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Newssquare Bulgaria: Fines in Millions for Personal Data Breaches

On 29 August 2019 the Bulgarian Commission for Personal Data Protection ("CPDP") announced first significant fines under the GDPR (Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) for data processing breaches. The fines, which in total are more than 6 million Bulgarian levs (approx. 3 million EUR), clearly indicate the CPDP intention for strong measures in cases of data leakages, irrespective of whether they concern public authorities or private entities.

Newssquare Poland: Launch of the Ultimate Beneficiary Owner Register as of 13 October

The Polish Anti-Money Laundering and Anti-Terrorist Financing Act dated 1 March 2018 ("AML Act") introduced the Central Ultimate Beneficial Owner Register (Centralny Rejestr Beneficjentów Rzeczywistych - "UBO Register"). The UBO Register was introduced in order to process information about beneficial owners of partnerships and companies and will be launched on 13 October 2019. Companies and partnerships will be obliged to provide information to the UBO Register on their Ultimate Beneficial Owners ("UBOs") within 7 days from the moment of entering the company into the National Court Register, or, in the case of already existing entities, within 6 months after the UBO Register regulations...

Newssquare Changes to the Bulgarian Transfer Pricing Documentation Rules

Amendments to the Bulgarian tax law addressing the introduction of mandatory transfer pricing documentation for transactions with related parties have been recently implemented. On 31 July 2019 the Bill for amendment and supplementation to the Tax and Social Security Procedural Code ("the Bill") aiming to bring Bulgaria’s transfer pricing rules in line with the recommendations of the OECD has been adopted by the Bulgarian Parliament.

Newssquare E-Commerce platforms in the focus of the CJEU / E-Commerce Plattformen im Fokus des EUGH

E-commerce platforms are not obligated in all cases to make a telephone number available to consumers before the conclusion of the contract – there are other options.

E-Commerce Plattformen sind nicht verpflichtet, dem Verbraucher vor Vertragsabschluss stets die Telefonnummer zur Verfügung zu stellen – es gibt auch andere Optionen.

Newssquare Poland: Increase to Court Fees

On November 7, 2019, the Statute substantially amending the Civil Procedure Code and other Statutes will come into effect. However, some of the changes including the amendments to the Statute on court fees and costs in civil matters (the “Statute on Court Fees”) will come into effect much sooner on August 21, 2019.

Newssquare Serbia: New Law on Personal Data Protection

The Serbian Parliament enacted the new Law on Personal Data Protection in November 2018 (published in the “Official Gazette of the Republic of Serbia" no. 87/2018), which will be applicable as of 21 August 2019 (hereinafter: the "New DP Law"). Moreover, the Serbian data protection authority (hereinafter: the "DPA") has just adopted several by-laws that further elaborate on certain rights and obligations of data controllers under the New DP Law (e.g. when there is an obligation to perform personal data protection impact assessment).

Newssquare Poland - IP, IT, TMT in 2019

What does H2 2019 hold for businesses in the IP, IT, TMT sectors and what legal and regulatory trends should catch their attention?

Newssquare Der Gesellschafter: "Break Fees im Rahmen von Unternehmenstransaktionen"

Mergers & Acquisitions spielen sowohl auf nationaler als auch auf internationaler Ebene eine wesentliche Rolle im Wirtschaftsleben und sind meist für die Entwicklung bzw. den Fortbestand eines Unternehmens von wesentlicher Bedeutung. Daher kommt es in der Praxis vor, dass zumindest eine Vertragspartei besonderes Interesse an der Umsetzung der Transaktion hat und vor allem hohe Kosten einer gescheiterten Transaktion vermeiden möchte. Die Vertragsparteien vereinbaren immer häufiger sog. Break Fees, um vor allem den Verlust der Marktstellung zu verhindern, Reputationsschäden sowie das Kostenrisiko gering zu halten, d.h. die Vertragsparteien gehen eine Zahlungsverpflichtung für den Fall des...

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