Awards & Deals
- PPP Highway project, Slovakia
Our firm provided legal services on EUR 1,000,000,000 (approx. amount) syndicated project financing provided by European Investment Bank, European Bank for Reconstruction and Development and other banks to finance the D4R7 Slovak PPP Highway project
- Chambers Europe 2015, Slovakia
"The team provides an extremely good service, with good language skills in English and German."
- Chambers Europe 2015, Slovakia
"We like the team's quick response, flexibility and the strategic thinking it puts into the contracts it develops."
- Chambers Global 2014, Slovakia
"The team is proactive, anticipates issues, and meets deadlines. "
- Chambers Europe 2014, Slovakia
"A go-to firm for banking and corporate work in Slovakia."
- Chambers Europe 2013, Slovakia
"A solid, flexible and experienced team. The lawyers are tough negotiators and able to deliver on short notice."
On 12 July 2016, the European Council adopted new directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market of the European Union (the Directive). It is part of a package of European Commission proposals designed to strengthen rules against corporate tax avoidance based on OECD recommendations.
The Directive addresses situations where corporations, mostly multinational groups, take advantage of disparities between national tax systems in order to reduce their tax payments. It responds to the perception of many taxpayers and small and medium-sized enterprises that some multinationals do not pay their fair share of tax, thereby distorting tax competition within the European Union´s single market. The Directive covers all taxpayers that are subject to corporate tax in member states, including subsidiaries of companies based in third countries. It contains anti-tax-avoidance rules for situations that may arise in the field of interest limitation rules, exit taxation rules, general anti-abuse rules, controlled foreign company rules (CFC) and rules for hybrid mismatches. The Directive will ensure that the OECD anti-BEPS (base erosion and profit shifting) measures are implemented in a coordinated manner in the European Union by which three of the five areas covered by the Directive implement OECD recommendations (the interest limitation rules, the CFC rules and the rules on hybrid mismatches). The member states will have until 31 December 2018 to transpose it into their national laws and regulations, except for the exit taxation rules, which must be transposed by 31 December 2019. Member states that have targeted rules that are as effective as the interest limitation rules may apply them until the OECD reaches an agreement on a minimum standard, or until 1 January 2024 at the latest.
Trade Secret Protection
On June 8, 2016, the European Parliament approved the Directive on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use or disclosure, ensuring progressive harmonization in the field of trade secrets and laying down common measures regarding the protection of trade secrets.
Since Companies invest in acquiring, developing and applying know-how and information, such investments have an impact on their competitiveness and innovative performance in the market and therefore on the motivation to continue to innovate. However, there is great diversity of systems and definitions in member states regarding the treatment and protection of trade secrets. The new Directive 2016/943 of the European Parliament and of the Council of 8 June 2016 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use or disclosure (the Directive), therefore aims at ensuring the smooth functioning of the internal market. The Directive shall bring legal clarity and help increase interest in the development of research and innovation activities. In accordance with the new legal framework, EU member states will have to ensure that trade secret holders are entitled to apply for measures, procedures and remedies provided for in the Directive in order to prevent or obtain redress for the unlawful acquisition, use or disclosure of their trade secrets. While the directive provides for measures preventing the disclosure of information to protect the confidentiality of trade secrets, the new measures fully ensure that investigative journalism may be pursued without any new limitations. The directive will not impose any restrictions on workers in their employment contracts where national law will continue to apply. There will be no limitation to an employee´s use of experience and skills honestly acquired in the normal course of their employment. Persons acting in good faith who reveal trade secrets for the purpose of protecting the general public interest, commonly known as ‘whistle-blowers’, will also enjoy appropriate protection. According to the Directive, an application for measures and remedies must be dismissed where the alleged acquisition, use or disclosure of a trade secret was carried out in the act of exercising the right to freedom of expression and information, revealing misconduct, wrongdoing or illegal activity, provided that the respondent acted for the purpose of protecting the general public interest (whistle-blowing); in disclosure by workers to their representatives as part of their legitimate exercising of their functions in accordance with EU or national law, provided that such disclosure was necessary for such exercise; and for the purpose of protecting a legitimate interest recognized by EU or national law.
The Directive was published in the EU Official Journal on June 15, 2016. It will enter into force 20 days after its publication and member states will have a maximum of two years to incorporate the new provisions into domestic law.