Morrison & Foerster LLP Marketing Team Potsdamer Platz Berlin Germany germanymarketing@mofo.com 5 European M+A News, Spring Morrison & Foerster LLP
EU Data Protection and Information Security for Banking & Financial Service sectors 4 th December 2014
EU Data Protection and Information Security for Banking & Financial Service sectors 4 th December 2014 Janine Regan, Associate George Willis, Associate charlesrussellspeechlys.com Janine Regan Associate
More informationOUTSOURCING, HOSTING AND DATA PRIVACY ISSUES
OUTSOURCING, HOSTING AND DATA PRIVACY ISSUES 4 April 2013 James Castro-Edwards Solicitor Monica Salgado Advogada / Portuguese Lawyer OUR TEAM Speechly Bircham is an ambitious, full-service law firm with
More informationSEC Adopts Dodd-Frank Compensation Committee and Adviser Independence Rules
June 21, 2012 SEC Adopts Dodd-Frank Compensation Committee and Adviser Independence Rules By Lawrence R. Bard and Daniel R. Kahan On June 20, 2012, the U.S. Securities and Exchange Commission (the SEC
More informationData and Cyber Laws Up-date 9 July 2015
Data and Cyber Laws Up-date 9 July 2015 Janine Regan Alexia Zuber Viktoria Protokova Simon Holdsworth charlesrussellspeechlys.com Topics Updates on the key aspects of, and commentary on, the proposed GDPR
More informationNew EU Data Protection legislation comes into force today. What does this mean for your business?
24 th May 2016 New EU Data Protection legislation comes into force today. What does this mean for your business? After years of discussion and proposals, the General Data Protection Regulation ( GDPR )
More informationData Protection in Clinical Studies Implications of the New EU General Data Protection Regulation
June 19, 2012 Practice Group(s): Health Care Life Sciences Data Protection in Clinical Studies Implications of the New EU General Data Protection Regulation By Mathias Schulze Steinen and Daniela Bohn
More informationThe Data Protection Landscape. Before and after GDPR: General Data Protection Regulation
The Data Protection Landscape Before and after GDPR: General Data Protection Regulation Data Protection regulations across Europe Current regulations & guidance European Directives 95/46/EC (Data Protection)
More informationThe Volcker Rule Prohibition on Proprietary Trading: Considerations for Broker-Dealer Affiliates of Foreign Banking Organizations
Client Alert January 9, 2014 The Volcker Rule Prohibition on Proprietary Trading: Considerations for Broker-Dealer Affiliates of Foreign Banking Organizations The Volcker Rule imposes significant restrictions
More informationSouth East Asia: Data Protection Update
Data Privacy and Security Team To: Our Clients and Friends September 2013 South East Asia: Data Protection Update Europe has had data protection laws in place for over a decade. Such laws regulate how
More informationGoldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008
Goldman Sachs European Financials Conference Improving growth and profitability in life insurance Bruno Pfister, Group CEO Berlin, 11 June 2008 Agenda 1. Profitable growth: strong delivery since 2003 2.
More informationDISCLOSEABLE TRANSACTION ACQUISITION OF THE ENTIRE SHARES IN EEW HOLDING GMBH AND THE ENTIRE PARTNERSHIP INTERESTS IN M+E HOLDING GMBH & CO.
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationEU Data Protection Reforms Challenges for Business
www.pwc.com Contents EU Data Protection Reforms Challenges for Business July 2014 1. Introduction 2. The need for change 3. Changes and challenges 4. Recommendations 5. Conclusion 6. For a deeper conversation
More informationChina Cloud-based Services Structure Options
Zhong Lun Law Firm Beijing Shanghai Shenzhen Guangzhou Wuhan Chengdu Tokyo Hong Kong London New York Robert Lewis 11 June 2013 China Cloud-based Services Structure Options Cloud-based services in China
More informationEU Data Protection Directive and U.S. Safe Harbor Framework: An Employer Update. By Stephen H. LaCount, Esq.
