ISSUE: 144/17 www.intercontinental-finance.com

In this issue: News, Reviews & Business Views Motoring: McLaren 720S Gadgets & Gizmos Travel: Amsterdam

Awards

The new bank vs The old bank

CHANGING THE MINDSET TOWARDS OPEN BANKING

In conversation: Helen Archibald, COO, Thorntons www.intercontinental-finance.com Contents

In this issue...

NEWS 4 IN CONVERSATION Helen Archibald, COO, Thorntons 8

Business Features The old bank vs the new bank 10 Women in power 12 Breaking down barriers 14 Money brings happiness 16 A matter of compliance 18 Race against time 20 Ensuring labour compliancy 22 Beware three ‘B’s: BEPS, Brexit and border adjustment 24 Are interview notes privileged? 26 Fakes will not work 28 12 Games people play 30 Information security and the legal sector 32 TOP 250 LEADING LAW FIRMS 35 Welcome... 500 LEADING LAWYER 2015 41 Lifestyle City - Amsterdam 52 As logistics networks with major countries of counterfeit Hotel - Hotel Pulitzer 54 products become increasingly sophisticated – China, Turkey Adventure - Noord 56 and India to name a few – counterfeiting is affecting more Health & Wellbeing 58 and more businesses. Gadgets & Gizmos 60 Courts have been inundated with cases tackling this Motoring - McLaren 720S 62 problem and summer 2016 saw two very important cases boosting the anti- Profile - Yuri Rapoport 64 counterfeiting movement. In this edition, Margaret Arnott of Mathys & Squire looks at the anti-counterfeiting movement, along with a brief examination of these cases, and tips on how businesses should best install a counterfeiting strategy to maintain the strength of their brands.

David Newman of Delio Wealth, meanwhile, examines how intrinsically philanthropy and private investments are linked, the types of investments 62 that are out there, how much time and resource they need from an investor PUBLISHER and just what impact they are having. Wide World Media Limited The Byre, The Street, Bolney RH17 5PG. UK Lastly, Øyvind L. Martinsen from the BI Norwegian Business School, writes that Tel: +44 (0)1444 881004 women are better-suited to leadership than their male counterparts in most areas Registered in the UK: 7317914 UK VAT Number: 996768723 EDITOR PARADISE FOUND. but definitely not all. In the recent study he conducted with colleague Lars Glasø editor@intercontinental-finance.com surveying the personality traits of more than 2,900 managers, he found that female DESIGN & PRODUCTION leaders scored higher than men in four of the five categories measured. ICD - www.imagecreativedesign.co.uk SUBSCRIPTION DETAILS InterContinental Finance & Law Magazine and it’s supplements are available Free He therefore has come to the conclusion that female leaders may falter on-line. All rights reserved. All material and images contained within this publication can not be reproduced in whole or part without the prior permission of the publisher. through their stronger tendency to worry – or lower emotional stability – but Whilst every effort has been made to check the contents and authenticity of all To find your own explore the Oyster fleet – 47 to 125 feet. articles contained within this publication, the publisher will not be held responsible the fact seems crystal-clear that they are decidedly more suited to management for any actions, losses, announcements or profit forecast claims made as a result of T: +44 (0) 1473 695 005 E: [email protected] usage of any information contained within or published by Wide World Media Limited positions than their male counterparts. or its publication InterContinental Finance & Law Magazine. Copyright 2011 Wide World Media Limited Circulation details can be found at: www.intercontinental-finance.com SAIL | BROKERAGE | CHARTER | CUSTOM | REFIT Isaac Hamza - Editor www.oysteryachts.com

3 Intercontinental Finance & Law • 144/17 GLOBAL NEWS www.intercontinental-finance.com www.intercontinental-finance.com GLOBAL NEWS Intercontinental News

UNITED KINGDOM CHINA SOUTH AFRICA Appointments

Lawyers reticent Competitiveness boost urgently needed ROSALYNDE HARRISON Rosalynde Harrison has joined London- to move jobs amid to meet Africa’s demographic challenges based boutique private client law firm New Quadrant Partners as CEO with Without urgent action to address stagnating hence future prosperity – of a country. The immediate effect. Brexit uncertainty, levels of competitiveness, Africa’s report, which covers North Africa and Sub- Harrison was previously at Monsoon economies will not create enough jobs for Saharan Africa, comes at a time when growth Accessorize where she was company says new research the young people entering the job market, in most of the region’s economies has been secretary and general counsel. During her according to a recent report. slowing after a decade of sustained growth. Vacancies for private practice lawyers time with Monsoon she had responsibility If current policies remain unchanged, fewer Further stagnation is likely in the absence have fallen by 13 per cent year-on-year for the group’s legal affairs worldwide, than one-quarter of the 450 million new jobs of improvements in the core conditions for according to new survey data from ranging from acquisitions, corporate needed in Africa in the next 20 years will competitiveness. specialist recruiter Clayton Legal. The restructuring, JVs, general commercial, and be created. These are among Compounding the challenge recruiter believes the fall in advertised compliance. During this time she worked the key findings of the Africa to Africa’s leaders is a rapidly positions can largely be attributed to with the board of directors on the buy-back Competitiveness Report 2017, expanding population, which lawyers being reticent to move roles in an of Monsoon by its founder in 2007. a biennial publication jointly is expected to add 450 million environment of uncertainty. She takes over the helm from Joan produced by the World Economic more to the labour force over the The survey, which was compiled based Major, who has been the CEO for the last Forum, the African Development next two decades. Under current on the recruiter’s comprehensive data on seven years. Major will remain with the Bank, and the World Bank Group. policies, only 100 million new advertised roles, also reveals the regional firm, but on a part time consultancy basis. Priorities to meet the changing jobs would be created during variations in vacancy decline. London has Harrison said: “NQP is a unique and demographics include policy this period, according to the experienced the most acute drop with highly regarded private client law firm. reforms to improve the quality of report. available roles down 26 per cent year-on- After 14 years of working at Monsoon for institutions, infrastructure, skills Africa’s young, dynamic year, while the North East and the South East the founder, Peter Simon, I am delighted and adoption of new technology. population does, however, experienced the smallest decline (three per Up to a third of Chinese outbound to head up this boutique service at the House construction and better possess the potential to lead cent and four per cent respectively). Other latest chapter in its history. Now, as it urban planning present opportunities for an economic revival in the region backed by regions where advertised positions fell were faces a period of increased excellence M&A deals by value blocked or short-term competitiveness gains. targeted short- and long-term reforms in key the South West (11 per cent) and the North and growth, I have joined to add my The report finds that the ability of Africa’s areas, the report finds. West (18 per cent). The only region which experience and strategic insight to the economies to generate enough jobs for its World Economic Forum’s Richard did not note a drop in advertised positions withdrawn in 2016 firm’s undoubted strengths”. young and growing population rests on the Samans, managing director, centre for was the Midlands where vacancies levels Louise Stoten, senior partner,said: “We Up to a third of Chinese outbound The report was prepared by Linklaters successful implementation of urgent reforms the global agenda, said: “Removing the remained static year-on-year. are thrilled to have Ros on board. New M&A deals by value announced during for the China Development Forum in to boost productivity. hurdles that prevent Africa from fulfilling its Despite the overall picture looking Quadrant Partners continues to go from 2016 were blocked or withdrawn, says Beijing, China’s foremost platform for Competitiveness is defined as the set competitiveness potential is the first step somewhat gloomy, there were certain strength to strength and we are looking a new report from multinational law dialogue between its senior leadership and of institutions, policies and factors that required to achieve more sustained economic specialisms which experienced increases forward to Ros helping take the firm to firm Linklaters, a member of the Magic representatives from global businesses, at determine the level of productivity – and progress and shared prosperity.” in vacancy numbers. Lawyers specialising Circle of elite British law firms. a time when international concern is rising the next level. These are exciting times for in family law, for example, were in particular The report, Getting over the line: clearing over whether deals can get over the line in New Quadrant Partners.” demand across the South and North East SINGAPORE regulatory hurdles to outbound M&A, identifies an environment of increased scrutiny. where vacancies were up 50 per cent and 65 that approximately $220billion of Chinese ROB JESUDASON per cent respectively. outbound investment was announced in Ashurst joins hands with Singapore law firm ADTLaw Rob Jesudason takes over from David Personal injury specialists have also been Craig as chief financial officer at 2016 whilst over the same period between International law firm Ashurst has foreign law practices, and enhance their highly-sought after with advertised roles Commonwealth Bank effective 1 July. $40-$75billion worth of outbound deals were launched a Formal Law Alliance (FLA) competitiveness. up by 27 per cent in the South West. The Jesudason joined CBA as head of either blocked by regulatory authorities or with Singapore law firm ADTLaw. “Further developing our capability increased demand for specialist lawyers is strategy in 2011, and since 2014 has led withdrawn by investors. The alliance, which has received through the FLA will ensure that we indicative not only of increased workloads the international financial services division, Regulatory concerns often relate to the approval from the Legal Services continue to operate at the forefront of the in these specialisms, but also a skills based in Hong Kong. sector of the acquisition target with many of Regulatory Authority of Singapore, will market." Dawn Tan, ADTLaw's founding shortage attributed to lawyers remaining in Jesudason joined the CBA Group in the delayed or withdrawn deals in sectors operate under the name Ashurst ADTLaw. director, said: "Ashurst is a renowned law their current positions for longer due to the December 2011 as group executive, group considered by the host government as ADTLaw, formerly known as ADTvance firm with an exceptionally strong offering uncertain environment Brexit has caused. strategic development and held that role being ‘critical’ or ‘significant’ to national Law, is a Singapore law firm with expertise and reputation across Asia. This alliance Lynn Sedgwick, managing director, Fang Jian, national managing partner for Linklaters in China until March 2015. He was responsible for security or national interest: in particular in complex arbitration and civil litigation, marks an important and significant Clayton Legal, said: “Almost a year has the group strategy and M&A teams. He sectors such as energy infrastructure, high- It highlights several key trends that are corporate and M&A transactions, banking milestone for our firm.” passed since the UK decided to leave the was also responsible for the group wide end technology and electronics. helpful as guidelines for the future success and finance, including derivatives and EU and while we have certainly seen lawyers One Commbank and Productivity initiatives Fang Jian, national managing partner for of those seeking to complete Chinese structured products. The firm was founded being less committed to a career move, the and was a non-executive director and the Linklaters in China, said: “The increasing outbound M&A deals including national by Dawn Tan, who was previously a partner hiring picture as a whole remains generally shareholder representative of the ASB regulatory scrutiny of Chinese outbound security implications of foreign ownership; at Rajah & Tann Singapore LLP, and has healthy. And while there is clearly caution Bank in New Zealand. M&A reflects a threefold trend: an increase in more intensive scrutiny of investment worked at the Supreme Court of Singapore around Brexit, we are also seeing a change Prior to CBA, he was most recently with deal volume, Chinese acquirers’ increased in regulated or strategically important and the Ministry of Trade and Industry. in the recruitment strategies of our clients. Credit Suisse where he was head of global targeting of potentially sensitive sectors sectors; impact on the interests of domestic Ronnie King, Ashurst's managing partner “Many firms are hiring lawyers for emerging markets within the financial and a marked shift in the political mood and nationals; and lack of reciprocity over in Singapore, said: "The introduction of newly-created positions due to increased institutions group (FIG) investment evolving policy concerns of regulators. investment deals. Formal Law Alliances is a testament to the workloads instead of replacement hires banking practice, based in Hong Kong. “To get deals over the line, companies In addition, for Chinese outbound M&A foresight of the Singapore government in that are associated with specialists moving In that role he was responsible for the and investors must understand the key in particular, Chinese regulatory approval further enhancing Singapore’s strategic between firms. And as Brexit becomes financial institutions coverage teams country-by-country lessons from recent may also present a hurdle, especially for capabilities by giving Singapore law more of a ‘business as usual’ scenario, across APAC, CEEMEA and Latin America. outbound M&A, and policy considerations investments not seen as in line with the practices greater flexibility to develop and we’re confident the ‘wait and see’ approach Dawn Tan, founding director, ADTLaw and Ronnie King, During this time, he advised CBA on its should be informed by these lessons.” acquirer’s core business. grow their capabilities, collaborate with managing partner, Ashurst, Singapore will pass.” acquisition of Bankwest in 2008.

4 5 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 GLOBAL NEWS www.intercontinental-finance.com www.intercontinental-finance.com GLOBAL NEWS Intercontinental News UNITED STATES UNITED KINGDOM ISRAEL ANZ sells UDC Finance to Insurance law firm Kennedys Chinese group for $NZ660M Selfie generation helps create The Australia and New Zealand Banking and CMK merge Group (ANZ) announced an agreement International law firm Kennedys is to to sell UDC Finance, the asset finance merge with US insurance firm Carroll £1B British cosmetics market business of its wholly-owned subsidiary ANZ McNulty & Kull (CMK). Bank New Zealand, to HNA Group, a global The so-called ‘selfie generation’ is helping “The result is that there is a lot more new The merger, targeted to be effective company focused on tourism, logistics to drive up sales of cosmetics, according product development among brands in this from 1 June, brings together around 100 and financial services. The sale reflects a to figures from IRI, a provider of big data space, for both female and increasingly lawyers, including 43 partners, from CMK continued focus by ANZ on simplifying its and over 975 lawyers from Kennedys, and predictive analytics for retailers and male cosmetics, leading to a wider and suppliers. often more interesting choice of items within business and capital efficiency. with additional joint staff numbering 750, ANZ New Zealand CEO David Hisco creating a firm with an enhanced presence Driven by the desire to share images on stores and online. social media, the trend for face sculpting or “The impact of the so-called ‘selfie said: “The sale of UDC is consistent with our across the Americas, Asia-Pacific, Europe, strategy to simplify the bank and is a good the Middle East and Africa. contouring, and for thick, flawless eyebrows generation’ – where people are spending outcome for customers and staff. HNA Group The merged firm will retain the CMK has led to a huge boost in the market, now disproportionately long periods of time is one of the world’s largest asset finance and name in the US in recognition of its worth close to £1 billion to UK retailers. studying their faces and making sure they leasing companies, and it intends to preserve outstanding reputation there, and will be According to the IRI figures, cosmetics are camera-ready – is not just driving sales UDC’s operations including offering continued known as Kennedys CMK. is now the top-performing category within for certain cosmetics, but also boosting employment to all staff.” CMK has offices in New Jersey, New UK Health & Beauty, worth £893 million (52 demand for ancillary products, like eyebrow The transaction also includes the Esanda York, Pennsylvania, Illinois and Texas, taking w/e 18 March 2017) – up £55 million over kits, sponges, pencils and brushes.” Intel buys Mobileye for $15B the previous 12 months and a £100 million IRI’s clients include 95 per cent of name and trademarks in Australia and New Kennedys’ number of offices to 32 worldwide, Intel has signed an agreement to acquire OEMs, Tier-1 suppliers and semiconductor increase since 2015. the Fortune Global 500 CPG, retail and Zealand. The additional consideration for which are in addition to its 15 associated Mobileye, an Israeli technology company partners to develop advanced driving assist, the name and trademark sale is not material offices and co-operations. Kennedys’ Figures reveal a surge in contouring healthcare companies. The firm operates in that develops vision-based advanced highly autonomous and fully-autonomous existing office in Miami, which provides both products where both value and volume 58 countries through stand-alone operations, driver assistance systems providing driving programmes. Intel Senior Vice to ANZ. The UDC sale is subject to closing US law advice as well as acting as a hub for sales increased dramatically, thanks to the wholly owned subsidiaries, partnerships warnings for collision prevention and President Doug Davis will oversee the steps and conditions including engaging with claims and coverage issues in Latin America popularity of selfies from social media stars and alliances. mitigation, for $15 billion. combined organisation’s engagement across investors on the replacement of the Secured and the Caribbean, will also become badged like Kim Kardashian and Kylie Jenner and The combination is expected to accelerate Intel’s business groups and will report to Investment programme and regulatory as Kennedys CMK. Kennedys has opened the increase in YouTube tutorials. Value sales innovation for the automotive industry and Shashua after the transaction’s closing. approvals. Completion is expected late in the five offices in Latin America since the second of bronzers rose to £43 million, up from £23 position Intel as a leading technology provider second half of the 2017 calendar year. half of 2016 – in Brazil, Peru, Chile, Colombia million the previous year. Concealers also in the fast-growing market for highly and fully ANZ is the fourth largest bank by and Mexico. saw a boost, with sales of £52 million, up autonomous vehicles. Intel estimates the market capitalisation in Australia, after the vehicle systems, data and services market CMK’s core business, like Kennedys, is from £42 million. Commonwealth Bank, Westpac Banking opportunity to be up to $70 billion by 2030. insurance, with both firms acting for global Chloe Humphreys-Page, retail insight Corporation and National Australia Bank. The transaction extends Intel’s strategy to and domestic insurers, and multi-national director at IRI, said: “Consumers are heavily- invest in data-intensive market opportunities corporations. Chris Carroll, one of the influenced by social media and by their peers, and this has led them to be more that build on the company’s strengths in founders of CMK in 1997, will join Kennedys’ computing and connectivity from the cloud, Working from home option Global Strategy Board. Founding partners experimental in their choices and prepared to try new things with cosmetics. through the network, to the device. adding value to bottom line Joseph McNulty and Gary Kull will also This acquisition will combine the best-in- Brian Krzanich, Intel CEO, said: “This continue with Kennedys CMK, along with class technologies from both companies, acquisition is a great step forward for our Working from home is growing fast managing partner Margaret Catalano. CANADA spanning connectivity, computer vision, data shareholders, the automotive industry and across Europe and North America, but Nick Thomas, senior partner, Kennedys, centre, sensor fusion, high-performance consumers. how should employees be managed that said: “Our growth is always predicated on Equitable Bank receives Canada's big six banks computing, localisation and mapping, “Mobileye brings the industry’s best cannot be seen at their desks from 9 to 5? client need and the global nature of the machine-learning and artificial intelligence. automotive-grade computer vision and Can they be trusted to work just as hard insurance market means that our clients backing for $2B backstop secured funding facility Together with partners and customers, strong momentum with automakers and as their colleagues at the office? These are Intel and Mobileye expect to deliver driving suppliers. Together, we can accelerate the among the dilemmas facing both workers will benefit from the expertise CMK can The syndicate of lenders supporting employees and that is what we have at solutions that will transform the automotive future of autonomous driving with improved and managers. offer in the US. Equitable Bank's recently announced Equitable as a Schedule I bank and member “Likewise, CMK’s clients will benefit industry. performance in a cloud-to-car solution at a New research has revealed that job $2 billion backstop secured funding of the CDIC." The combined global autonomous driving lower cost for automakers.” greatly from access to our network of facility has been expanded to include On May 1 this year, Equitable announced performance in working from home is driven by specialists, stretching from Dublin to organisation, which will consist of Mobileye Ziv Aviram, Mobileye co-founder, president, employee self-regulation and decision-making all six of Canada's largest banks, it that it had received a letter of commitment for and Intel’sAutomated Driving Group, will be and CEO, said: “By pooling together our Auckland, and many points in between.” freedom rather than previous beliefs that it was was confirmed by Equitable Group. a $2 billion backstop secured funding facility. headquartered in Israel and led by Amnon infrastructure and resources, we can enhance Carroll said: “In just 20 years, CMK has achieved through managerial or peer control. The syndicate now includes Bank of The interest rate on the facility is competitive Shashua, Mobileye’s co-founder, chairman and accelerate our combined know-how in the established itself as one of the leading Montreal, CIBC, National Bank, The with the spreads on the Bank's most recent and CTO. areas of mapping, virtual driving, simulators, The study, conducted by Nick van der players in the US insurance market, but to Royal Bank of Canada, Scotiabank and deposit note issuance and as such, if the The organisation will support both development tool chains, hardware, data Meulen of Rotterdam School of Management, build on this growth we now view our future The Toronto-Dominion Bank. facility is used, it will allow Equitable to companies’ existing production programmes centres and high-performance computing Erasmus University (RSM), gathered data from strategy as one that extends internationally, Andrew Moor, president and CEO, Equitable continue growing profitably. and build upon relationships with automotive platforms.” 1450 employees at four public and private and this merger supports that.” Bank, said: "Bankers know the industry best Tim Wilson, vice president and CFO, said: organisations that have working from home and if all six of Canada's largest banks have "We believe the mere presence of this facility arrangements in place, to assess the best the confidence to support Equitable Bank, it sends a strong signal to the marketplace that methods of management and increased job is evident that our customers, whether they be Equitable has more than enough downside performance. Employees and managers were savers and depositors or borrowers should protection in place should last week's industry asked a series of questions which included have similar confidence," developments continue to make news in the frequency of communication with their "Bankers value great corporate future periods. As such, this is a prudent, manager, the extent to which they work from governance, strong internal controls, sound proactive move on our part as the facility home, job performance, manager trust, peer Nick Thomas, senior partner of Kennedys, capital positions, risk and compliance complements our proven, traditional sources monitoring and the relationship they have with Amnon Shashua, co-founder, CTO and chairman, Mobileye with Chris Carroll from CMK awareness and ethical, diligent and prudent of liquidity and funding." Ziv Aviram, co-founder, president and CEO, Mobileye their manager.

6 7 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 IN CONVERSATION www.intercontinental-finance.com www.intercontinental-finance.com IN CONVERSATION

In conversation.... Helen Archibald COO, THORNTONS

I JOINED THORNTONS LAW AT THE always have an eye on the future and will colleagues right across the business elsewhere particularly immigration, public START OF 2016 AS CHIEF OPERATING inform clients of their options to protect or and this comes from involving, listening, sector, IP/IT and employment. OFFICER. I am not new to the firm though, best advantage them for the long term, not trusting, valuing and respecting everyone. having previously worked at Thorntons for just a quick fix. 2016-2017 five years as director of human resources, Our people deliver their advice Challenges 2016 was a seminal year for Thorntons. leaving in 2009 for the education sector commercially and don’t baffle clients with Thorntons has gone through significant We implemented our new governance where I was assistant principal at Tayside’s legal jargon and the technicalities. As a growth in the last four years – expansion in structure and, building on recent years’ regional college. Prior to this, I had a 12 result, the feedback we have received from new areas both geographically and in terms growth, we established our targets for the year career in general management in the clients and third parties is that they enjoy of service offering. One main focus is for us next five years and developed the strategic leisure sector. I am also a non-executive working with us. to consolidate our operations to ensure we plans that to deliver them. director of a housing association. are consistently delivering excellence to our We invested time in communicating My career mix of general business Role as COO clients no matter where, when or how they our ambitions face to face with the whole management along with specialising in The role of COO is new to Thorntons. are dealing with us. business. We took care to explain the human resources for a period has served Having successfully navigated a period purpose of having clearly articulated me very well. Now, back in a generalist role, of significant expansion, in 2015 the Aims, goals and achievements growth targets which are based upon I love the variety of working with a range of partnership decided that the time was right Our long term goal is for Thorntons to take having a prosperous and sustainable talented legal and management specialists. to review the leadership structure in order the position it deserves in the UK market business where all of our people flourish. to support the next phase of the firm’s place. We are a top 10 firm in Scotland At the same time as doing lots of Thorntons development. Being a new and central role, and appeared in The Lawyer Top 100 in communications in person, we introduced Thorntons is one of Scotland’s largest and it was a significant statement for Thorntons the UK. Being headquartered in Dundee, an interactive Intranet which was named longest-established firms. We are fairly and I wanted to quickly demonstrate the rather than Edinburgh or Glasgow, means JACK by our staff in honour of our unique in Scotland in that we provide a value of a COO to the business. At the we have to shout that bit louder than other recently retired Chairman. It was designed complete legal service: meaning we can same time, I saw it as a huge opportunity firms of our size and capabilities. and populated by over 30 colleagues deliver solutions to all legal related issues for me to shape the role. As a full service business, we aim to have representing the entire firm. for complex corporate and public sector One of the reasons I was of interest an equal spread of income across our key Both our previous chairman (Jack organisations to SMEs through to handling to the firm was my background in worktypes – corporate, property, private Robertson) and new chairman (Colin the personal legal affairs of individuals, people management and organisational client and dispute resolution. This will Graham) embody Thorntons’ values of estate planning, family law, immigration, development. Additionally, in my college continue to be our focus to give us stability. respect, communicate and innovate. disputes and property. role, I had led a number of significant We are also growing our practice in We have been testing new methods of We have 46 partners, more than 400 organisational changes, including the Edinburgh and Fife. A number of strategic internal communication including video people, and are located in 10 towns and merger of two colleges. mergers and lateral hires have given messages and Swedish Fika-inspired cities across Scotland. Thorntons is a people business and us a strong platform. The challenge is cross-department networking. great relationships are paramount to to continue to grow and strengthen the We also signed the Scottish USP us, both with our clients and between business whilst retaining the same culture Government’s Scottish Business Pledge It has to be our focus, which is always Thorntons’ people. The managing partners and beliefs that resonate throughout the in October 2016. Progress this year to see the client, not the legal problem. knew from my previous time at Thorntons firm – to build a strong, successful business will include applying LEAN engineering We believe every client is unique and that I have a strong focus on people that supports our clients, our people and methodology to our processes and their circumstances and needs and the and relationships. Indeed, critical to our our communities. investing more than ever in learning and solutions we offer are always tailored. We success is the engagement of all of our We are forecasting for growth from our development and leadership capability. Edinburgh base. We have strengthened We have also appointed four new partners the team there considerably over the last so far this year. Our Perth operations will two years and now offer a full legal offering move to new, larger premises in October. Thorntons is a people business and great relationships compared with a Court of Session office Throughout 2017, my focus will be with three people when we opened in the primarily on four areas: upholding and are paramount to us, both with our clients and capital in 2004. enhancing standards of client service; We are also predict further growth in key strategy implementation; efficiency and between Thorntons’ people. areas where we know we have specialist productivity; internal communications and expertise not necessarily available engagement. l www.thorntons-law.co.uk

8 9 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 BANKING www.intercontinental-finance.com www.intercontinental-finance.com BANKING

ATTRACTING AND RETAINING HIGH NET-WORTH INDIVIDUALS – FROM tech-savvy 35-year-old entrepreneurs to a more conservative 55-plus demographic – is placing strain on private banks. These institutions have to ensure that they protect The new bank the financial assets and information of customers who place a premium on privacy and security, but they also need to deliver a user experience that is both elegant and simple. User authentication lies at the core of that challenge.

Juggling act on tightrope vs the old bank It is a balancing act complicated by a number of important factors. Many private based security systems, industry bodies that multi-factor, out-of-band authentication be banking clients are wary of adopting digital and mobile manufacturers require that these used for sensitive transactions. banking channels, especially for high-risk identifiers never leave the mobile device on Meanwhile, banking and security transactions involving large sums of money. which they were scanned. companies are pointing to the ‘digitalisation’ Others, particularly a younger cohort, A biometrics-protected mobile app never of security as a trend that tracks very are at home with the increasing seamless transmits the record for server-side closely the rapid rise of mobile banking integration of digital platforms for social matching; it simply attests that the fingerprint and payments. Dave Birch from Consult media, payments and banking. To them, or voice pattern has been matched on the Hyperion predicted a year and half ago that one-click checkouts and on-the-go banking CHANGING THE MINDSET device. The concern is that fraudsters can the mobile phone would be the mass-market are welcome improvements in speed and very easily attest the same thing – without solution to the problems of recognition, convenience, and they expect their banks matching anything at all. relationships and reputation. He mentioned TOWARDS OPEN BANKING to continue streamlining digital interactions repeatedly that a model based on strong without exposing them to fraud. Risk-based authentication comes authentication against a local, revocable In Europe, the Revised Payment Services Private banks face significant security challenges with own challenges token held in tamper-resistant memory Directive (PSD2) heralds an era of open As with mass market biometrics, there have delivers the right platform. banking, forcing financial institutions with the advancement and growth of digital and been significant advancements in machine So, no – SMS one-time passwords operating in SEPA countries to allow a host learning technologies. These promise will not be making a comeback. Mobile’s of third parties access to their customers’ mobile channels. improved risk analysis based on past and cryptographic capabilities and rich user accounts if these customers consent to present user behaviour and the state of the interfaces offer so much more in security and it. The aim is to foster competition and user’s device as they access digital services ease of use. Many financial institutions are Frans Labuschagne customer-centric innovation. This approach is attractive to banks, fast realising this as they respond to changes Some banks have underscored the because the data it requires to make a risk in consumer preferences, fraud vectors and importance of opening access to new assessment is collected without the user’s government regulations. Gartner predicts entrants, saying that older and larger banks direct involvement. This allows access to that phone-as-a-token and out-of-band push do not have to compete hard enough for at least some digital services with low to modes will account for 80 per cent of the consumers’ business. In general, many are no friction. global authentication market in three years’ simply more hesitant about sharing banking Over-reliance on risk-based authentication time – up from just 15 per cent today. data, for reasons such as fear of overloading may not translate into the desired outcome. International institutions are making data servers, but their reluctance to A false positive could result in an account strong statements in the direction in cooperate with the banking community can breach, and a false negative in a declined which regulators are moving on strong also be seen as a strategic move. transaction – a key cause of the current authentication. Consumers, on the other Open banking will necessarily require prevalence of abandoned e-commerce hand, are more demanding than ever of stronger user and transaction authentication. carts. Card issuers are finding their top-of- hassle-free, on-the-go access. But the perceived friction inherent in two- wallet status threatened as consumers resort Selecting an authentication solution that factor authentication has been high on to competing institutions in frustration over combines the best security with low user the agenda of private banking security risk-based declines. friction will go a long way to meeting the groups, which are understandably reluctant requirements of these distinct groups, and to institute additional steps in their user What you really need to know help prepare private banks for years of swift authentication process. Biometrics and transactional risk analysis can change. The answer lies in deploying digital Biometrics not the Holy Grail play valuable roles in a layered security regime, certificate technology to the mobile phone but step-up (strong) authentication must be for out-of-band, multi-factor authentication, There are those in the financial world that in place to secure high-risk transactions. encrypted communication and advanced would favor a biometric login for online Globally, regulators are demanding or advising app security. • banking services. Their desire for a simpler login process is shared by their banks, but biometrics is not a cure for all ills. Biometrics represents a leap forward Frans Labuschagne is country manager UK and Ireland at Entersekt, in usability, but the approach is not, on a Stellenbosch, South Africa-based company offering online push-based its own, much more secure than the old- authentication and application security solutions for banks and enterprises. fashioned password. These irreplaceable identifiers represent a highly attractive target Founded in 2008, it provides online and mobile banking, mobile application, for hackers. To avoid their theft and ensure and card not present authentication services. the sustainability of mass-market biometric-

10 11 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 MANAGEMENT www.intercontinental-finance.com www.intercontinental-finance.com MANAGEMENT

growth, the global sector will not reach the woman’s job. This cultural pressure is “I think we have made some progress, but 30 per cent female executive committee the reason that so many women leave their not enough.” representation until 2048. This is shocking potentially successful careers, even when Yet greater female representation in senior news, especially when some markets, such they don’t want to.” management in both the financial and legal as Norway, can already boast that 33 per Many in the legal and financial industries sectors is key to their success. Not only does cent of executive committee positions are see diversity – including gender parity – this allow for women’s strong leadership held by women. Yet in some countries, such as a part of corporate social responsibility skills to take hold of individual firms, but the as Japan, this figure can be as low as two or fairness in the workplace, rather than knock-on effect of inspiring younger women per cent. It is clear that there is still much a business imperative. As Katherine is striking. If females are more suited to work to be done. Grantham, senior director of HSBC, says: leadership, why are they not being snapped The legal sector is also falling behind in “Unfortunately few organisations seem up by forward-thinking firms? gender parity at senior levels. For example, to really pursue diversity for the sake of Barnaby Parker, CEO of Venquis, the in the UK, women form the majority of unlocking business performance. Many business change and transformation new admissions to the profession. In fact, appear to be doing diversity as a box ticking consultancy, explains: “Culture is the issue according to The Law Society, females now exercise – this will not turn the dial.” at the heart of the lack of gender diversity make up 51.4 per cent of the Roll. Yet although The data published last week by in a range of industries, including financial half of all solicitors aged 50 or under are the Financial Times supports this by services and technology, to name two. women, barely 28 per cent of partners are demonstrating the glacial progress of These sectors have essentially been female. This is one of the most-developed women reaching senior management designed, developed and implemented by markets for female legal professionals, but roles in the UK. Between the years 2014 men and consequently they’re often not very in countries such as Japan, Nigeria, and and 2016, there was a small 1.8 per cent good at attracting women to work for them.” Pakistan, the representation of women at any increase in women filling these positions. All this considered, it seems as though level in the sector is much lower. Because of The data, gWathered from 50 of the the financial and legal sectors are not limited opportunities and social constraints, world’s biggest banks, insurers, asset making use of a large proportion of their Women many women leave the profession, or reside managers and professional service firms, talent pools. By failing to remove the in positions such as in-house lawyer or legal also indicated that Asia is much further glass ceiling, both sectors remain slaves consultant rather than striving to reach the top. behind in the stakes with a mere 6.9 per to their traditionalism. In order to connect It is clear that this is a global problem. cent female representation at senior levels. with potential clients, and to increase their So what are the causes? According to our Commenting on this, Jim Cowles, CEO for success, firms must make better use of the research, the only leadership category Europe, Middle East, and Africa at Citi, says: female leadership potential open to them. l that women fall behind men in is emotional in power stability and ability to withstand job- related pressure and stress. It is true that both sectors are renowned for high levels of pressure as well as long hours. But is this really the limiting factor? Some would argue that a lack of female role models at FEMALES FILL FEWER MANAGEMENT POSITIONS senior levels is debilitating to young female professionals who have few women to aspire DESPITE BEING MORE SUITED TO LEADERSHIP to. Others would suggest that the recruiting, networking, sponsorship, mentoring and training programs aimed at women that are Businesses must always seek to attract customers and clients and to increase implemented by numerous firms around the world are ineffectual as underlying attitudes productivity and profits. Recent research results indicate that women towards women remain unchanged. It is undeniable that in these well- naturally rank higher, in general, than men in their abilities to innovate and respected and traditional sectors, there is some resistance to contemporary lead with clarity and impact. These findings pose a legitimate question about management practices such as flexible working to battle long hours, or even to the construction of management hierarchy and the current dispensation developing perceptions of women. The of women in these roles. If decision-makers ignore this truth, they could ‘Women in Financial Services’ report finds that globally, in financial services, 50 per effectively be employing less qualified leaders and impairing productivity. cent of HR heads are women, compared with only eight per cent of CEOs. Some countries, however, are influenced Øyvind L. Martinsen by strong, cultural norms. Seon-Joo Kwon, chairman and CEO of the Industrial Bank of THE FINANCIAL AND LEGAL SECTORS My colleague, Professor Lars Glasø, and I the global finance and legal sectors. Our Korea, states: “In Korea, whilst it is not as ARE SUFFERING FROM AN EPIDEMIC surveyed the personality traits of more than findings pose a legitimate question about strong as in the past, there is strong tradition OF LOW FEMALE REPRESENTATION 2,900 managers – more than 900 women, the construction of management hierarchy or culture that childcare and homecare is IN MANAGEMENT POSITIONS. In fact, more than 900 in senior management and and the current dispensation of women in according to new financial services data nearly 900 from the private sector. We these roles. from the UK’s Financial Times, although found that women rank higher in four of the Oliver Wyman, a leading global the majority of junior staff are women, only five personality of leadership categories, management consultancy firm, recently Øyvind L. Martinsen is head of the department of leadership and organisational behaviour at BI Norwegian Business School, the one in four of those who reach a senior role including initiative and clear communication, published ‘Women in Financial Services’, a largest business school in Norway and the second largest in all of Europe. BI has in total four campuses with the main one located in is female. Despite this reality, my recent openness and ability to innovate, sociability report tasked with examining 281 financial Oslo. It is the largest supplier of economic and administrative competence and skills in Norway with more than 200,000 graduates since research into leadership suggests that and supportiveness as well as methodical services institutions in 32 countries to 1983. It is currently ranked 35th in the Financial Times ranking of European Business Schools. women are actually more suited to these management and goal setting. Yet, despite further understand some of these issues. roles than men. this, women are sparsely represented in The report finds that, at current rates of

12 13 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 COMMERCE & CULTURE www.intercontinental-finance.com www.intercontinental-finance.com COMMERCE & CULTURE

negotiating with the lead person but their 8. Is there any place for confrontation? role may be only to lead the discussion Traditionally, confrontation may not be so do not expect them to make any sort regarded as a source of power but it is of agreement. how things get done in some cultures. In other cultures, it can be the most 6. How hierarchical is their culture? counterproductive thing to do and may Whilst there are hierarchies in many even cause offence. Western cultures, there remains a degree of equality. Status has to be earned, 9. How important is the power we is open to challenge and people in project as an individual? prominent positions can be toppled. Whilst in some cultures it is the facts that However, in other cultures, status is not count, for others the clothes you wear, open to challenge and may even be given the accessory you carry or the car you by birth which drives a level of reverence arrive in tell a story of how powerful you for authority not seen in Western cultures. are. Turn up to an important negotiation in This means that any decisions may come Italy or Japan less than perfectly dressed after the negotiation has taken place and and you have already put yourself at a will be made by the individual in charge disadvantage. based upon the recommendation of your opponent. 10. What makes the agreement stick afterwards? 7. What sources of power have In many Western cultures if what impact to them? we agree in the room makes it to a In Western cultures power in a negotiation contract, this is the means by which we can come from strength of position police compliance regarding what was in the market, time pressure, degree agreed. In other cultures, the contract of dependency or future opportunity. may have little value. Rather, it is the However, these have a lesser emphasis ongoing trust and relationship between in other cultures than factors such as parties that ensure what was agreed strength of relationship, degree of trust is honoured by both parties. Whilst it is or status (of you versus them). Take the not recommended that we abandon the executed upon a solid contract. In other time to understand what powers would use of legal contracts, it is important to cultures, the relationship and need for be potent to you and what you might do understand and provide for their relative Breaking down barriers trust are paramount and facts, data and to maximise your position. value around the world. l contracts are of lesser importance. HOW TO UNDERSTAND AND PLAN FOR CULTURAL 2. Individuals or group? Do they live, work and act as individuals or is the group of which they are a part DIFFERENCES IN INTERNATIONAL NEGOTIATIONS more important? This is central to understanding culture. If their loyalty to the group is paramount they are unlikely The world is fast becoming a smaller place thanks to international commerce. to risk causing offence or dishonour But that doesn’t mean we should ignore cultural differences as they shape to the group and will seek to save face above everything. This will drive indirect, who we are. Failure to understand them and adapt our negotiation approach non-committal language, saying ‘yes’ because they can’t risk saying ‘no’ and accordingly can mean a negotiation ends in failure or a poor outcome. even lying rather than losing face.

Jonathan O’Brien 3. What motivates them? Is your opponent motivated by personal ambition, results and success, or by CULTURE IN A SOCIETY IS PASSED and cultural boundaries. With suppliers us all, and how these differ. In particular, doing the right thing for the company, FROM ONE GENERATION TO THE and customers just one click away and the things that matter to the people with group or country? Depending upon NEXT AND INCLUDES THE LANGUAGE, increasingly using one primary language, whom we are planning to negotiate, which applies, there will be different norms and values that collectively create then surely this new age of interaction how decisions get made and what gives buttons you can press to get the results a pattern of human behaviour. At an means that cultures might meld into power in the negotiation. you need. individual level, it is expressed in how we one. In reality, it is impossible for one behave and interact in everyday life from culture to merge readily into another just 10 questions to ask yourself to help 4. Short or long term thinking? our religious beliefs and observance because people communicate and move understand and plan for cultural What is the normal time horizon they to moral standards to the way life is around more. differences when negotiating are used to working with? If they tend organised. Instead, our shrinking world means to consider the long term, then any Cultures differ from region to region that we understand and respect each negotiation agreement will need to align 1. How important to them is the Jonathan O’Brien is the CEO of UK-based global specialist consulting and and country to country, but they can also other’s cultural differences more. We are with longer term objectives. differ within organisations. No culture more open to new experiences and our relationship? training provider Positive Purchasing. The company's track record includes belongs to one individual but is shaped social skills toolkit is better equipped. In many Western cultures, to do business, 5. What roles and remit do they have? major global programmes and training for FTSE100 and Fortune500 companies by groups over time. We need to understand and plan for there is no real need for a relationship Determine the role and remit of the including BP, KPMG, Associated British Foods, Compass Group, Mayo Clinic, It is easy to believe that we have cultural differences by considering the between parties. Negotiation is based individual(s) with whom you are NHS, MasterCard, Everything Everywhere, Novartis, and Heinz. learnt to interact across geographical familiar concepts that are common to upon facts and data and business negotiating. It might seem that you are

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TODAY’S INVESTOR IS SHIFTING THEIR create that continuous cycle, it is not corporate governance, social responsibility INVESTMENT PRIORITIES. IT IS NO sustainable either. Impact investing creates a and environmental impact issues, such as LONGER THE CASE THAT A FINANCIAL more long-term impact that brings financial world poverty and climate change, were all RETURN IS THE MOST IMPORTANT return as well as addressing some of the significantly more important to millennials FACTOR. Increasingly, environmental and world’s most pressing issues. than to the older generations in their social concerns are a high priority for High Net Impact investing is on the rise across the investment decision. Worth (HNW) clients who want to align their globe, particularly in North America, Sub New business models are also investments with their values and beliefs. More Saharan Africa (SSA), Latin America and the demonstrating that it is possible (and entrepreneurial than ever before, they want to Caribbean (LAC) with investors allocating increasingly profitable) to achieve financial Money brings get involved in projects where they can use capital to a wide range of sectors. According and social/environmental returns. The Global their passion, experience, and expertise. to the 2017 GIIN Impact Investor survey, Impact Investing Survey 2016 states that 89 Impact Investing is one way that this can the top three sectors receiving the highest per cent of respondents reported that financial be achieved and as a result, is increasing proportions of assets under management performance was either in line with or better in popularity as an investment choice. The were microfinance, other financial services, than their expectations, and 99 per cent market size of sustainable, responsible and and energy, respectively. reported impact performance in line with or impact investing in the US in 2016 was $8.72 So, what is the underlying cause of this rise exceeding their expectations. As the evidence happiness trillion, which is one-fifth of all investment in impact investing? There are a number of of performance in this field continues, more under professional management, according reasons. One being that it is increasingly evident investors are inclined to increase their asset to the Forum for Sustainable and Responsible the scale of social and environmental problems allocation in impact investing. Investment (US SIF). facing the world today is beyond the scope of The expected level of financial return does MEASUREMENT OF IMPACT INVESTING There has been a general trend towards any government budget or charitable donations of course vary depending on the individual consumers being more concerned with social and a realisation of the need for capital. There investor. Some are more interested in the KEY TO FUTURE GROWTH and environmental issues and a resulting is a genuine concern and desire to make a social/environmental impact side and therefore expectation that the businesses with which difference from HNW investors and impact intentionally invest for below-market-rate- they have relationships with, match their investing allows for this to happen. returns. Others however pursue competitive values. As a result, the importance of corporate Additionally, millennials are bringing a market-rate returns and achieve this while still Traditionally, the biggest focus for investments was the financial return. social responsibility (CSR) is growing different value set and approach to investment. contributing a positive impact. Regardless of However, we’ve seen a movement to an era where this is no longer putting increasing pressure organisations They prefer working with socially responsible the level of expected return, measurement of to demonstrate they are making positive entities and have been a driving force in the both finance and impact is key so the value the be all and end all of private investments. The focus has shifted contributions to society. But is it effective? impact investment space. This client group generated through impact measurement is We have seen a lot of businesses are set to inherit huge sums of money as we clear and undisputed. to a different type of reward – ones rooted in creating a social or pursuing social responsibility as experience the greatest intergenerational Clients are choosing to impact invest part of a marketing drive but unlike wealth transfer ever known and their earnings so they can have a positive effect, so it is environmental benefit. Impact investing is now not just a model impact investing, it creates no ongoing capital are rising. important their investments can be measured impact. Not only are these businesses not According to Schroders Investment and demonstrate what effect they had. Being for the ‘Bonos’ of the investment world, it’s becoming mainstream. capturing the full value because it doesn’t Management, ESG factors such as able to understand the financial return on impact investing is central to entrepreneurial investors and the number of opportunities that David Newman will become available. Currently, demand for impact investment is outstripping supply but the lack of information and evidence of impact increases uncertainty and risk, decreasing investor confidence and capital. Developing technology to help the measurement of impact investments as well as access to them is critical for market growth if we are to address some of the world’s most acute problems. l

David Newman is COO and co-founder of UK-based Delio Wealth, a white label technology offering that enables wealth management firms, private banks and other financial institutions to enhance their proposition within the direct private market and peer-to-peer investment arenas in a structured, compliant manner. From offices in Cardiff, London and Brussels, it is building a series of multi asset-class, connected private markets for a range of use cases. Examples include direct equity, impact investing, private debt and real estate.

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also getting harder to keep track of their many the board of directors or audit committee, entities in countries all over the world, each with finance department or legal team, they will all often markedly different requirements. at some stage need information such as when Corporate governance, compliance and entities were formed and when the country that legal departments are more pressed than ever entity exists in requires financial information to keep up with this. We speak with a number or reporting. Access to AGM records of the world’s biggest consultancies about and agendas is also required, along with such issues, and it is clear that many company background on any mergers or acquisitions. secretaries are not prepared for the challenges Sometimes entity information is very basic and A matter of of the future. In fact, many seem unaware that at other times it is highly detailed and specific they should even be preparing. – but either way, it is required and requested In fact, managing a large group of entities almost every single day in a large organisation. is inherently complex. Many large corporations An effective entity management platform are not even aware of all the entities they must allow a company secretary to personally own, never mind who their directors are and remain on top of each entity, from information whether they do a good job, so it is hardly on its directors and partners, to any upcoming compliance surprising when sometimes they fall foul of regulatory requirements, ideally linking local compliance regulations. through to the board portal to make it easier When you factor in initiatives such as the to demonstrate compliance. This in turn GOOD GOVERNANCE OECD Base Erosion Profit Shifting (BEPS) means the company secretary can fulfil their IS YOUR COMPANY FULLY-COMPLIANT IN AZERBAIJAN? AND COMPLIANCE HAVE programme, which means businesses with role in advising the board on any matters of NEVER BEEN MORE a turnover of 750 million+ will be asked to governance, and also can accurately manage IMPORTANT, with correct provide corporate tax information to local and the company’s corporate record, a body of In a complex business environment, how can larger corporate behaviour an increasingly international authorities, the picture becomes information that highlights every change within key factor in successful business. even more complicated. a business and each of its entities. businesses maintain governance and compliance across Compliance and legal teams are facing Grant Thornton research in November 2016 Such platforms are highly-effective for ever-growing regulatory compliance and revealed that 83 per cent of businesses in G7 managing large volumes of data, and can different countries, continents, and the hundreds of highly complex administration and the last countries will not be changing their approach present the required information in an easy-to- 12 months alone have thrown up a number to taxation. This is despite the fact that the understand method and via an app on a user’s entities that make up a modern enterprise? And can of examples where companies have got it action plan will likely change the landscape mobile or tablet, if required. Sometimes this wrong, from UK retailer Sports Direct, to online for businesses operating in foreign countries, must be presented externally too – in Mexico, they afford not to? accommodation service Airbnb. with more than 80 countries planning to adopt the regulator has started demanding access to So compliance has never been higher up at least the minimum elements of the BEPS the entity management software and even to the corporate agenda, with enormous fines for Action Plan. review the raw data Alister Esam organisations that do not meet their obligations. So what’s behind this inertia? I would Neither the difficulty nor the importance There are also the potential long-term brand suggest that departments in larger companies of managing entities effectively can be implications if those organisations are perceived feel it is someone else’s problem – is BEPS underestimated. With a parent organisation to be behaving improperly or incorrectly. But the a company secretary issue or a tax issue, for having potentially thousands of entities in complex structure of most PLCs means it is example? Furthermore, company secretaries total, remaining on top of governance and are relying on others in the organisation to compliance requirements for each of these supply the required information. At the moment is highly challenging, while a failure to do can they think this is good enough, and if it isn’t result in a massive fine and can also have an then they think the solution is better processes. impact on the overall brand. That’s why so many organisations use Programmes such as BEPS, and with an entity management platform as increased media interest in tax avoidance by a way of staying on top of such big companies, it means that staying on top of requirements. But while these your entities is only going to get more involved, systems have been fine to and being smart about how you manage this point, they are essentially entities will become more important to an databases. However with organisation’s overall governance. the greater scrutiny and Good governance in 2017 means knowing requirement to improve what you are and why you exist, being well-run reporting of all subsidiaries, from top to bottom and having internal values these databases aren’t going and behaviours that are perpetuated externally to help because the reports across the world. You also need the right one can generate from them are systems in place to ensure that this is the case, not flexible enough to build in the a framework of accountability and a safety additional information required. net to ensure compliance is reached in every Organisations need regular single entity. This is why entity management and real-time access to entity systems are becoming such a vital part of the information and data. Whether it’s enterprise. l

Alister Esam is founder and CEO of eShare, a UK-based provider of governance software, which currently works with more than 500 clients worldwide, including companies from the pensions industry, NHS trusts, charities and investment management funds. Its clients include brand names such as the University of Exeter, Clarks, Douwe Egberts, and Age UK.

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advised – also with a view toward the a modular approach that allows you to retroactive application of the new rules – to manage inventory, modelling, and data evaluate early on the formulation of their processes at entity level, which ultimately customer contracts as to the effects of gives you integration with consolidation, IFRS 15. At most, essential modifications disclosure, reporting, and other financial RACE AGAINST to IT systems are necessary (invoicing, processes. interface to accounting and internal control Building your own solution as a stop- systems), as well as appropriate checks by gap could be an option; however, an the auditors. automated system centred on a reporting database is the optimal choice. Reporting IFRS 16 – The leases standard needs to be repeatable and auditable on IFRS 16 is to be applied as of 1 January a regular basis, and spreadsheets require TIME 2019; however, early application is permitted if adopted with IFRS 15. This manual intervention that consumes loads standard applies to all leases except of staff resource, and the evolving nature TECHNOLOGY CAN HELP BUSINESSES those shorter than 12 months and of regulation means future-proofing will small assets. It also brings additional always be required of the software. Are you GET AHEAD OF CURVE WITH IRFS disclosure requirements for both prepared to keep up with shifting regulations lessees and lessors. using internal resources? 15 & 16 COMPLIANCE Leasing is a key financial solution There are automated solutions available enabling companies to use property, in the market and understanding the pros, plant and equipment without needing Nick Nesbitt cons, and level of suitability to your business to incur large initial cash outflows. for each option takes time and requires Existing rules generally require lessees input from both the finance and IT functions. to account for lease transactions either Any such solution needs to deliver, at as off-balance sheet operating or as on With the introduction of IFRS 15 & 16 minimum: balance sheet finance leases. just over a year or two away, Under IFRS 16, lessees will have • Reporting that requires minimal effort to recognise almost all leases on the from the business companies should be gearing balance sheet which will reflect their • Good integration with current IT right to use an asset for a period of time architecture up for changes that may cause and the associated liability to pay rentals. • Built-in validations and data integrity The lessor’s accounting model remains checks some upheaval. However, mostly unchanged. • Ease of use, auditability maintenance IFRS 16 will have many accounting and results traceability finding and implementing and financial implications for companies: • Consolidation functionality a technology solution for balance sheets will grow while capital ratios • Flexible configuration ready to adapt to and leverage ratios will become smaller. changes The new standard modifies both the • Operational workflow management both compliances that suits expense character and recognition pattern, We know now that many companies existing processes is going to affecting almost all commonly used financial metrics such as gearing ratio, may address IFRS 15 & 16 requirements be a challenge for any current ratio, asset turnover, interest cover, by rushing to create a manual submission EBIT, operating profit, net income, EPS, first, and automating the process later. This company but not ROCE, ROE and operating cash flows. strategy can be more expensive, more These rules may require companies to time consuming and less accurate than an impossible transform their business processes not automating the process from the outset. just in finance and accounting but also IT, one. operations, tax, treasury, legal and others Conclusion as well. Businesses are currently evaluating how So, how can companies achieve IFRS 15 IFRS 15 & 16 may impact them. A strong & 16 compliance without disruption? involvement from legal and IT departments PRINCIPLES-BASED, INTERNATIONAL IFRS 15 – Revenue from contracts with allocated partial transaction price. reduced monthly instalment payments are is required as more and more data needs still recognised as revenue over the term Technology to the rescue FINANCIAL REPORTING STANDARD customers A sector that can potentially be greatly to be captured by the reporting. The extent period. And although the total transaction Finding and implementing a solution for – OR IFRS – IS PART OF AN ONGOING IFRS 15 is to be applied as of 1 January 2018; impacted by these changes is telecoms of implementation – especially with regard price remains the same, the allocation of IFRS that suits existing processes is going PROCESS, LEAVE ROOM FOR however, early application is permitted. The given the multiple-component contracts the recognised revenue to the individual to be challenging. to the expectations of the auditors – should INTERPRETATION AND REQUIRE standard states that revenue recognition will which prevail here. Just to make one accounting period changes. This could Data comes from disparate sources and not be underestimated. The best way to EVOLVING ADOPTION. have to be derived from changes in assets example, a new requirement under IFRS possibly also have a significant impact on multiple systems. This makes validation address new and expanding compliance To manage the massive amounts of needed and liabilities. 15 specifies that the individual sale price of performance-based payment schemes. more complex. You will need a single, requirements is an automated, agile and data and increasingly complex models, Firstly, the respective contract with the the smartphone and the service provision IFRS users from all sectors are well- client-specific, end-to-end solution, and non-disruptive approach. l companies that have traditionally analysed customer and the specific performance contract must be regarded separately and reported in their own data silos will need obligations must be identified within this whereas until now, to be able to consider the to upgrade their calculation systems. contract. The total transaction price for smartphone itself as revenue over the entire Data management, finance and risk the contract must then be determined and contract term period, companies would Nick Nesbitt is managing director at Tagetik UK, an Italy-headquartered company ranked among the fastest increase instalment payments to reflect the technology will need to be integrated to allocated to the individual performance growing global performance management software providers with over 750 customers in more than 35 countries. It fulfill regulatory requirements. But how obligations. The revenue recognition cost of the smartphone. addresses budgeting, planning, consolidation, close, reporting, analytics and disclosure in a single unified solution can companies facilitate this progression, takes place immediately after the specific With IFRS 15, the price for the smartphone and has worked with a range of companies towards improving efficiency and reducing risk. remain compliant and minimise duplications performance obligations have been fulfilled is recognised as revenue as soon as it is and errors? and in the amount of the correspondingly handed over to the customer. The now-

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be seen whether the public sector will be a that they will be challenged to demonstrate There is no doubt that the UK’s impending Ensuring labour testing bed for further legislation at a later that they are genuinely independent departure from the EU will further date. workers – and not open to being complicate the legislative landscape. As In The Netherlands, rules around VAR reclassified as deemed employees. This The Association for Professional Staffing certified workers were changed last further complicates an already challenging Companies (APSCo) points out: ‘The EU year. Until 1 May 2016 a self-employed employment landscape. is very protective of the principle of free professional could provide their clients with Recruitment firms placing contractors movement of labour. However, in reality a Declaration of Independent Contractor into Germany already have to wrestle with there are still a plethora of country-specific Status (Verklaring Arbeidsrelatie - VAR) existing German legislation to ensure that rules to be negotiated when placing compliancy as sufficient proof that there was no the worker is compliant. Essentially it will flexible staff into other EU states – and employment relationship. Now however, be vital for recruitment firms to clearly – compliance with such legislation should both parties have equal responsibility for and correctly - define the employment not be underestimated. evaluating the employment relationship model at the start of the contract. This will ‘However, placing professionals in TAX LEGISLATION AND ITS IMPACT ON EUROPEAN via the use of Model agreements and undoubtedly call for a thorough and robust the majority of the EU is still relatively an incorrect evaluation can lead to due diligence process which will apply uncomplicated in comparison to providing CONTRACTING MARKET consequences under employment law equally to the relationship with the worker workers to other parts of the world where (deemed employment)! or contractor and the end user / client. there are no agreements in place, and The introduction of new regulations that came into force on 1 April 2017 Now Germany is also changing the rules While all this sounds onerous – and removing the UK from the overarching around staff leasing engagements. Any the penalties for getting it wrong can be principle of free movement within the rest will likely create additional processes and administrative duties for all organisation that leases contractors to a severe, one thing remains certain – and of Europe could significantly complicate the company in Germany and who do not meet that’s the continuing need for a flexible business of providing staff across Europe.’ parties. As with all European countries, overseas agencies must ensure the contract model criteria to be classified workforce in Europe that can shrink and The important thing is to ensure that as a contractor must operate under an grow as demand requires. you have the services of an international that the talent they are placing is compliant with local labour legislation AUG licence – so that means those working In fact, in their 2013-14 ‘Global contractor management company that through a personal services company or Competitiveness Report’ the World can not only keep on top of evolving Jon Clarke umbrella risk being noncompliant. Economic Forum (WEF) identified labour and new legislation, but which can also In the past, under an AUG licence, market efficiency as a key tenet of global provide fully-compliant, transparent THERE IS NO DOUBT THAT be lower down the pecking order than were implemented in 2007 and made it there was no restriction on the length of competitiveness. This report stressed both and streamlined contractor workforce EUROPEAN EMPLOYMENT LEGISLATION perhaps it should have been. The financial mandatory for anyone coming into Belgium the engagement. However, under the that ‘the efficiency and flexibility of the solutions. And with governments all over SURROUNDING TEMPORARY WORKERS crisis not only changed the world forever to work on a temporary basis to report in new rules, contractors will be deemed labour market is critical for ensuring that the world looking to recoup revenues AND CONTRACTORS – AND THE – but as anyone operating in international advance to the social security authorities as employees of the client for whom workers are allocated to their most effective deemed to have been lost through tax COMPLIANCE THAT GOES HAND IN recruitment will tell you – it put compliance so that the activity of external contractors they perform services after 18 months. use in the economy’ and that ‘labour evasion and avoidance, also having a HAND WITH IT – IS AN EVER-EVOLVING right at the top of the agenda. could be monitored. This is having a knock on effect on the markets must therefore have the flexibility supplier that will give businesses full LANDSCAPE, PARTICULARLY SINCE The combination of a shortfall in state The UK saw radical changes to travel and classification of certain types of workers to shift workers from one economic activity indemnification from any tax compliance THE FINANCIAL CRISIS. Before then of pension funds, coupled with an ageing subsistence expense claims affecting those – and particularly freelancers as it is likely to another rapidly’. liability is absolutely crucial. l course, life was simpler. In fact a decade or population is leading many European employed through umbrella companies so ago, international contract recruitment governments to take action to recover the and this year we had the introduction was all about finding the right candidate shortfall – and the contracting market is of new IR35 legislation within the public and then fitting a compliance and payment one of the major targets. We have already sector which heavily-affected contractors Jon Clarke is international commercial compliance director at UK-based 6CATS International, a global contractor solution around them. seen significant legislative changes – and operating through personal service management consultancy. It provides solutions in more than 70 countries across Europe, the Middle East, and Africa. There was also, dare I say, a certain there are almost certainly more in the companies. While Her Majesty's Revenue Formed after a management buyout of the part of CXC that focussed on recruitment agency business from CXC Global, amount of naivety among the official pipeline. and Customs (HMRC) – the Government an Australian company, it derives its name from its six person management team and the acronym of the service lines of authorities around how exactly contractors Belgium was one of the first countries body responsible for collecting taxes in the Compliance, Advice and Tax Solutions. were managing their tax affairs. to monitor how contract workers were UK – has said that there are no plans to roll Consequently, compliance could often engaged. The LIMOSA regulations this out into the private sector, it remains to

22 23 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 TAXATION www.intercontinental-finance.com www.intercontinental-finance.com TAXATION Beware three ‘B’s: BEPS, Brexit and border adjustment GLOBAL TAX CONSENSUS BREAKDOWN OPENS HOLES READY TO TRAP THE UNWARY The variable rate of implementation of the OECD’s BEPS project to reduce tax base erosion has already been causing headaches, with the UK charging ahead, the EU following behind and the US loitering. Now, the US is proposing to introduce a new kind of tax called a border-adjusted cashflow tax, which runs contrary to the philosophy of BEPS. If it happens, until 2024. Indeed, it is widely expected that the State Aid net. The State Aid rules are challenges that principle by replacing the several member states will conclude intended to prevent distortions of the EU’s corporate income tax with a ‘destination- and with the current US administration that is anyone’s guess, it will shack that their existing rules are adequate such single market. However, the European based cash flow tax’. The economics of that there is no reason to change them. Commission has caused great uncertainty this tax are similar to VAT – corporations up international tax again in a completely different way. Layer on the UK’s Meanwhile, the OECD has published by increasing the scope of its State Aid are taxed on the basis of where they make a ‘multi-lateral instrument’ (MLI) which investigations, most notoriously to include their sales rather than where they generate freedom to ignore EU rules after Brexit and we live in interesting times. allows signatory countries to amend all Apple’s transfer pricing agreements with value. This means that imports in the US their tax treaties with each other in one go Ireland. American policymakers have are subject to the tax while its exports to James Hannam rather than renegotiating them individually. made unsubtle hints that they regard this other parts of the world are not. Whether However, with so many opportunities for as an attack on US multinationals, further this tax reform goes ahead remains an IT WASN’T SUPPOSED TO BE LIKE place a series of agreements on preventing At the front of the queue of early adopters individual countries to pick and choose eroding the chances of consensus on open question, but it is clear that US THIS. Until recently, a broad international tax avoidance, which all signatories would has been the UK. It brought in the OECD’s among the provisions of the MLI, figuring international tax. policymakers are continuing to follow their consensus was developing on cross- enact. It was placed under the care of the recommended anti-hybrid rules with out exactly what its effect will be is like The US was always expected to be the own path, veering away from the OECD border tax avoidance. But recent events Organisation for Economic Co-operation effect from 1 January 2017, while the rules following a chess tournament with over a outlier in the BEPS process and was partly consensus. have seen that consensus break down, and Development (OECD), which signed restricting how much interest companies hundred contestants all playing each other responsible for the narrow scope of the The global consensus about BEPS was to the detriment of companies trying to do up over 100 countries to its inclusive can deduct from their taxable profits came simultaneously. The UK, in contrast to its minimum standards in the final reports. supposed to make tax avoidance more business in multiple jurisdictions. framework on BEPS implementation. in on 1 April 2017. Concerns about how earlier enthusiasm, has indicated that it will US negotiators didn’t want to sign up difficult, while also providing a level playing Many of the planning techniques used However, when the OECD released these rules might adversely affect the sign up to the bare minimum of changes to anything that they would need to get field for companies that played by the rules. by multinationals depend on mismatches its 15 final reports on BEPS in October competitiveness of the UK are being met to its tax treaties under the MLI. It claims through a hostile Congress. However, While it is probably the case that avoidance between the tax rules of different countries. 2015, there was a lot less agreement with a programme of aggressive cuts to the that the diverted profits tax, introduced the gap between the US and everyone has become harder as a result of the BEPS In particular, the eccentricities of the than hoped. Under the OECD’s hierarchy rate of corporation tax. in April 2015 to deal with multinationals else has grown even wider now that the project, the breakdown in consensus has American corporate income tax regime of enforceability, only the ‘minimum The former British Chancellor of the shifting income out of the UK, deals with Republicans control both Houses of also meant new tax-related bear traps have provide plentiful opportunities for taxes standards’ in the BEPS reports are Exchequer, George Osborne, had long most of the issues that the MLI is supposed Congress and the presidency. opened up to catch unwary multinationals to end up being levied nowhere at all. mandatory for all members. Minimum been concerned that the differential tax to address. The BEPS project is based on the engaged in wholly commercial activities. Governments realised that if they could standards include adding anti-avoidance treatment of equity and debt was distorting The UK’s decision to leave the EU, principle that profits should be taxed in the Businesses will need to be wary and review all agree on a common set of international provisions to tax treaties that do not capital markets. The BEPS project gave formally notified to the European Council territory in which they are generated. The their cross border arrangements to ensure tax standards, they would all benefit from already have them, implementing country- him the opportunity to restrict interest on 29 March 2017, further breaks down proposed Republican tax reform blueprint that they do not fall in them. l the resulting increase in tax yields. But by-country reporting, and exchanging deductions and, he hoped, encourage the erstwhile consensus. It may not be they needed to act in concert. A country information on tax rulings. The measures companies to rely more on share issues coincidental that as the UK refocuses individually tightening its rules risked intended to combat cross-border tax over debt finance. its gaze onto Commonwealth allies like James Hannam majored in physics at the University of Oxford and has a PhD making itself less competitive. planning, such as hybrid structures that The European Union (EU) has been Australia, this country has in turn followed in the History and Philosophy of Science from the University of Cambridge. He has So, when the base erosion and profit exploit differences in tax rules between rather slower out of the blocks. While the UK’s lead by introducing its own shifting (BEPS) project was launched at the countries, are only recommended best it has agreed two directives covering a version of diverted profits tax. spent 20 years advising clients on every aspect of the UK tax regime while working G8 summit in Northern Ireland in June 2013, practice. As a result, implementation of the wide-range of BEPS measures, the small Brexit will also significantly increase for firms including EY, Freshfields, and KPMG. He is the author of What Everyone it was supposed to be as broadly-based BEPS final reports has, so far, been patchy, print reveals that member states are not the UK’s freedom in respect of tax policy. Needs to Know about Tax: An Introduction to the UK Tax System (Wiley, 2017). as possible. BEPS was intended to put in to say the least. required to completely implement these Most significantly, it is likely to fall out of

24 25 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 LEGAL MATTERS www.intercontinental-finance.com www.intercontinental-finance.com LEGAL MATTERS

ON 8 DECEMBER 2016, THE ENGLISH HIGH In order to be protected from disclosure, COURT DELIVERED A JUDGMENT WHICH lawyers’ documents have to be ‘prepared SETS OUT THE CURRENT POSITION IN in anticipation of litigation’. US courts RELATION TO WHETHER INTERVIEW have routinely held that an investigation NOTES PREPARED BY LAWYERS DURING by government or administrative agencies INTERNAL INVESTIGATIONS ATTRACT “presents more than a remote prospect of Are interview PRIVILEGE AS A MATTER OF ENGLISH future litigation” (Pacamor Bearings, Inc. v. LAW (RBS RIGHTS ISSUE LITIGATION Minebea Co., 918 F. Supp. 491, 513 (D.N.H. [2016] EWHC 3161.) THE COMPANY’S 1996)) and the protection is therefore available. CLAIM TO PRIVILEGE, ON THE FACTS OF Additionally, even portions of interview THIS CASE, FAILED. memos which do not reveal attorney-client If the issue had been before a US court, communications are nonetheless protected notes privileged? or US law had been applied, the opposite from disclosure, because ‘they reveal the result could have been reached. This article attorneys’ mental processes in evaluating the considers the differences in approach between communications’ (Upjohn, 449 US at 398). the US and England. the interviewees had been authorised by A CAUTIONARY TALE FOR Status of interview notes under the company to speak to the lawyers and Status of interview notes under US law English law so their statements constituted lawyer-client CROSS-BORDER INVESTIGATIONS In the US, interview notes taken in the course English law privilege rules are more restrictive. communications. The Court disagreed. The of an internal investigation are generally As reinforced in RBS Rights Issue Litigation, interviewees were not authorised to seek and considered privileged and protected from an English court should apply English rules receive legal advice, and consequently could Imagine you are a lawyer for a global company that learns of fraud allegations disclosure (Upjohn Co. v. US, 449 US 383 of privilege to determine whether documents not be the ‘client’. (US 1981)). are privileged from production in English via a government subpoena or a whistleblower. You conduct an internal proceedings. c. Lawyers’ working papers a. Attorney-client privilege Under English law, lawyers’ drafts, working investigation which includes employee interviews and the matter is resolved. Under US federal common law, attorney-client a. Litigation privilege papers and memoranda may be privileged Later, civil claimants in a separate lawsuit demand notes of the interviews. privilege protects communications between Litigation privilege protects from disclosure (Balabel v. Air India [1988] Ch 317, at 323 client and lawyer that are confidential and confidential communications between lawyer and Three Rivers District Council and others v. Question is: Are they entitled to them? made for the purpose of obtaining or providing and client or between lawyer and/or client Governor and Company of the Bank of England legal advice. and third parties created for the dominant (No.5) [2003] QB 1556, at para.30). In Upjohn, the US Supreme Court rejected purpose of adversarial proceedings which are In RBS Rights Issue Litigation, the company Rosanne Kay, Jennifer Achilles and Yousef Hatem, Reed Smith LLP arguments that recently persuaded the English reasonably in prospect. argued that the interview notes were privileged Court to reach the opposite result in RBS Whether communications created in because they were lawyers’ working papers, Rights Issue Litigation. the context of an internal investigation are the disclosure of which would show the For example, the party advocating protected by litigation privilege will depend on lawyers’ advice. The key question was whether for disclosure in Upjohn argued that the the circumstances. the interview notes had ‘some attribute or interview notes recorded facts, rather than Litigation privilege will not apply to interview addition such as to betray or at least give a communications seeking or receiving legal notes prepared during an internal investigation clue as to the trend of advice being given to the advice. The US Supreme Court rejected that unless they were prepared when adversarial client by its lawyer’. argument, noting that the first step in the proceedings were reasonably in prospect, The Court was not persuaded. Even resolution of any legal problem is ascertaining whether civil litigation or investigations though the interview notes were not verbatim the factual background (449 US at 390-91). by the authorities which are sufficiently transcripts, and therefore betrayed the line of Another argument made was that, unless confrontational. The mere possibility of future inquiry by the lawyers, the company had not the interviewees were authorised to seek and/or proceedings is not enough (USA v. Philip Morris done enough to demonstrate to the Court that receive legal advice on behalf of the corporate, [2003] EWHC 3028). they revealed the trend of legal advice. the attorney-client privilege should not apply. It may also be difficult to demonstrate that The Court was also not persuaded by the The US Supreme Court also rejected this interview notes prepared during a purely fact that the interview notes were expressed to argument because it ‘overlooks the fact that internal investigation were prepared for the contain lawyers’ ‘mental impressions’, saying the privilege exists to protect not only the ‘dominant purpose’ of litigation (Waugh v. that the reference was largely a matter of US giving of professional advice to those who can British Railways Board [1980] AC 521). common practice. act on it, but also the giving of information to the lawyer to enable her to give sound and b. Legal advice privilege Conclusion informed advice’. (Id). Legal advice privilege is available under RBS Rights Issue Litigation is a significant English law for communications passing case, and serves as an alert for US companies b. Attorney work-product doctrine between lawyer and client which involve the as to the more restrictive approach to In the US, interview notes taken in the context lawyer giving, and/or the client seeking and privilege in England. Companies should of an internal investigation are also usually receiving, legal advice. be alive to the different privilege rules that protected from disclosure under the attorney In RBS Rights Issue Litigation, the company may apply to documents created during work-product doctrine (US Federal Rule of Civil argued that the interview notes were covered internal investigations, particularly where the Procedure 26(b)(3)). by legal advice privilege on the basis that investigation involves multiple jurisdictions. l

Partners Rosanne Kay and Jennifer Achilles and associate Yousef Hatem are government investigation specialists at Reed Smith, a global law firm, with more than 1,700 lawyers in 26 offices throughout the US, Europe, the Middle East and Asia. Its lawyers provide litigation and other dispute resolution services, deliver regulatory counsel, and execute strategic domestic and cross- border transactions. In 2016, it was listed by Law 360 as one of the Global 20 Firms, firms that have the biggest global presence and handled the largest, most groundbreaking international and cross-border matters. In 2014, its revenues reached a record breaking $1.15billion.

26 27 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 INTELLECTUAL PROPERTY www.intercontinental-finance.com www.intercontinental-finance.com INTELLECTUAL PROPERTY

with China’s large and growing problem pace around the world. However, the with global IP infringement. Businesses are problem is still growing and costing also taking matters into their own hands. billions. Brand is crucial to any business The Shanghai Fashion Week 2016, and with no exception a business’ most supported by the Ministry of Commerce valuable asset. Without a clear and and hosted by the Shanghai Municipal comprehensive anti-counterfeiting strategy Government, saw Babyghost – an a business can fall prey to costly litigation; independent fashion brand – debut its and therefore owning strong IP rights is 2017 Spring and Summer collection paramount. There are simple steps that Fakes will not work with blockchain-enabled Near-Field companies can take to ensure that they are Communication (NFC) chips and an anti- protected, including: counterfeiting smartphone app called • Registering their trade marks (names, VeChain. The app is the flagship product logos, slogans) and designs (the shape GETTING TOUGH WITH COUNTERFEITING ON A GLOBAL SCALE upholding a landmark decision requiring of Shanghai-based start-up BitSE, which and appearance of items) in all major internet service providers who are aware was formed by ex-employees from IBM, markets of interest As technology and logistic networks across the globe become increasingly of infringement activity to block access to Louis Vuitton and Alibaba with the primary • Notifying the local Customs authorities websites selling counterfeit goods; a crucial aim of tackling the growing worldwide of those rights sophisticated so does the business of counterfeit goods. So, what can decision enabling the courts to tackle counterfeiting problem. • Keeping clear and comprehensive counterfeiters who abuse the protections On the other side of the world, the US has records of all trademarks and designs governments and the courts do to safeguard the consumer goods industry and anonymity of the internet. also been tackling the issue in its courts. they create The summer of 2016 also saw the EU Trade groups are also taking things into their • Never allowing distributors, agents, and what businesses can do to protect themselves against infringements? take a stance, when in August the Court own hands and calling for companies which business partners, etc. to register their of Justice of the European Union handed do not do all they can to tackle copyright trademarks and designs By Margaret Arnott down a judgment in Tommy Hilfiger et al piracy and trade mark counterfeiting to be • Regularly monitoring the markets v Delta Centre which tackled infringement sanctioned and barred. in which they trade, the websites of LATEST FIGURES PRODUCED BY of using unsafe electrical items, taking other industries and the huge loss of 8.1 abuse in markets. The court held that The American Apparel & Footwear competitors and the major websites THE ORGANISATION OF ECONOMIC untested medicines, and the inhumane billion in government revenue. landlords who rent market space to a trader Association, which represents more through which parties can offer products COOPERATION AND DEVELOPMENT working conditions in counterfeit production So, what is being done to protect infringing intellectual property rights may than 1,000 brands, joined Unifab, an for sale STATE THAT AN ESTIMATED FIVE PER factories; the business of counterfeiting consumers, businesses and the economy be prosecuted as an intermediary. These anti-counterfeiting group that tracks • Establishing a policy and procedure for CENT OF ALL IMPORTS ENTERING goods also has huge repercussions on in relation to counterfeit items? two cases are fundamental in tackling the counterfeits for some 400 French and dealing with suspected misuse of their THE EUROPEAN UNION INVOLVE economies throughout the world. There is no denying that the digital age problem of ‘turning a blind eye’ and put global brands, in appealing to the Office IP rights COUNTERFEIT PRODUCTS. Last year, a study was undertaken by in which we live has fuelled this business. as much onus on third parties as the of the United States Trade Representative In a fast-moving, technologically-driven In 2014-15, the UK Border Force agents the European Observatory of Intellectual Technological advances more often than infringers themselves. (USTR) to return Alibaba and its world, businesses need to ensure that IP alone detained over 1.6 million infringing items Property Rights in conjunction with the not overtake the speed of new legislation Leaving Europe aside, the Chinese e-commerce platforms to the government protection is at the top of their business with a retail value in excess of £56 million. European Patent Office and the Office and have allowed counterfeit businesses government has also taken a strong stance. agency’s list of Notorious Markets. plans and not bury their heads in the sand There is certainly a common for Harmonization in the Internal Market to manufacture, advertise, market and sell The government recently introduced a There is no denying that the anti- – ignoring IP rights can prove to be a very misconception that the issue only really (now the European Union Intellectual their products on an international platform dedicated Intellectual Property Court to deal counterfeiting movement is picking up costly affair in the long run. l affects the fashion industry in relation Property Office). relatively cheaply and easily. Trying to catch to counterfeit clothes, shoes and The study found that the legitimate up and get a grip on the problem, courts handbags; however, we are seeing European fashion industry loses in the and governments around the world are Margaret Arnott is partner at Mathys & Squire, a UK-based international specialist intellectual property firm. Founded a dangerously increasing number of region of 26.3 billion in revenues each being seen to be tackling the problem with counterfeit goods in electrical items and year: a huge 10 per cent of the sector’s an iron fist. in 1910, the firm has over 100 years experience in the protection and commercialisation of IP rights. A full service IP firm the pharmaceutical industry. total sales. The numbers translate to In July 2016, in Cartier International AG it employs specialist attorneys in a wide range of technical fields including biotechnology, pharmacology, electronics, Often seen as a victimless crime, the approximately 363,000 employment losses & Others v British Sky Broadcasting Limited engineering, software, chemistry, IT and communications. It has offices in London, Cambridge, Manchester and York, with sale and purchase of counterfeit goods is in the sector alone; and rise dramatically & Others, saw the UK’s Court of Appeal new offices opened recently in Paris and Munich. far from it. Ignoring the obvious dangers when one considers the knock on effect to boost the anti-counterfeit movement by

28 29 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 DEALS & DEALMAKERS www.intercontinental-finance.com www.intercontinental-finance.com DEALS & DEALMAKERS

profit when players are traded to the English Portimonense is guilty of any wrongdoing, flows in the game. In 2010, the Zurich-based Premier League or one of the other big clearly identifying him has not been a priority: organization made it compulsory for clubs European championships. it was only some 18 months after the U.K. to identify the bank accounts where transfer Since late 2015, the UK has made it introduced its rules seeking transparency that fees were deposited. compulsory for any company to disclose the club’s owner – a Brazilian football player Two years ago, FIFA went further and Games people play shareholders with more than 25 per cent agent – was revealed. introduced a new rule to stop the third-party of its equity. Making such a rule is easier FIFA, football’s ruling body, is primarily investors doing transfer-market deals with than enforcing it: there are more than 3.5 responsible for overseeing international clubs. This has reduced the number of U.K. million companies currently registered in the player transfer fees. In 2014, a FIFA- companies active in the transfer market. FOOTBALL AND THE WAY IT IS BEING KICKED UK: Each month, as many as 50,000 new commissioned study by the Centre du Droit However, some long-time investors have companies are incorporated in the country. et d’Economie du Sport in Limoges, France found loopholes in the rules such as acquiring AROUND BY ELUSIVE OPPORTUNISTS Despite this mountain of online paperwork, estimated that so-called third-party investors their own team as another way to collect fees. the UK should be paying more attention to received 10 per cent of the transfer fees in FIFA’s small team of compliance officers where football transfer fees go. While football – some €400 million. FIFA do not have the resources or the know-how there is no suggestion has made some progress to launch forensic accounting investigations The transfer fees that football clubs pay to sign top players now top that the owner of in tracking money into money flows. They know much of the € money ends up offshore but it’s not their job 4 billion a year but a substantial amount of this money has been flowing to identify the recipients of the money. out of the game to a small group of wealthy investors including Russian The most proactive public authority in this sector has been the Argentine government, oligarchs, English racehorse owners, and a former billionaire gold miner which has become fed-up with investors taking transfer fee income offshore to evade who have seized the opportunity to enter this booming market. Between a 17.5 per cent tax. Since May 2016, all Argentine clubs have them, these wealthy investors have amassed hundreds of millions of euros had to declare transfer deals to the tax agency. New legislation has even given in profits whilst simultaneously managing to stay out of the spotlight the the tax agency the power to estimate world’s most popular sport brings the transfer market price of each player and penalize clubs if they think they are colluding to dodge taxes. As clubs like Portimonense Alex Duff and Tariq Panja Sporting Clube prepare to do business in the player transfer market over the coming months, ON THE SOUTH COAST OF PORTUGAL, command from other clubs. Already this year, year ends up, quite legally, in offshore bank it is time for stricter regulations in FOOTBALL CLUB PORTIMONENSE Portimonense has earned 1.35 million by accounts. The problem is that football finance Europe as well. l SPORTING CLUBE HAS JUST WON trading players to Germany’s 1860 Munich is lightly regulated. According to the Dutch PROMOTION BACK TO THE COUNTRY’S and Italy’s Crotone. When trading between Central Bank, financial institutions are not FIRST DIVISION AFTER A SIX-YEAR clubs resumes in June that sum is likely to doing enough to track the origin of the money ABSENCE. That is good news for the team’s rise further. in football. fans, and also its main shareholder whose The player transfer market in football The Dutch monetary authority said in identity was hidden for years behind a web of has increased more than seven-fold in January that 17 out of 19 banks and trust UK companies. value in the last two decades, comfortably offices it investigated did not perform enough Investors from around the world have been outpacing the Financial Times Share Index. due diligence on transactions involving using such companies in the British Isles to The market is driven by English Premier football. It advised them, among other things, invest in football for more than a decade. League clubs such as Manchester City and to be more alert to player transfer-market There are a number of benefits: it is cheap Chelsea, owned respectively by billionaires transactions in order to reduce the risk of and quick to set up a UK-domiciled company Sheikh Mansour bin Zayed Al Nahyan and money laundering. even if you do not have any business there Roman Abramovich. The Netherlands is used a conduit by Alex Duff is a senior communications expert for FIFPro, the international football players' and you can also keep your identity private. It is these English clubs, armed with the football investors for the same reasons as union. He has exposed the business workings behind some of the biggest names in sport, Perhaps more importantly, the UK has multiple wealth of their owners and mounting television the UK: tax-efficiency and confidentiality. The including tennis player Rafael Nadal and the Amaury family, which owns the Tour de France. tax treaties with offshore jurisdictions, many contracts, which are pushing up the transfer owners of Dutch companies do not need to of them former colonies in the Caribbean like fees benefiting less wealthy clubs around the disclose their name publicly. Other favoured Tariq Panja has worked as a reporter for the Manchester Evening News, Associated Press, the British Virgin Islands. world. Small- and mid-size football clubs may jurisdictions include Gibraltar, Luxembourg and Bloomberg News in London and Rio de Janeiro. He has broken news on some of the But what is the attraction to investors of not make much money from ticket sales or and Malta offer the same perks. biggest stories in football, including the takeover of Liverpool, Manchester United's float on the a small Portuguese club whose games are sponsorships but they can turn a profit on a Many of the investors using companies New York Stock exchange, and the unprecedented scandal that threatened to bring down FIFA. played in front of a few hundred fans in a single transfer. in these countries cut relatively cheap deals stadium owned by the local municipality? Much of the more than €4 billion in player with South American clubs, notably those Their new book ‘Football's Secret Trade: How the Player Transfer Market was Infiltrated ’ (Wiley) Well, it is the transfer fees its players can transfer fees that changes hands each in Brazil and Argentina, before making a is out now.

30 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 31 INFORMATION SECURITY www.intercontinental-finance.com www.intercontinental-finance.com INFORMATION SECURITY

Information security and the legal sector SAFEGUARDING THEIR INTERESTS AGAINST CYBER-ATTACKS SHOULD BE TOP PRIORITY FOR LAW FIRMS

Financial loss is rarely the most detrimental issue for businesses where Mergers and acquisitions cyber-criminal alters the bank details, resulting Sharing of passwords cyber attacks are concerned. The legal sector is an especially attractive A personal data breach includes unauthorised in the payment being sent to a different bank Another risk arises when passwords are disclosure of, or access to personal data. A account. In this scenario, the solicitor will only shared or written down. When in court,during target for cyber criminals due to the wealth of sensitive information held legal firm could therefore be held responsible become aware of the breach when the money a case, it may be necessary to phone a for a personal data breach if its clients’ data fails to arrive days, or even weeks, later. colleague to ask for information or documents by law firms. A successful cyber-attack has the potential to cause long-term is inappropriately accessed due to lack of Utilising digital signatures provides a to be sent via email. You may need to provide internal controls. guarantee that the documents come from your password for your colleague to access reputational damage, with severe implications for the future of that firm Legal firms are often most at risk of this type a known sender, and have not been altered them. This is where two-factor authentication of breach during mergers and acquisitions. in transit. (something to know and something you have) You can also utilise software to encrypt can provide an additional layer of security. Colin Tankard Failure to plan and implement appropriate internal controls during such times leaves emails and attachments being sent to In addition to your password, you could legal firms extremely vulnerable. individuals even outside the organisation. be sent a code to your phone, for example, The benefit this offers is the email cannot which you are also required to enter to access INFORMATION SECURITY IS A SUBSTA- that fail to appropriately secure personal data particular, the implementation of new, A worst-case scenario would be a be opened by anyone else and even if the restricted documents. You could provide your NTIAL RISK FOR THE LEGAL SECTOR. will face severe fines in the event of a breach. comprehensive ‘European-style’ privacy laws deliberate attempt by a disgruntled employee intended party decides to forward the email, colleague with the code, knowing that it would LAW FIRMS ARE AN ATTRACTIVE The regulations could affect organisations in Singapore and Malaysia, the amendment to harm their employer by destroying, altering, and its attachment, the encryption will prevent only be valid for use once, and that your TARGET TO CYBER CRIMINALS DUE throughout the world because they apply to of China’s consumer protection law to or disclosing invaluable information. any other party reading the content, thus the colleague would be unable to log in again with TO THE VAST WEALTH OF PERSONAL any company that handles the personal data include data privacy principles and increased Appropriate solutions, although more protection is persistent. your password without also receiving a newly AND PRIVATE INFORMATION IN THEIR of Europeans. The GDPR defines a personal financial penalties in South Korea. time and resource intensive, provide the Encryption offers additional protections generated code. POSSESSION. data breach as a breach of security leading to Fines imposed following a breach vary best protection against a personal data should a breach take place, rendering the These are all simple ways to improve your Cyber-attacks on UK law firms alone the destruction, loss, alteration, unauthorised widely around the world but all are moving breach. One solution is to set up a system of towards fines which could be as much as information unreadable and therefore useless firm’s security. It is essential that information increased by a fifth between 2014 and 2016, disclosure of, or access to, personal data. permissions, whereby internal documents are 4% of a firm’s annual global turnover, or to the hacker. It is now widely recognised, security is a priority for the legal sector. with nearly three quarters of the country’s top Outside of Europe, data protection marked and classified accordingly. If a firm 20 million, depending on which is greater. encrypting data wherever it resides is the Law firms that fail to plan and implement 100 targeted in 2015, according to PwC’s regulations are equally aggressive. Many have becomes involved in a merger or acquisition, Furthermore, should a firm be fined under a foundation of any data protection requirement organisational protective measures expose 25th Annual Law Firms’ Survey. clauses which give some level of protection there will already be a system in place privacy law they are also likely to face personal and the only technology identified in any of the themselves to great risk of costly fines, loss of Despite the increasing threat, and the against prosecution if the organisation has that determines who can access specific litigation from individuals whose data is lost. It data privacy acts as being almost mandatory. reputation and possible closure. l information. potential financial and reputational damage taken steps to protect their data. For example, is also likely that Data Protection Acts will also

following a breach, a survey by online legal the US Data Privacy Act allows for a ‘Safe include prosecution of board members in the Man-in-the-middle attacks Colin Tankard is managing director at Digital Pathways. Founded in 1996 magazine, Legal Week, found that only 35% Harbour’ clause that protects companies event of a breach leading to imprisonment, Cyber criminals target the legal sector by and based in the UK, the company is a specialist in data security solutions of law firms had a response plan in place for against disclosure of a breach, if they have very much like Health and Safety laws. monitoring emails being sent between cyber-attacks. This is compared to 52% for encrypted their data. The US is confusing in There are several ways in which a law firm covering data leakage and discovery, encryption and access control, audit and non-legal professions. its data privacy rules as most of the 50 states could find itself vulnerable to a personal data staff and individuals. Communication is reporting, and compliance and vulnerability assessment. It was formed through With the European Union’s General Data have some privacy statues of their own. breach. The following scenarios describe the then intercepted at a crucial moment, such the acquisition of Digital Pathways (UK), its wholly-owned subsidiary. Its clients Protection Regulations (GDPR) due to come In Asia, there have been a number of risk and outline what protective measures can as when the individual is asked to send a include Times 500 companies and local and central government. into force in May 2018, European legal firms significant regulatory developments, in be taken. deposit. Having intercepted the email, the

32 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 33 www.intercontinental-finance.com ICFM TOP 250 LEADING FIRMS

DEEP & FAR Attorneys-at-Law Welcome to

Founded in 1992 by CF Tsai, Deep & Far law firm has successfully risen to be one of the top firms in its country of practice. The firm deals with all areas of intellectual property rights (IPR) including patents, trademarks, copyrights, trade secrets, unfair competition, Deep & Far are proud and/or licensing, counseling, litigation and/or transaction thereof. to be recognised as Such is its expertise in the field that it has often been one of the IT IS OUR PLEASURE TO INTRODUCE TO YOU THE INTERCONTINENTAL FINANCE one of ICFM 250 largest sources from which foreign filing orders originate. “It is our philosophy to provide competent legal services that other firm (ICF) MAGAZINE’S 250 LEADING FIRMS LIST, FEATURING A SELECT BEST FROM THE Leading Firms of 2016 cannot comparably provide,” says Tsai. “Our professionals own WORLD OF LAW, FINANCE AND PRIVATE EQUITY FIRMS ACROSS IN THE WORLD a relatively higher percentage of acquiring double backgrounds including technology and law.” Deep & Far employs highly- This definitive list of selected names has been carefully Our list provides you that cutting edge you need with skilled legal professionals who have achieved significant expertise picked by ICF magazine’s editorial team after three a roster of names that is a veritable Who’s Who of in their area of practice. years of intense research and much deliberation. The the business, finance and legal world. Featured are honourees on the list have been chosen in accordance the crème de la crème who can advise you on all with their business practice, depth of knowledge and corporate matters, whether those be of a transactional service rendered to clients. nature, financial, or just ongoing assistance to ensure your businesses are complying with good and ethical ICF recognises that partnering with the right service governance in all areas. provider in today’s highly-competitive world is of utmost importance to organisations who mean An established monthly magazine, ICF is distributed business and would settle for nothing less. to a 158,000 strong corporate subscriber database worldwide consisting of senior management readership The ICF 250 Leading Firms supplement is required from business, legal and finance industries. reading for individuals and organisations wishing to make informed decisions on which individuals and Congratulations to all our SPECIALISTS IN: firms could benefit them and their business every day and every inch of the way. Top 250 Leading Law Firms INTELLECTUAL PROPERTY LAW

COMPETITION LAW

CORPORATION LAW 13th F1., No. 27, Sec. 3, Chung San N. Rd. Taipei 104, Taiwan, R.O.C. DEBT COLLECTION Tel:+886-2-2585-6688 REAL ESTATE Email: [email protected] CRIMINAL LAW www.deepnfar.com.tw

35 Intercontinental Finance & Law • 144/17 ICFM TOP 250 LEADING FIRMS 2016 www.intercontinental-finance.com www.intercontinental-finance.com ICFM TOP 250 LEADING FIRMS 2016

Argentina BASILIO ADVOGADOS ROGERSON LAW GROUP Dominican Republic Hong Kong LUBIS GANIE SUROWIDJOJO Allende & Brea Plesner Law Firm Goodwin Procter Ortiz & Asociados King & Wood Mallesons Rattagan, Macchiavello, Arocena Dubai Ribeiro Hui & Pena Robirosa Abogados Fichte & Co Tanner De Witt Solicitors Severgnini Robiola Grinberg & Tombeur Wright Counsel Av. Presidente Wilson, Tanoira Cassagne Abogados Brookfield Place. TD Canada Trust Ecuador Menara Imperium 30th Floor 210-12º e 13º andares Jl. H.R. Rasuna Said Kav. 1 Kuningan Centro - Rio de Janeiro Tower, 161 Bay Street, 27th Floor, Coronel & Perez India Armenia RJ - Cep: 20.030-021 Toronto, ON M5J 2S1, Canada Paz Horowitz Robalino Garces Abogados Jakarta 12980, Indonesia Ameria Legal and Tax Advisors Tel: 55 21 2277 4200 Tel: +877 721 3393 Perez Bustamante & Ponce ANAND AND ANAND Tel: +62 21 831 5005, 831 5025 Fax: 55 21 2210 6316 Email: [email protected] Fax: +62 21 831 5015, 831 5035 Australia Egypt www.basilioadvogados.com.br www.rogersonlaw.com www.lgsonline.com Ashurst Zulficar & Partners Commonwealth Bank First Channel Building Plot No. 17 INTERCORP GROUP Cayman Islands El Salvador A Sector 16 A, Film City NKN LEGAL Austria Campbells Arias & Munoz Noida 201301 (UP), India KPMG Solomon Harris Romero Pineda & Asociados Tel: +91 120 4059300 Rechtsanwälte GmbH Fax: +91 120 4243056/058 Saxinger, Chalupsky & Partner Chile Estonia Email: [email protected] TJP Carey Attorneys at law Borenius Ltd Plaza Bisnis Kemang II Av. das Américas, 3500 Zumtobel Kronberger Rechtsanwalte Estudio Juridico Otero www.anandandanand.com Ed. Hong Kong 3000 Gr308, Jalan Kemang Raya No. 2 Cond. Le Mond, Barra da Tijuca, Puga Ortiz Abogados Finland Jakarta Selatan 12730, Indonesia Bahrain Rio de Janeiro, RJ Cep 22631 003 Dittmar & Indrenius Tel: +62 21 7179 1973 Hassan Radhi & Associates Tel: + 55 21 3282 5288 China KallioLaw DESAI DIWANJI Fax: +62 21 7179 3478 Zu'bi & Partners Fax: + 55 21 3282 5483 Zhonglun W&D Law Firm Waselius & Wist Email: [email protected] Zhongzi Law Office Belgium www.intercorpgroup.com.br France www.nknlegal.co.id Colombia Betto Seraglini AFSCHRIFT LAW FIRM Lentin Chambers, British Virgin Islands Brigard & Urrutia Abogados Cabinet Plasseraud Dalal Street, Mumbai, Ireland Thornton Smith Posse Herrera Ruiz IXO Private Equity Maharashtra 400023, India Dillon Eustace Tel: +91 22 2265 1682 Goodbody Bulgaria Cyprus Germany Fax: +91 22 2265 8245 LK Shields LAWYERS Djingov Gouginski Kyutchukov & Velichkov George Z. Georgiou & Associates LLC Arnecke Siebold Email: [email protected] McEvoy Partners A F S C H R I F T® BRUSSELS • ANTWERP • GENEVA • FRIBOURG Harris Kyriakides LLC Auctus Capital Partners AG O'Gradys Solicitors LUXEMBOURG • TEL AVIV • HONG KONG • MADRID Cameroon Patrikios Pavlou & Associates LLC Busse & Miessen www.desaidiwanji.com Avenue Louise, 208 Etah-Nan & Co (Attorneys) Stelios Americanos & Co LLC df-mp Israel 1050 Brussels, Belgium Tassos Papadopoulos & Associates LLC Ehlers Ehlers & Partner ALMT Legal Ehrlich & Fenster Tel: +32 2 646 46 36 Fax: +32 2 644 38 00 Canada Friedrich Graf von Westphalen & Partner Amarchand & Mangaldas & Suresh A Gilat, Bareket & Co. Czech Republic P+P Pöllath + Partners AZB & Partners Gornitzky & Co www.afschrift.com PATENTAXIS INC. PPR & Partner D. H. Law Associates Herzog Fox & Neeman GÜRLICH & CO. Gagrats S Horowitz & Co Altius Ghana HSA Advocates Shenhav & Co Claeys & Engels GÜRLICH & Co. SKB Asante & Associates J Sagar Associates Yehuda Raveh & Co Lexonomics advokátní kancelárˇ Mulla & Mulla & Craigie Blunt & Caroe Matray Matray & Hallet Greece Mundkur Law Partners Italy 10 King Street East, suite 500 Politických v z 19 Drakopoulos Law Firm O.P. Khaitan & Co Toronto, Ontario Botswana 110 00 Prague 1, Elias Paraskevas Attorneys 1933 Phoenix Legal DALLA VERITA' & PARTNERS M5C 1C3 Canada Czech Republic Piyush Sharma Attorneys & Co. V&P Law Firm S.K. Srivastav Tel: 1-416-556-2999 Tel: +420 222 101 591 Zepos & Yannopoulos Shroff & Co Email:[email protected] Fax: +420 222 101 590 Brazil Email: [email protected] Trilegal Demarest & Almeida www.patentaxis.com Guernsey Tuli & Co Koury Lopes Advogados www.akrg.cz Bedell Cristin Veritas Legal 32 Wigmore Street Lobo & de Rizzo Advogados Bernard & Partners ZeusIP London W1U 2RP United Kingdom Mattos Filho Veiga Filho Marrey Jr e DSN International Tax Advisors Inc. Glatzova & Co Honduras Tel: +44 (0) 20 7535 1070 Quiroga Advogados LexSage Noerr Banco del País S.A. Indonesia Telefax: +44 (0) 20 7535 1071 Peduti Sociedade de Advogados MacPherson Leslie & Tyerman LLP PRK Partners Banpais Hermawan Juniarto Email: [email protected] Schmidt, Valois, Miranda, Ferreira Shapiro Hankinson & Knutson Bufete Mejia & Asociados & Agel Advogados Denmark www.dallaverita.it Biaggi & Messina

36 37 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 ICFM TOP 250 LEADING FIRMS www.intercontinental-finance.com www.intercontinental-finance.com ICFM TOP 250 LEADING FIRMS

UGHI E NUNZIANTE Luxembourg Nicaragua Russia LEE, TSAI & PARTNERS SIA Group Guy Jose Bendana-Guerrero & Asociados Alrud Slaughter and May EY Zuykov & Partners Sterling Data Rooms Nigeria Bonaccord Ecosse Ltd Scotland Crefovi G. ELIAS & CO. Bonaccord Ecosse Ltd Equita Corporate Finance LLP Via Venti Settembre, 1 9F, 218 Tun Hwa S. Road, Sec. 2 Iceberg Capital Partners 00187 Roma Singapore Taipei 106, Taiwan, R.O.C. Macfarlanes Tel: +39 06 474831 7, Rue Gabriel Lippmann, Harry Elias Partnership LLP Tel: (886 2) 2378 5780 Schillings Parc d’Activité Fax: +39 06 9838 7395 Stamford Law Corporation Fax: (886 2) 2378 5781 Stephenson Harwood Syrdall 2, L-5365 Munsbach Email: [email protected] Tan Kok Quan Partnership Email: [email protected] Taylor Vinters Tel: +352 42 124 8424 16 Broad Street, Tan Rajah & Cheah Winston & Strawn LLP www.unlaw.it Email: [email protected] Lagos, Nigeria www.leetsai.com Wee Swee Teow and Co Tel: +234 1 4607890 Annunziata Associati www.ey.com/luxembourg WongPartnership LLP Lee and Li Attorneys-at-Law Fax: +234 1 2806972 Uruguay R&P Legal Email: [email protected] Yangming Partners Adriasola Clavijo et Asociados Vitale & Partners South Africa Guyer & Regules Malaysia www.gelias.com ENSafrica Thailand Litwak & Partners Japan Zaid Ibrahim & Co Kisch IP MBMG Investment Advisory Nishimura & Asahi Principles Law Partnership USA Yuasa and Hara Mexico Stanbic IBTC Capital Limited South Korea The Netherlands Stillwaters Law Firm Bae Kim & Lee LLC Heussen DEMOTECH, INC. Kazakhstan KSI MEXICO Tokunbo Orimobi LP Shin & Kim Aequitas Yoon & Yang LLC Turkey Pakistan Bezen & Partners Kenya Spain Ketenci & Ketenci VELLANI & VELLANI ZBM Pekin & Pekin 2715 Tuller Parkway, Dublin, ASHITIVA & CO. ADVOCATES Corporativo Cd. de México Tekil Law Office Ohio 43017-2310 Paseo de la Reforma 935. Sweden Unlu & Co Col. Lomas de Chapultepec Tel: (614) 761-8602 / (800) 354-7207 Vinge Yamaner & Yamaner Deleg. Miguel Hidalgo, C.P. 11000 Fax: (614) 761-0906 Email: [email protected] Tel: +52 55 5520 5353 148, 18th East Street, Phase 1, Email: [email protected] Switzerland Ukraine Defence Officer's Housing Authority, DFJ Swiss LLC Aleksey Pukha and Partners www.demotech.com Karachi-75500, Pakistan Victoria Towers, 1st Floor, www.ksi.mx Gilde Buy Out Partners BV allTax Tel: +9221 - 35801000 Kilimanjaro Ave, Upperhill Tavernier Tschanz Accelerator Corporation Fax: +9221 - 35802120 P.O. Box 21372 – 00100 GPO, Nairobi Tax Partner AG United Kingdom Fayer Gipson LLP Tel: +254 722 764732 OSCOS ABOGADOS Email: [email protected] Email: [email protected] Weinmann Zimmerli Feldman Gale www.vellani.com Zurmont Madison Management AG LIQUIDITY SERVICES INC. Harkins Cunningham LLP www.ashitivaadvocates.com OSCÓS ABOGADOS Maalouf Ashford & Talbot, LLP Taiwan Sadis & Goldberg Paraguay Sharp Partners P.A. Lebanon Guanes, Heisecke & Piera DEEP & FAR Stubbs Alderton & Markiles, LLP Paseo del Río (Joaquín Gallo) No. 53 The Carlyle Group Chimalistac, Del. Coyoacan. A Liquidity Services Marketplace ABOU JAOUDE & ASSOCIATES Peru Younossi Law C.P. 04340 México, D.F. 1st Floor, 1 Alie Street, OMC Abogados & Consultores Tel & Fax: +52 (55) 1253 0100 London E1 8DE United Kingdom Email: [email protected] Tel: +44 (0)20 7098 3724 Philippines 13th F1., No. 27, Sec. 3, Chung San N. Rd. Fax: +44 (0)20 7098 3795 Yemen OMT Bldg, 266 Sami El Solh Ave www.oscosabogados.com.mx Federis & Associates Taipei 104, Taiwan, R.O.C. Sahra Petroleum Consulting P.O.Box 116-5079, Beirut Museum Hechanova & Co Tel: +886-2-2585-6688 www.liquidityservices.com 1106-2010 Beirut, Lebanon Siguion Reyna Montecillo & Ongsiako Fax: +886-2-25989900/25978989 Tel: + 961 1 395555 Nepal Email: [email protected] Avondale Fax: +961 1 384064 Pradhan, Ghimire & Associates Poland Boult Wade Tennant Email: c.aboujaoude@ajalawfirm.com Traple Konarski Podrecki & Partners www.deepnfar.com.tw Carter Perry Bailey LLP New Zealand Coller IP www.ajalawfirm.com AJ Park Portugal Financial Marketing Limited Bell Gully Abreu Advogados Goal Group Ltd Hamdan Law Firm CreateIP CMS Rui Pena & Arnaut Highwire Consulting Russell McVeagh Luis Miguel Amaral Liquidity ServicesInc. Libya RFF & Associados Maxwell Winward LLP Tumi Law Firm Rogerio Alves & Associados PwC (UK)

38 39 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 ICF 136-16_Layout 2 24/03/2016 17:25 Page 38

www.intercontinental-finance.com ICFM Leading Lawyer 500

WELCOME TO

LEADING LAWYER

After four years of research, it gives us great pleasure to announce our 500 Leading Lawyers.

The following lawyers have been recognised by InterContinental Finance Magazine as one of the top 500 lawyers in the world today.

ICFM is a monthly magazine and is distributed to our 158,500 strong corporate subscriber database. We hope our 500 Leading Lawyers will help you to make informed decisions as to what firms or individuals you would be wise to bring on board and assist you in corporate matters, whether of a transactional nature, financing or simply ongoing North America Europe Asia assistance to ensure your businesses are applying good governance in all areas. www.winston.com Congratulations to all our 500 Leading Lawyers

Intercontinental Finance & Law • 144/17 41 ICFM Leading Lawyer 500 www.intercontinental-finance.com www.intercontinental-finance.com ICFM Leading Lawyer 500

Belgium Canada Finland India Indonesia Indonesia

Thierry Afschrift W Andrew McLauchlin, Zacharias Sundström Vishwang Desai Mr Harjon Sinaga Mr. Timbul Thomas AFSCHRIFT LAW FIRM FCIArb NORDIC LAW DESAI & DIWANJI LUBIS GANIE Lubis With over 30 years experience in MCLAUCHLIN & ASSOCIATES Zacharias has a very wide and varied Desai & Diwanji provides legal advisory SUROWIDJOJO LUBIS GANIE SUROWIDJOJO domestic and international tax law and Principal of McLauchlin & Associates, experience in the field of corporate law, services. Its practice areas include mergers Mr Harjon Sinaga was born on 6 June 1966 Mr. Timbul Thomas Lubis obtained his white-collar crime law, Professor Thierry recognized as one of Canada’s leading and he still regularly advises clients in and acquisitions. and graduated from University of North law degree (S.H.) from the Faculty of Law, AFSCHRIFT leads the firm’s practice construction law boutiques. Has practiced assignments relating to, inter alia, contract The firm’s clientele include Quippo Sumatera in 1993. He has strong general University of Indonesia in 1974 and was and advises individuals and a significant exclusively in the area of construction law and tax law. He is also ac tive in the field of Infrastructure Equipment Limited, Avendus corporate background and specializes in admitted to the Indonesian Bar in 1977. number of major companies and banks, since his call to the Bar in 1975. Fellow corporate advisory. Capital, and Sanofi Pasteur. Desai & Diwanji commercial litigation. Since joining LGS in He went on to obtain a masters degree in in reorganizations, tax planning and tax of the Chartered Institute of Arbitrators. See more, click here is based in Mumbai, India. 2001, he has dealt with many cases having law (LL.M.) in 1981 from the University of litigation. Certified by The Law Society of Upper See more, click here concentration in the field of bankruptcy, anti- Washington in Seattle, USA. See more, click here Canada as a Specialist in Construction Law. monopoly and unfair business competition See more, click here See more, click here involving Indonesian notable companies. See more, click here Email: [email protected] Email: [email protected] Email: zacharias.sundstrom@nordiclaw.fi Email: [email protected] Email: [email protected] Tel: +32 (0)2.646.46.36 Tel: (416) 368-2510 Tel: +358 9 682 93 40 Tel: + 91 (22) 3984 1000 Tel: +62-21 831 5005 Tel: +62-21 831 5005 Fax: +32 (0)2.644.38.00 Fax: (416) 368-2599 Fax: +358 9 682 93 420 Fax: + 91 (22) 2265 8245 Fax: +62-21 831 5015 Fax: +62-21 831 5015

www.afschrift.com www.mclauchlin.ca www.nordiclaw.fi www.desaidiwanji.com www.lgsonline.com www.lgsonline.com

Botswana Cyprus France Indonesia Indonesia Japan

Piyush Sharma Alexandros Tsirides Guylene Kiesel Le Mr. Abdul Haris Dr. Mohamed Idwan Hajime Watanabe PIYUSH SHARMA COSTAS TSIRIDES & Cosquer Muhammad Rum (‘Kiki’) Ganie STW & PARTNERS ATTORNEYS & CO. CO LLC CABINET PLASSERAUD LUBIS GANIE SUROWIDJOJO LUBIS GANIE SUROWIDJOJO Hajime Watanabe is one of the founding Principal Partner of Piyush Sharma Graduated from University College London After starting her career as an in house Mr. Abdul Haris Muhammad Rum is Dr. Ganie is the Managing Partner, and one partners of STW & Partners. His main areas Attorneys & Co. a Law Firm established in in 1996. He was called to the English Bar lawyer in the electronics industry, Guylène a Partner of Lubis Ganie Surowidjojo, of the founders, of Lubis Ganie Surowidjojo. of practice are antitrust and competition 2014 after the dissolution of Sebego Sharma as member of the Honourable Society of joined Cabinet PLASSERAUD in 1990. focusing on the Firm’s natural resources He graduated from the Faculty of Law of laws, dispute resolution and intellectual & Co. The Principal Partner has set up a Lincoln’s Inn in 1997 and completed his She actively developed the firm’s legal and commercial law practices. He obtained the University of Indonesia and holds a PhD property litigation. He also has assisted a Firm with four Attorneys and support staff Master of Laws in 1998 with specialisation department and became a partner of the his law degree (S.H.) from the Faculty of in Law from the University of Hamburg. Dr. number of clients with antitrust aspects to cater to the needs of Botswana’s growing in Commercial and Corporate Law. firm. Law, University of Indonesia where he Ganie is admitted to the Indonesian Bar in their commercial transactions and the establishment of compliance structures based Commercial and Property market. See more, click here See more, click here was actively involved in student affairs in (PERADI) since 1984. on his extensive experience in cases in Japan See more, click here his capacity as the President of the Law See more, click here Student’s Senate. and other jurisdictions. click here See more, click here See more, Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Tel: +267 (3) 19 1622 Tel: +357 25 820 810 Tel: +33 (0)1 40 16 70 00 Tel: +62-21 831 5005 Tel: +62-21 831 5005 Tel: 81-3-3596-7303 Fax: +267 (3) 91 0321 Fax: +357 25 359 772 Fax: + 33 (0)1 42 80 01 59 Fax: +62-21 831 5015 Fax: +62-21 831 5015 Fax: 81-3-3596-7330

www.sharma.co.bw www.tsirides.com www.plass.com www.lgsonline.com www.lgsonline.com www.stwlaw.jp

Brazil Czech Republic Germany Indonesia Indonesia Japan

Antonio Sérgio Altieri Richard Gürlich Thomas C. Knierim Mr Arief Tarunakarya Mr. Rofik Sungkar Osamu Yamamoto de Moraes Pitombo GÜRLICH & CO KNIERIM & KRUG Surowidjojo LUBIS GANIE YUASA and HARA MORAES PITOMBO ADVOGADOS The law office GÜRLICH & Co was founded RECHTSANWÄLTE LUBIS GANIE SUROWIDJOJO SUROWIDJOJO Osamu Yamamoto is a patent attorney, Antonio Sérgio Altieri de Moraes Pitombo, on 1st February 2002. All members of the Thomas Knierim began his legal career Mr Arief Tarunakarya Surowidjojo Mr. Rofik Sungkar is a Partner of Lubis and a managing partner of YUASA business crime lawyer and founder of firm are experienced lawyers possessing as a public prosecutor from 1989 to 1990 specializes in corporate law, corporate and Ganie Surowidjojo and one of the Firm’s and HARA, and is the acting Chief of the law firm Moraes Pitombo Advogados, outstanding professional expertise in at the district attorney’s office in Koblenz project finance, particularly capital markets, litigation specialists, with experience in the Chemical Section. Mr. Yamamoto graduated from the University of São Paulo various branches of law. The firm consists at the central office for criminal business merger & acquisition, mining, environmental, arbitration and administrative hearings. has experience in biotechnology and (USP) Law School in 1993, and specialized of lawyers who are supported by qualified law cases. Since 1991 he has been an commercial litigation and alternative dispute He graduated from the Faculty of Law, pharmaceutical research and worked in in civil procedural law at the Centre for office staff. independent lawyer and founding partner resolutions, he has acted as the lead lawyer University of Indonesia. Prior to joining the the field of development at a chemical University Extension in 1994. See more, click here of Knierim & Krug Rechtsanwälte. in hundreds of IPOs, rights issues and other Firm, Mr. Sungkar spent a year at a Legal company for around ten years before See more, click here See more, click here capital market transactions, in addition to Aid Foundation in Jakarta. specializing in intellectual property. another in excess of 100 M&A deals. See more, click here See more, click here See more, click here Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Tel: (55 11) 3047-3131 Tel: + 42 02 22101591 Tel: +49 (0) 6131 90 655 - 0 Tel: +62-21 831 5005 Tel: +62-21 831 5005 Tel: +81(3)3270-6641 Fax: (55 11) 3047-3131 Fax: + 42 02 22101590 Fax: +49 (0) 6131 90 655 - 99 Fax: +62-21 831 5015 Fax: +62-21 831 5015 Fax: +81(3)3246-0233

www.moraespitombo.com.br www.akrg.cz www.knierimhuber.com www.lgsonline.com www.lgsonline.com www.yuasa-hara.co.jp

42 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 43 ICFM Leading Lawyer 500 www.intercontinental-finance.com www.intercontinental-finance.com ICFM Leading Lawyer 500

Kenya Lebanon Mexico Philippines Turkey USA

Charles Waweru Souraya Machnouk Manuel F. Solano Nilo T. Divina Mr. E. Kerim Yardimci Gary P. Naftalis Gatonye ABOU JAOUDE & ERNST & YOUNG LLP DIVINALAW DERIS PATENTS & KRAMER LEVIN NAFTALIS WAWERU GATONYE & CO. ASSOCIATES Manuel is the partner in charge of the Nilo T. Divina is a leading counsellor and TRADEMARKS AGENCY A.S. & DERIS & FRANKEL LLP ADVOCATES Souraya Machnouk is a partner at International Tax Services (ITS) group in authority in Philippine corporate law and ATTORNEYS-AT-LAW PARTNERSHIP Gary P. Naftalis is co-chair of Kramer Levin Latin America for Ernst & Young as well as litigation. He founded the Firm in 2006, With over 30 years of experience, founder Abou Jaoude & Associates Law Firm Founding Partner and Executive Naftalis & Frankel LLP, where he co-chairs the tax managing partner of Ernst & Young’s and has been the firm’s managing partner of the firm & Senior Partner Mr. Charles and lends her specialized knowledge Board Member at Deris, Kerim is a the firm’s extensive litigation practice. One tax subpractices in the MeCASA (Mexico since. He grew the firm from a crew of nine Waweru Gatonye is widely regarded as and experience to several practice highly experienced and respected of the nation’s leading trial lawyers, he was and Central America) region. Manuel has a lawyers to the present complement of 50 a “high-class and outstanding lawyer” groups including Corporate Law, intellectual property attorney locally and selected as one of the 100 Most Influential BS from Youngstown State University and a attorneys and counsels. He is also the dean in his field of commercial litigation. He Mergers & Acquisitions, Banking, internationally. Fluent in English and Lawyers in America by The National Law JD from Georgetown University Law Center. of the Faculty of Civil Law of the University graduated from the University of Nairobi Capital Markets, Structured Finance and French, Kerim’s international expertise is Journal and as one of the 10 leading trial of Santo Tomas, one the Philippines’ leading in 1974 with L.L. B (Honours). Telecommunications. See more, click here complemented by his extensive network. lawyers in the United States by Legal 500. law schools. See more, click here See more, click here See more, click here See more, click here See more, click here Email: [email protected] Email: s.machnouk@ajalawfirm.com Email: [email protected] Email: [email protected] Email: [email protected] Tel: +254 (20) 2428452/3/4 Tel: +961 1 395 555 Tel: +52-55 1101-6437 Email: [email protected] Tel: (0212) 249 7010 / 11 Tel: 212-715-9253 Fax: +254 (20) 2428450 Fax: +961 1 384 064 Fax: (866) 480-8869 Tel: + 63 02 822 0808 Fax: (0212) 293 7676 Fax: 212-715-9238

www.wawerugatonye.co.ke www.ajalawfirm.com www.ey.com www.divinalaw.com www.deris.com.tr www.kramerlevin.com

Lebanon Mexico Nigeria Singapore Turkey USA

Carlos Abou Jaoude Pedro Arias Garrido Miannaya Aja Essien, Haridass Ajaib Mehmet Nazım George P. McAndrews ABOU JAOUDE & ARIAS, MEURINNE Y SAN, CArb., FCIArb HARIDASS HO & Aydın Deris McANDREWS, ASSOCIATES RODRÍGUEZ, S.C. - CUAJIMALPA PRINCIPLES LAW PARTNERSHIP PARTNERS DERIS PATENTS & HELD & MALLOY Carlos Abou Jaoude is the founder and Professor of International Tax Law, Principles Law Partnership is a firm of legal Haridass graduated from the University TRADEMARKS AGENCY A.S. & DERIS George P. McAndrews is one of the firm’s managing partner of Abou Jaoude & LL.M., Universidad Anahuac. Professor practitioners, arbitrators, notaries public of London in 1974 with an LL.B (Hons.) ATTORNEYS-AT-LAW PARTNERSHIP founding partners. Today, he counsels of International Tax Law, Postgraduate and registered capital market consultants and was called to the English Bar at the clients in all phases of patent, trademark, Associates Law Firm. His multidisciplinary Mehmet Nazım Aydın Deri graduated with Diploma, Escuela Libre de Derecho. Co- in Port Harcourt and Lagos. Miannaya is an Middle Temple in 1975 and admitted as antitrust, fiduciary duty, unfair competition, expertise and international experience in a first class honours from the Faculty of Law author of four books in International Tax alumnus of the Universities of Nigeria and an Advocate and Solicitor of the Supreme warranty, and other intellectual property broad range of industries in both the public at the University of Geneva in June 1968. Law matters and dozens of articles relating Lagos and obtained her LLB (honours) and Court of Singapore in 1976. Haridass is a law. He is also a skilled litigator. and private sectors include Corporate Law, He is fluent in French, English, Italian and to tax issues, many of them focused on LLM respectively in 1984 and 1991. Consultant of Haridass Ho & Partners, a law Banking & Finance, Mergers & Acquisitions. German and has a spoken command of See more, click here International Tax Law. firm, he set up in 1985. See more, click here See more, click here Greek. See more, click here See more, click here See more, click here

Email: c.aboujaoude@ajalawfirm.com Email: [email protected] Email: [email protected] Email: [email protected] Tel: +961 1 395 555 Email: [email protected] Email: [email protected] Tel: +65 6533 2323 Tel: (0212) 249 7010 / 11 Tel: (312) 775-8000 Fax: +961 1 384 064 Tel: (52) 55 5280 5240 Tel: +234 8436 1582 Fax: +65 6533 7029 Fax: (0212) 293 7676 Fax: (312) 775-8100

www.ajalawfirm.com www.amyr.com.mx/ www.principleslaw.com www.hhp.com.sg www.deris.com.tr www.mcandrews-ip.com

Lebanon Mexico Pakistan South Africa USA USA

Simon El Kai Alejandro Sainz Badaruddin F. Vellani Ron Wheeldon Rami Fakhoury Patrick J. Arnold Jr. ABOU JAOUDE & Orantes VELLANI & VELLANI RON WHEELDON ASSOC. FAKHOURY LAW GROUP, McANDREWS, ASSOCIATES CERVANTES SAINZ Mr. Vellani is an Honours graduate This is a boutique firm with a strong PC (FLG) HELD & MALLOY Simon El Kai is a partner at Abou Jaoude He was selected by Latin Lawyer as in Chemical Engineering from emphasis on intellectual property (“IP”) Mr. Rami Fakhoury is passionate about Patrick J. Arnold Jr. has been practicing & Associates Law Firm and has extensive one of Mexico’s top lawyers and by The Loughborough University of Technology, and related issues and was founded in late immigration law. He is the founder and intellectual property law at McAndrews, legal multidisciplinary know how with a International Who’s Who of Insolvency Leicestershire and a Barrister-at-Law of 2005 by Ron Wheeldon, who, after 25 years Managing Attorney of Fakhoury Law Group, Held & Malloy for more than 22 years. particular emphasis on Corporate Law, & Restructuring Lawyers as one of the Middle Temple (London). He has with large firms and having been a partner PC (FLG), a Martindale Hubbell AV-rated While his practice has been concentrated in Mergers & Acquisitions, Real Estate, Media the world‘s pre-eminent insolvency & over 25 years’ experience in corporate and head of department at South Africa’s business immigration firm. Mr. Fakhoury patent, trademark and copyright litigation, & Advertising, Pharmaceuticals, and restructuring lawyers. commercial matters, taxation and largest firm, decided that a small, focused was a pioneer in establishing an office in he also assists clients in prosecution, Intellectual property, labour laws and group in the Bohemian surroundings of Litigation and Arbitration. See more, click here Mumbai to better service FLG’s Indian IT counseling and licensing. litigation upto the Supreme Court. Greenside would be a decidedly more See more, click here and Engineering client. See more, click here See more, click here pleasant existence See more, click here See more, click here Email: s.elkai@ajalawfirm.com Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Tel: +961 1 395 555 Tel: (52) (55) 91785040 Tel: + 92 (21) 3580-1000 Tel: +27 11) 646 6666 Tel: 248 643 4900 Tel: (312) 775-8000 Fax: +961 1 384 064 Fax: (52) (55) 55403433 Fax: + 92 (21) 3580-2120 Fax:086 558 9988 Fax: 248 643 4907 Fax: (312) 775-8100

www.ajalawfirm.com www.cervantessainz.com www.vellani.com www.brands-man.com www.employmentimmigration.com www.mcandrews-ip.com

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USA Argentina Botswana Cayman Islands USA USA Julian Peña Allende & Brea Edward W Fashole-Luke II Luke & Associates Guy Manning Campbells Thomas J. Wimbiscus Scott P. McBride David B. Wilson Leandro Passarella Passarella Abogados Piyush Sharma Piyush Sharma Attorneys & Co. Chile McANDREWS, McANDREWS, SHERMAN & Armenia Brazil Gerardo Otero Alvarado Estudio HELD & MALLOY HELD & MALLOY HOWARD L.L.C. Levon Gevorgyan Legelata Ana Teresa Basilio Basilio Advogados Jurídico Otero Thomas J. Wimbiscus, a shareholder with McAndrews, Held & Malloy, has more than Scott McBride’s practice focuses primarily David B. Wilson is a litigation and Gor Margaryan Legelata João Augusto Basilio Basilio Advogados China on the litigation and trial of patent and arbitration partner in the Denver office of thirty years of experience and practices in Mario Roberto Carvalho de Faria Basilio complex technology cases in federal Sherman & Howard L.L.C. He is both a Australia Susan Ning King & Wood Mallesons all areas of intellectual property litigation, Advogados as well as the acquisition and management courts and before the International Trade Colorado attorney and a Solicitor of the Jon Webster Allens Arthur Robinson Colombia of patent, trademark, copyright, and trade Commission, in review proceedings before Senior Courts of England and Wales. His Pedro Martins Batista Martins the Patent Trial and Appeal Board, and practice includes international arbitration Sarah Dulhunty Ashurst Ximena Castellanos Castellanos & Co secret protection. Paulo Couto Brandão Couto, Wigderowitz in reexamination proceedings before the and international litigation in federal, state Stephen Davis Davis Advisory Margarita Castellanos Castellanos & Co See more, click here e Pessoa Advogados Patent Office. and foreign courts. Nikki Bentley Henry Davis York See more, click here See more, click here Luis Felipe Galante Carbone Croatia Peter Butler Herbert Smith Freehills LLP Luciano Timm Carvalho, Machado, Timm Gordan Stankovic Vuki, Jeluši, Šulina, Email: [email protected] Austin Bell Johnson Winter & Slattery Email: [email protected] Email: [email protected] Tel: (312) 775-8000 e Deffenti Advogados Stankovi, Jurcan & Jabuka Tel: (312) 775-8000 Tel: 303.299.8382 Peter Rose Johnson Winter & Slattery Fax: (312) 775-8100 Marcello do Nascimento David do Fax: (312) 775-8100 Fax: 303.298.0940 Richard Gelski Johnson Winter & Slattery Cyprus Nascimento Advogados www.mcandrews-ip.com David Bitel Parish Patience Christodoulos G. Vassiliades Christodoulos G. www.mcandrews-ip.com www.shermanhoward.com Gabriel Di Blasi Di Blasi, Parente & Associados Immigration Lawyers Vassilliades & Co. LLC Paulo Parente Marques Mendes Di Blasi, USA Ian Walker MinterEllison Louisa Massonidou Christodoulos G. USA USA Parente & Associados Austria Vassilliades & Co. LLC Oscar Couto Lobo & Ibeas Advogados Koulla Demetriou Christodoulos G. Troy A. Groetken William M. Wesley William C. Martucci Thomas Talos Brandl & Talos Antônio Pitombo Moraes Pitombo Vassilliades & Co. LLC McANDREWS, McANDREWS, SHOOK HARDY & Markus P. Fellner Saxinger Chalupsky & Advogados Michalis Pittakis Christodoulos G. HELD & MALLOY HELD & MALLOY BACON LLP Partner Rechtsanwalte GmbH Maria Helena Tavares Neves & Battendieri Vassilliades & Co. LLC Troy Groetken is a shareholder with Bill Wesley has more than thirty years Mr. Martucci, who holds an LL.M. in (SCWP Schindhelm) McAndrews, Held & Malloy, Ltd. He has de Pinho Tinoco Soares Advogados Alexandros Tsirides Costas Tsirides & Co LLC experience in the field and is internationally employment law from Georgetown University Thomas Ruhm Saxinger Chalupsky & over 19 years of legal experience in the known for litigation and licensing in Washington, D.C. practices nationally Guilherme Pereira Neves & Battendieri Andreas Georghiou Law Firm intellectual property field and more than Partner Rechtsanwalte GmbH in complex technical cases. Bill has in complex class action (employment das Neves Advogados A.A. Georghiou LLC 20 years of technical experience in the conducted numerous bench and jury trials discrimination and wage & hour) and EEOC (SCWP Schindhelm) pharmaceutical, biotechnological and Luiz Frederico Neves &Battendieri in complex litigation both in the United litigation. Chambers notes “Bill Martucci Hanno Liebmann Saxinger Chalupsky & Battendieri Advogados Czech Republic chemical fields. States and abroad, including patent, trade is worth having on any dream team for Partner Rechtsanwalte GmbH Gabriel Achour Achour & Hajek See more, click here secret and international trade proceedings. employment litigation and policy issues.” Heitor Miguel Pedro Miguel (SCWP Schindhelm) Richard Gürlich Gürlich & Co. See more, click here See more, click here Pedro Miguel Pedro Miguel Christina Hummer Saxinger Chalupsky & Michal Kroft NWD Legal Email: [email protected] Email: [email protected] Email: [email protected] Partner Rechtsanwalte GmbH British Virgin Islands Martin Aschenbrenner PRK Partners Tel: (312) 775-8000 Tel: (312) 775-8000 Tel: 202.783.8400 (SCWP Schindhelm) Kendall Mills Campbells Fax: (312) 775-8100 Robert Nˇemec PRK Partners Fax: (312) 775-8100 Fax: 202.783.4211 Thomas Podlesak Saxinger Chalupsky & Jamal S. Smith Thornton Smith Denmark www.mcandrews-ip.com www.mcandrews-ip.com www.shb.com Partner Rechtsanwalte GmbH Canada (SCWP Schindhelm) Martin Adree Dittmer Gorrissen Federspiel Martin Kratz Bennett Jones LLP USA USA USA Immanuel Gerstner Saxinger Chalupsky & Tina Reissmann Plesner Partner Rechtsanwalte GmbH Dennis Daoust Daoust Vukovich LLP Dominican Republic (SCWP Schindhelm) Frank Molnar Field LLP Sandra A. Frantzen Steven F. Molo Ira Genberg Aura Fernández Guzmán Ariza Bahrain Craig Rix Hicks Morley Hamilton McANDREWS, MOLOLAMKEN LLP TROUTMAN SANDERS Stewart Storie LLP Fabio J. Guzmán Ariza Guzmán Ariza Shaikha Haya Al Khalifa Haya Rashed HELD & MALLOY Steven Molo, one of the country’s leading Ira Genberg has been chosen as one of Elizabeth Brown Hicks Morley Hamilton Rubén J. García Guzmán Ariza courtroom advocates, is a founding the nation’s 75 most outstanding lawyers Al Khalifa Law Firm Sandra Frantzen practices a broad range of Stewart Storie LLP Egypt intellectual property law focusing on patent, partner of the national litigation boutique, by counsel at Fortune 1000 companies, Mr Qays Hatim Zu'bi Zu'bi & Partners trademark and copyright litigation, and MoloLamken LLP. He represents and as one of the world’s top 500 lawyers John Brooks Hicks Morley Hamilton Mohamed Abdel Wahab Zulficar & Partners corporations, boards, funds, investors, by ICFM, one of Europe’s primary rating client counseling. Recognized in the Law Belgium Stewart Storie LLP Mona Zulficar Zulficar and Partners inventors, and individuals in complex services, in 2013, 2014, 2015, and 2016. Bulletin’s list of “40 Illinois Attorneys Under Thierry Afschrift Afschrift Stephen Shamie Hicks Morley Hamilton 40,” Sandra has extensive litigation and business litigation, white collar criminal and In 2015, Mr. Genberg was also selected El Salvador consulting experience in various industries. regulatory matters, and IP litigation. by ICFM as the nation’s top construction Rainer Bierwagen Beiten Burkhardt Stewart Storie LLP His client base is international. lawyer. José Romero Romero Pineda & Asociados See more, click here Yves Herinckx Herinckx SPRL Brian Carr KPMG Law LLP See more, click here See more, click here Marcela Mancía Romero Pineda & Asociados Jean-Pierre Blumberg Linklaters Ian Rose Lavery de Billy LLP Roxana Romero Romero Pineda & Asociados Birgitta Van Itterbeek Monard Law W. Andrew McLauchlin McLauchlin & Email: [email protected] Email: [email protected] Email: [email protected] Rainer Bierwagen Beiten Burkhardt Associates Finland Tel: (312) 775-8000 Tel: 212.607.8170 Tel: (404) 885-3740 Fax: (312) 775-8100 Fax: 646.710.4950 Fax: (404) 962-6832 Yves Herinckx Herinckx SPRL Margaret McNee McMillan LLP Peter Backström Backström & Co Jean-Pierre Blumberg Linklaters Christopher Morgan Skadden Olli Oksman KallioLaw www.mcandrews-ip.com www.mololamken.com www.troutmansanders.com Birgitta Van Itterbeek Monard Law Mark W S Bain Torys LLP Pekka Kiviniemi KallioLaw

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Jukka Kallio KallioLaw Dimitris Paraskevas Elias Paraskevas Rajat Taimni Tuli & Co Munyalo Nthuli Waweru Gatonye & Amanda Valdez López Velarde, Alex Córdova Rodrigo Elias & Medrano Zacharias Sundström Nordic Law Attorneys 1933 Abhijit Joshi Veritas Legal Co. Advocates Heftye y Soria, S.C. María Teresa Quiñones Rodrigo Elias France Calliope Metaxotou V&P Law Firm Rahul Dwarkadas Veritas Legal Tedd Moya Waweru Gatonye & Tomas Natividad Natividad Abogados & Medrano Nandish Vyas Veritas Legal Co. Advocates Carlos F. Portilla Robertson Portilla, Ruy-Diaz Didier Boulinguiez Cabinet Plasseraud Guatemala Philippines Mary Imende Waweru Gatonye & y Aguilar, S.C Francis Bergoin Cabinet Plasseraud Mario Adolfo Búcaro Central Law Indonesia Nilo T. Divina DivinaLaw Co. Advocates Gonzalo Ruy-Díaz Portilla, Ruy-Diaz Bertrand Loisel Cabinet Plasseraud Juan Pablo Carrasco de Groote Central Law Toeti Noerhadi-Roosseno Biro Oktroi Edwin C. Uy DivinaLaw Kyrgyzstan y Aguilar, S.C Guylène Kiesel Le Cosquer Cabinet Plasseraud Roosseno Nelia A. Raule-Lumanog DivinaLaw Hawaii José Luis Carrasco Tovar Rivera Gaxiola Alain Frenkel Frenkel & Associés Ir. Migni Myriasandra Noerhadi Biro Oktroi Niyazbek Aldashev Koan Lorenz Eric Elkind Schlack Ito Carrasco Y Barrera Alden Francis C. Gonzales DivinaLaw Pierre Kirch Paul Hastings Roosseno Lebanon Natividad Abogados Tomas Natividad Estrella C. Elamparo DivinaLaw Hong Kong Ignatius Andy Ignatius Andy Law Office Dominique Borde Paul Hastings LLP Mr. Ramon Esguerra Esguerra & Blanco Eugene Chow Chow King & Associates Carlos Abou Jaoude Abou Jaoude & Mr. Abdul Haris Lubis Ganie Surowidjojo Nepal Aline Poncelet Paul, Hastings, Janofsky Associates Law Firm Law Offices Andrew M. Yang Goodwin Procter Muhammad Rum Devendra Pradhan Pradhan, Ghimire & & Walker LLP Simon Kai Abou Jaoude & Brian M. McDaniel Goodwin Procter Arief Tarunakarya Surowidjojo Lubis Ganie Associates Pvt. Ltd. