Insights

Blockchain – the future is built on blocks

Chances are that blockchain-like technology will soon embed itself into the core of our society – and have a vast systemic impact on everything from democracy to monetary structures that date as far back as Ancient Greece. In this insight we introduce the main concept of blockchain technology and provide examples that serve to demonstrate some of the many possibilities presented by this technology and the vast impact it may have. In doing so, we touch upon the legal issues of using blockchain technology.

Public authorities' liability for damage caused as a result of a breach of EU law

This edition of insight examines the State of Denmark’s liability for damages to enterprises and private individuals where public authorities have failed to comply with EU law. We will explain what the basic conditions are and review some of the type cases, and we will also offer practical examples of cases against non-compliant Member States. You will find here also a step-by-step guide to help establish if a claim for compensation exists.

State aid – what to be aware of

Changes to State aid rules and practices are frequent and swift and continuously affect the legal situation of regulatory authorities and businesses. In this edition of Insight, we will highlight what you particularly need to look out for, and we will provide recommendations for the handling of State aid challenges. Finally, we will give you an overview of the vast body of rules governing the area.

New FIDIC contracts

After 8 years of preparations, FIDIC has finally published the updated versions of the contracts Red Book, Yellow Book and Silver Book at the annual “FIDIC International Contract Users’ Conference” in London on 5 and 6 December 2017. The new contracts are expected to be broadly applied similarly to the previous versions. In this Insight, we introduce the most significant changes to the commonly used FIDIC Yellow Book and point out some of the new provisions which employers, contractors and engineers should keep particularly in mind. Furthermore, we include some remarks from the conference speakers.

How to reach 500 million online Chinese consumers and navigate the regulation landscapeAPE

Cross Border E-Commerce ("CBEC") is evidently on the rise in China and has brought about massive opportunities for non-Chinese companies, including Danish companies. To embrace this new market, it is important that Danish companies familiarize themselves with the local regulation for CBEC, especially products approval, tax, and labelling.

Legal Risk Management

Most companies undertake at least some degree of legal risk management every day, via inhouse lawyers or consulting with external legal advisers. But as day-to-day tasks and urgencies pile up, it is all too easy to lose sight of the greater picture and the mutually-affecting risks across contracts, departments, and subsidiaries.

How will the new European data protection reform impact Chinese companies?

In this article, we will give you a short introduction to applicable data protection rules in the EU, including the basic principles and concepts, a summary of the highlights of the future GDPR, an outline of some of the implications for China, and our recommendations of what steps to take to prepare for the future GDPR.

Asian export credit financing is an often over-looked opportunity

If you are considering to acquire heavy equipment, machinery, vessels, wind turbines, containers, hi-tech products or the like in Asia, you may consider using the financial offerings of the local export credit agencies that have been established to support the export of such goods.

IPOs - more than just funding

IPOs is a topic that currently attracts great interest from both politicians and executives. The Confederation of Danish Industry’s conference “How to obtain growth capital on the stock exchange in Denmark” held on 28 February 2017 is a good example of this. An IPO provides transparency, keeps the management agile, and opens doors to business partners and customers. Read more in this Insight where we describe the IPO process and the implications of being a listed company.

Enter the robots - are you prepared?

Robotics holds an enormous potential and cannot but transform the dynamics of businesses across the globe. Both in terms of the manufacturing of new products and services and the structures and processes within organisations. Although we have yet seen no more than a fraction of its full potential, businesses may well begin organisational adjustments in preparation for the robot technology we know is coming - and here, management has a central role to play.

Cyber security - a top management priority area

Businesses spend billions of Danish kroner each year to protect digital assets and prevent confidential information from being disclosed to the public. Nevertheless, security breaches with the potential to seriously threaten businesses are becoming more and more frequent. Business owners should therefore adopt a strategic approach to IT and cyber security, one that meets future legal requirements and actively involves management.

How Danish companies get started in Iran

while Danish exports into Iran have picked up since 'Implementation Day', we have yet to see any truly big orders and investments. Why is that, and what can Danish businesses do to tackle the challenges that still seem to be holding them back in Iran?

Doing business in China – things you need to know

When considering engaging with the fast Chinese economic growth, it is important to know the principles of doing business in China. In this Insight, we focus on what you need to know to succeed.

The upcoming General Data Protection Regulation

On 25 May 2018, the EU’s new General Data Protection Regulation (GDPR) will take effect. That’s a long way off - and a good thing, too, because it will give you time to prepare for compliance with the new rules. These six steps will get you off to a good start.

Fintech – the new black or genuinely a game changer?

No large respectable financial institution seems to not have Fintech ambitions these days. However, the current intensity of Fintech makes you wonder whether it is a temporary trend that will fizzle out after a while or indeed a revolution of the financial services sector.

Custom news

In 2013, the EU adopted a new community customs code - the Union Customs Code (UCC) - to replace the 1992 code. The new code is gradually implemented as from 1 May 2016. This is only one of the topics dealt with in this Insights which also addresses the Commission’s attempts to harmonise sanctions for non-compliance with the customs rules and a new regulation on mutual exchange of customs information.

Executive service agreements - are Danish companies wearing belts and braces?

In a recent survey, Kromann Reumert asks the question: How are non-competition and non-solicitation of customers clauses used in Danish executive service agreements? And to what extent are executives compensated for accepting such clauses? We have reviewed 237 contracts and compiled the results in a trend analysis.

The Unified Patent Court - prepare your business for the legal system

Danish businesses will find themselves dealing with a very different legal system once the long-awaited Unified Patent Court (the "UPC") opens, vested with exclusive jurisdiction to pass judgment in disputes relating to European patents and the European patents with unitary effect. Expectations are that the UPC will open in late 2017/early 2018.

Impressions from Kromann Reumert's EU Tax Law Conference

In October 2015, Kromann Reumert held its first annual EU tax law conference jointly with Amsterdam Centre for Tax Law. The conference addressed the new EU General Anti-Abuse Rules (GAAR) in the EU Parent/Subsidiary Directive (2011/96/EU) and the European Commission's investigations of local tax ruling practices on Advance Pricing Agreements (APAs). Implications in terms of legal uncertainty for taxpayers was a recurring theme throughout the conference.

Crowdfunding - exploit the potential and limit your risk

Crowdfunding is on the rise all over the world, and figures from Europe show that the amount of funds raised via crowdfunding grew by as much as 146% from 2012 to 2014.

EU-US trade agreement on the way

The negotiations on the Transatlantic Trade and Investment Agreement between Europe and USA ("TTIP") are entering into a crucial and final phase. The TTIP will have substantial influence on transatlantic trade between Europe and the USA, as current legal, technical and tariff barriers are material trade barriers, especially for small and medium-sized enterprises (SMEs).

Is your pay policy ready for employees aged 80?

The Danish Parliament's ("Folketinget") decision to take away the possibility of senior employees' automatic retirement at their 70th birthday creates completely new challenges for your company's senior employee policy. Therefore, it is important to evaluate your employment terms, performance requirements and pay policy as well as how you handle insufficient performance.

Business risk management with W&I insurance

All mergers & acquisitions involve a risk in respect of representations and warranties and a lack of flexibility regarding disposition of (part of) the purchase price following the transaction. Warranty and indemnity insurance provides you with greater flexibility and protect your company's values during a transaction.