EU Data Protection Directive and U.S. Safe Harbor Framework: An Employer Update By Stephen H. LaCount, Esq. Overview The European Union Data Protection Directive 95/46/EC ( Directive ) went effective in
More informationClient Update Fourth Anti-Money Laundering Directive Comes Into Force
1 Client Update Fourth Anti-Money Laundering Directive Comes Into Force OVERVIEW LONDON Karolos Seeger kseeger@debevoise.com Matthew Howard Getz mgetz@debevoise.com Alex Parker aparker@debevoise.com Ceri
More informationCash flow from operating activities 5,182 2,633 6,697. Cash flow from investing activities (4,556) (2,389) (4,389)
Tamron Co., Ltd. October 30, 2008 3rd Quarter Financial Results FY 2008 Table of Contents Financial Summary Balance Sheet Statements of Income Statements of Cash Flows Group Network Overview Business Segment
More informationKey figures as of June 30, 2013 1st half
Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim
More informationATOSS Software AG Excellence in Workforce Management Presentation January 30, 2015. 1 Christof Leiber, Member of the Board, ATOSS Software AG
ATOSS Software AG Excellence in Workforce Management Presentation January 30, 2015 1 Christof Leiber, Member of the Board, ATOSS Software AG 01 Business model and developments 2006 2014 02 ATOSS growth
More informationBASEL, 3 FEBRUARY 2016
BASEL, 3 FEBRUARY 2016 SAFE HARBOR ADDITIONAL INFORMATION AND WHERE TO FIND IT THE TENDER OFFER FOR THE OUTSTANDING SHARES, AMERICAN DEPOSITARY SHARES AND OTHER OUTSTANDING EQUITY INSTRUMENTS IN THE COMPANY
More informationINSIDER TRADING POLICY AND GUIDELINES
INSIDER TRADING POLICY AND GUIDELINES As a public company, Northern Power Systems Corp. ( Northern Power or the Company ) and its officers, directors and employees are subject to the requirements and restrictions
More informationNew Lending Trends, Middle Market Lending and Other Developments September 18, 2014
New Lending Trends, Middle Market Lending and Other Developments September 18, 2014 2014 Morrison & Foerster LLP All Rights Reserved mofo.com Size of the company Annual revenues less than $500 million
More informationEU Data Protection Reform
EU Data Protection Reform What benefits for businesses in Europe? Fact sheet January 2016 Vĕra Jourová Commissioner for Justice, Consumers and Gender Equality Directorate-General for Justice and Consumers
More informationFINRA Issues Regulatory Notice Reminding Broker-Dealers of their Obligation to Conduct Reasonable Investigations in Regulation D Offerings
News Bulletin May 2010 FINRA Issues Regulatory Notice Reminding Broker-Dealers of their Obligation to Conduct Reasonable Investigations in Regulation D Offerings On April 20, 2010, the Financial Industry
More informationING Bank N.V. Certificates Programme
FOURTH SUPPLEMENT DATED 9 MAY 2014 UNDER THE CERTIFICATES PROGRAMME ING Bank N.V. (Incorporated in The Netherlands with its statutory seat in Amsterdam) Certificates Programme This Supplement (the Supplement
More informationFORTUNA SILVER MINES INC. (the "Company")
FORTUNA SILVER MINES INC. (the "Company") BLACKOUTS AND SECURITIES TRADING POLICY The Company encourages all employees, officers and directors to become shareholders of the Company on a long-term investment
More informationWhy a Global D&O Program is the Right Choice, Right Now
Why a Global D&O Program is the Right Choice, Right Now November 2008 Jennifer Fahey Managing Director Lee Lindsay, Esq. Senior Vice President Financial Services Group Copyright 2008 Aon Corporation Redefining
More informationLiechtenstein. Heinz Frommelt. Sele Frommelt & Partners Attorneys at Law Ltd
Sele Frommelt & Partners Attorneys at Law Ltd Heinz Frommelt Sele Frommelt & Partners Attorneys at Law Ltd Legislation and jurisdiction 1 What is the relevant legislation and who enforces it? is a member
More informationCESR Consultation Paper on UCITS Management Company Passport
News Bulletin October 24, 2008 CESR Consultation Paper on UCITS Management Company Passport Background On 30 th September 2008, the Committee of European Securities Regulators ( CESR ) issued a consultation
More informationANNOUNCEMENT OF FINANCIAL RESULTS. PANASONIC REPORTS THIRD QUARTER AND NINE-MONTH RESULTS - Sales downturn led to a decrease in earnings -
FOR IMMEDIATE RELEASE Media Contacts: February 4, 2009 Investor Relations Contacts: Akira Kadota (Japan) Kazuo Sasaki (Japan) International PR Investor Relations (Tel: +81-3-3578-1237) (Tel: +81-6-6908-1121)
More informationMorningstar is shareholders in
Media Contact: Andy Seunghye Jung, +82 2 3771 0730 or andy.jung@morningstar.comm FOR IMMEDIATE RELEASE Morningstar A Grade Announces Findings from Fourth Global Fund Investor Experience Report; Korea Scores
More informationATOSS Software AG Excellence in Workforce Management. 1 Christof Leiber, Member of the Board, ATOSS Software AG
ATOSS Software AG Excellence in Workforce Management 1 Christof Leiber, Member of the Board, ATOSS Software AG 01 Business model and developments 2006 2014 and first half of 2015 02 ATOSS growth strategy
More informationSpinning: FINRA Rule 5131
News Bulletin October 18, 2010 Spinning: FINRA Rule 5131 On September 29, 2010, the Securities and Exchange Commission ( SEC ) approved FINRA Rule 5131, on an accelerated basis, and solicited comments
More informationWillis makes firm offer to buy Gras Savoye at year-end 2015, to expand its fully integrated multinational offering to clients
News Release Contact: Media: Investors: Paul Platt (Willis) +44 20 3124 7659 Paul.Platt@willis.com Céline Meslier (Gras Savoye) +33 (0)1 41 3 55 02 celine.meslier@grassavoye.com Peter Poillon +1 212 915
More informationManaging Regulatory Compliance and AML Risk in a Virtual Currency World
Managing Regulatory Compliance and AML Risk in a Virtual Currency World Issue When you first think of virtual currency (also known as digital currency), the video gaming industry may be what first comes
More informationLunch & Learn: Big Data Analytics
239767 Lunch & Learn: Big Data Analytics 13 April 2015 Sue McLean Alex van der Wolk 2015 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Lunch & Learn 2 nd Monday of each month 45 minutes via
More informationCHANGES IN THE WORLD OF CLAIMS MANAGEMENT FROM DEBTORS TO CUSTOMERS
CHANGES IN THE WORLD OF CLAIMS MANAGEMENT FROM DEBTORS TO CUSTOMERS Andreas Aumüller, President of FENCA Federation of European National Collection Associations CONSUMER CREDIT INDUSTRY Annual Convention
More informationAlign Technology. Data Protection Binding Corporate Rules Processor Policy. 2014 Align Technology, Inc. All rights reserved.
Align Technology Data Protection Binding Corporate Rules Processor Policy Confidential Contents INTRODUCTION TO THIS POLICY 3 PART I: BACKGROUND AND ACTIONS 4 PART II: PROCESSOR OBLIGATIONS 6 PART III:
More informationThe Impact of EU Data Protection Legislation. Thomas Rivera Hitachi Data Systems
Privacy PRESENTATION vs Data TITLE Protection: GOES HERE The Impact of EU Data Protection Legislation Thomas Rivera Hitachi Data Systems SNIA Legal Notice The material contained in this tutorial is copyrighted
More informationEU Competition Law. Article 101 and Article 102. January 2010. Contents
EU Competition Law January 2010 Contents Article 101 The requirements of Article 101(1) Exemptions under Article 101(3) Article 102 Dominant position Abuse of a dominant position Procedural issues Competition
More informationKey issues in data protection: a pan-european view
Key issues in data protection: a pan-european view 19 th March 2014 Nicola Fulford, Kemp Little LLP, UK Andreas Peschel-Mehner, SKW Schwarz, Germany Marco Bellezza, Portolano Cavallo, Italy Emmanuel Schulte,
More informationPrivacy vs Data Protection. PRESENTATION TITLE GOES HERE Eric A. Hibbard, CISSP, CISA Hitachi Data Systems
Privacy vs Data Protection PRESENTATION TITLE GOES HERE Eric A. Hibbard, CISSP, CISA Hitachi Data Systems Introduction The terms privacy and data protection are often used interchangeable In reality they
More informationProcessor Binding Corporate Rules (BCRs), for intra-group transfers of personal data to non EEA countries
Processor Binding Corporate Rules (BCRs), for intra-group transfers of personal data to non EEA countries Sopra HR Software as a Data Processor Sopra HR Software, 2014 / Ref. : 20141120-101114-m 1/32 1.
More informationPreparing for the EU General Data Protection Regulation
RESEARCH REPORT Preparing for the EU General Data Protection Regulation Assessing Awareness, Readiness & Impact of the Proposed Changes in US, UK, France & Germany TRUSTe Inc. 1 888 878 7830 +44 203 078
More informationRoche Finance Europe B.V. - Financial Statements 2013
Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,
More informationInformation Disclosure on the Securities Market
3 Legal Update Banking & Finance Construction & Engineering Corporate & Securities Vietnam 06 July 2012 Information Disclosure on the Securities Market Summary On 5 April 2012, the Ministry of Finance
More informationGreater China Practice Pillsbury helps connect China s leading companies to the world and the world s leading companies to China.
Greater China Practice Pillsbury helps connect China s leading companies to the world and the world s leading companies to China. Pillsbury Winthrop Shaw Pittman LLP www.pillsburylaw.com Greater China
More informationRoche Capital Market Ltd Financial Statements 2014
Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive
More informationSiegfried when substance matters Semi-annual report 2008
Siegfried when substance matters Semi-annual report 2008 Key figures Continuing Operations 1 st Half-Year 2008 1 st Half-Year 2007 Difference Change in % Net sales (million CHF) 159.6 157.8 1.8 1.2 Net
More informationREPORT ON FUNDS OF HEDGE FUNDS
REPORT ON FUNDS OF HEDGE FUNDS FINAL REPORT REPORT OF THE TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS JUNE 2008 REPORT ON FUNDS OF HEDGE FUNDS Table of Contents Page
More informationUser tracking: Scope and Implementation eprivacy Directive Article 5(3)
User tracking: Scope and Implementation eprivacy Directive Article 5(3) Email Sender & Provider Coalition April 3, 2012 Presented By Karin Retzer 2012 Morrison & Foerster LLP All Rights Reserved mofo.com
More informationFirst German Decisions Applying the ECJ s Huawei v. ZTE Framework on Injunctions for Standard Essential Patents
February 18, 2016 First German Decisions Applying the ECJ s Huawei v. ZTE Framework on Injunctions for Standard Essential Patents By Rufus Pichler and Holger Kastler Two recent German court decisions address
More informationRTL Group reports a successful start into 2015: EBITA slightly up, net profit significantly higher
RTL Group reports a successful start into 2015: EBITA slightly up, net profit significantly higher Mediengruppe RTL Deutschland with significant revenue and EBITA growth Very strong revenue growth in digital:
More informationTowards a Single Market for Occupational Pensions Without Tax Obstacles
Towards a Single Market for Occupational Pensions Without Tax Obstacles May 25 9:00 AM 9:45 AM Peter Schonewille, European Commission, DG TAXUD/E/3 Competence Centre for Pension Research, University of
More informationCompany results. Company results. Innovative Automatic Machine System Solutions. Innovative Automatic Machine System Solutions INVESTOR RELATIONS
Company results Innovative Automatic Machine System Solutions Company results Innovative Automatic Machine System Solutions Star Conference Milan, March 25 th 2014 1 IMA ata glance Founded in 1961, IMA
More informationTopicsinChineseLaw AN O'MELVENY & MYERS LLP RESEARCH REPORT. China's Regulation of "Round Trip Investments" * by Howard Chao and Kaichen Xu **
TopicsinChineseLaw AN O'MELVENY & MYERS LLP RESEARCH REPORT January 2008 China's Regulation of "Round Trip Investments" * by Howard Chao and Kaichen Xu ** During the past couple of years, China has been
More informationImpact of EU General Data Protection Regulation
Impact of EU General Data Protection Regulation A White Paper Thursday 15 October 2015 The law stated is correct as of this date. This does not constitute legal advice and it is highly recommended to seek
More informationSecurity-Compliance Guidelines of the Generali Deutschland Group
Security-Compliance Guidelines of the Generali Deutschland Group as at January 2009 Contents Page PART 1: OVERVIEW 3 A. Definition 3 B. Targets 3 C. Scope of application 3 PART 2: COMPLIANCE 3 A. Duties
More informationCORPORATE AND SECURITIES PARIS LLP
CORPORATE AND SECURITIES PARIS LLP ddefinitive ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY A dedicated team of more than 25 corporate and securities lawyers in Paris who advise French and foreign multinational
More informationGreater China Practice Pillsbury helps connect China s leading companies to the world and the world s leading companies to China.
Greater China Practice Pillsbury helps connect China s leading companies to the world and the world s leading companies to China. Pillsbury Winthrop Shaw Pittman LLP www.pillsburylaw.com Pillsbury Greater
More informationNordic Waterproofing announces its initial public offering on Nasdaq Stockholm and prospectus in connection therewith
PRESS RELASE Helsingborg, Sweden, 30 May 2016 Nordic Waterproofing announces its initial public offering on Nasdaq Stockholm and prospectus in connection therewith IN WHICH THE DISTRIBUTION OR RELEASE
More informationRTL Group s growth accelerates in Q3/2015
RTL Group s growth accelerates in Q3/2015 Revenue up 7.5 per cent, digital revenue up 86.6 per cent, EBITA up 13.8 per cent in Q3/2015 to record levels FremantleMedia broadens content portfolio with investments
More informationThe Role and Function of a Data Protection Officer in the European Commission s Proposed General Data Protection Regulation. Initial Discussion Paper
The Role and Function of a Data Protection Officer in the European Commission s Proposed General Data Protection Regulation 1. Introduction Initial Discussion Paper The data protection officer ( DPO )
More informationAND International Publishers NV 2015 Results
Press Release AND International Publishers NV 2015 Results AND's 2015 revenue and profits boosted by investments in digital mapping AND already locks in marked increase of revenue in 2016 in millions of
More informationBenefits of using HK company for entering into China consumer market
Intertrust Alex Cho November 2006 1 Benefits of using HK company for entering into China consumer market Alex Cho 28 November 2006 Intertrust Alex Cho November 2006 2 China Consumer Market restrictions
More informationHow To Manage A Subfund
Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV ) 69, route d Esch L-1470 Luxembourg
More informationTENCENT HOLDINGS LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGlobal Forum 2014. Tokyo EVENT REPORT
Baker & McKenzie Global Forum 2014 Personal Data Protection: Global personal data risk and management - Trends and perspectives from Asia, Europe, and the US EVENT REPORT Global Forum 2014 MARCH 2014 TOKYO
More informationFinal full year figures 2014 AND International Publishers NV
Press release Final full year figures 2014 AND International Publishers NV AND achieves positive and strong results for 2014 in millions of euro (except amounts per share) 2014 2013 Revenue 4.8 4.3 Operating
More informationA 360-Degree look at Secondment tax issues: China and the United States Corporate China Alert - 19 August 2013
A 360-Degree look at Secondment tax issues: China and the United States Corporate China Alert - 19 August 2013 In this article, Roberta Chang discusses the recent guidance issued by the Chinese State Administration
More informationASX Announcement. Amendment to Share Trading Policy
ASX Announcement 14 September 2015 Amendment to Share Trading Policy IPH announces that it has amended its Share Trading Policy by adding a new Clause 5 which introduces an additional trading window, being
More informationosborneclarke.com A Guide to Equity Plans For international companies with UK operations
A Guide to Equity Plans For international companies with UK operations Introduction This paper is designed to provide an insight into the main types of share plans available in the UK and practical guidance
More informationConsolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:
More informationGuidelines on preparation for and management of a financial crisis
CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and
More informationCheck against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014.
Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very
More informationStabilus at a glance. April 2014
Stabilus at a glance April 2014 Stabilus Overview Sales: 460mm Employees: ~4,000 Plants: 11 Sales by region 1 : Europe: 53% NAFTA: 34% Asia / RoW: 13% Automotive Industrial Gas springs Powerise Capital
More informationInterim Report January 1 st March 31 st, 2003
Interim Report January 1 st March 31 st, 2003 First Quarter 2003 Earnings before taxes increased by 23 per cent to 70 MSEK. Earnings after taxes increased by 36 per cent to 45 MSEK. Earnings per share
More informationPosition of the retail and wholesale sector on the Draft Data Protection Regulation in view of the trilogue 2015
2 September 2015 Position of the retail and wholesale sector on the Draft Data Protection Regulation in view of the trilogue 2015 We support the efforts of EU legislators to create a harmonised data protection
More informationForeign Direct Investment
Germany Reports Record High of New Investment Projects Germany is a very attractive location for foreign investors. Germany Trade & Invest (GTAI) and the economic development agencies of the German Federal
More informationAccounting Issues with Investments in Foreign Subsidiaries
Accounting Issues with Investments in Foreign Subsidiaries Tax Executives Institute May 7, 2012 Notice ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY KPMG TO BE USED, AND CANNOT BE
More informationBig Data for Law Firms DAMIAN BLACKBURN
Big Data for Law Firms DAMIAN BLACKBURN PUBLISHED BY IN ASSOCIATION WITH Big data means big business By Simon Briskman, partner, technology & outsourcing group, Field Fisher Waterhouse LLP BIG DATA is
More informationInternational Product Liability Review
International Product Liability Review Issue 53 Contents Overview 1 Feature - A landmark year for consumer privacy protection in China 2 DECEMBER Europe - France 5 Europe - Germany 8 Europe - Italy 10
More informationRecent developments in the disclosure regime for economic interest in shares
Recent developments in the disclosure regime for economic interest in shares by Peter Green and Jeremy Jennings-Mares, Morrison & Foerster (UK) LLP Most jurisdictions impose obligations requiring the disclosure
More informationCore Principles for Effective Banking Supervision: New Edition Released
News Bulletin September 17, 2012 Core Principles for Effective Banking Supervision: New Edition Released Last Friday, September 14, 2012, the Basel Committee on Banking Supervision published a new set
More informationFOR IMMEDIATE RELEASE February 4, 2016
FOR IMMEDIATE RELEASE February 4, 2016 Toshiba Announces Consolidated Results for the First Nine Months and Third Quarter of Fiscal Year Ending March 2016 TOKYO Toshiba Corporation (TOKYO: 6502) today
More informationE-ALERT Energy and Natural Resources
E-ALERT Energy and Natural Resources October 3, 2014 UK ISSUES PROPOSED RULE TO IMPLEMENT EU EXTRACTIVE AND LOGGING INDUSTRY REPORTING REQUIREMENTS The UK Government recently announced the publication
More informationSummary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)
This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second
More informationDATA PROTECTION AND THE NEW FACE OF PRIVACY COMPLIANCE
34 Baltzer Science Publishers EU WATCH DATA PROTECTION AND THE NEW FACE OF PRIVACY COMPLIANCE By Jeroen Terstegge* We are about to have a new type of compliance officer on the block. The soon to be enacted
More informationWELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.
WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform
More informationIncome Statement. January - December 2012 *) % 2013 % million
Highlights Volkswagen reports successful fiscal year 2013 in a challenging environment: - Sales revenue rises by 2.2% to 197.0 billion - Operating profit exceeds record prior-year level at 11.7 billion
More informationIf you have any questions about our privacy practices, please refer to the end of this privacy policy for information on how to contact us.
c4m Privacy Policy Last Modified: July 20, 2015 Colbette II Ltd., Block 1, 195-197 Old Nicosia-Limassol Road, Dali Industrial Zone, Cyprus 2540 (hereinafter "c4m", Colbette we", "our" or "us") is always
More informationPRC REGULATORY OVERVIEW
Our business is mainly conducted in China. The key laws and regulations regulating our business operations in China include the following: Measures on the Administration of Foreign Investment in the Leasing
More informationA guide for in-house lawyers
A guide for in-house lawyers June 2015 The Proposed EU General Data Protection Regulation Index Introduction to the Regulation - 3 Progress of the Regulation - 4 Using this Guide - 5 Conceptual Overview
More informationFinancial Results for the First Quarter Ended June 30, 2014
July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji
More informationo The filing and timing requirements are summarized on Exhibit A. Other Securities Law Issues
MORRISON & FOERSTER LLP CHECKPOINTS: THE CONSEQUENCES OF CROSSING VARIOUS OWNERSHIP THRESHOLDS WHEN INVESTING B. JEFFERY BELL * This memorandum outlines certain considerations associated with the acquisition
More informationHong Kong Enacts a Statutory Disclosure Regime
Statutory Obligation for Hong Kong-Listed Corporations to Disclose Price Sensitive Information Becoming Effective on January 1, 2013 SUMMARY With effect from January 1, 2013, Hong Kong will implement a
More informationTAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE
TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE Tazeem Pasha serves as Manager, Business Retention and Expansion at SelectUSA. Established by Executive Order
More informationResults for the Quarter Ended June 30, 2014 September 2014
Results for the Quarter Ended June 30, 2014 September 2014 Summary This is the first set of unaudited interim condensed consolidated financial statements for the quarter ended June 30, 2014, and accordingly
More informationApplication of the Self-Employment Tax and 3.8% Net Investment Income Tax to Fund Managers
March 6, 2013 Application of the Self-Employment Tax and 3.8% Net Investment Income Tax to Fund Managers By Robert A.N. Cudd and Michelle M. Jewett With the imposition of a new 3.8% net investment income
More informationthe paris office Elizabeth Naud and Luc Poux, architects
the paris office Elizabeth Naud and Luc Poux, architects dllp Our commitment is to be the definitive source of practical advisory services and our clients most powerful advocates. DECHERT LLP In-depth
More informationHow To Ensure Cloud Storage Is Safe
STORAGE ASEAN MANAGING THE INFORMATION THAT DRIVES THE ENTERPRISE UNSTRUCTURED DATA Home growth continues to present challenges STORAGE CHOICES storage? Prepare to be confused by the variety of options
More information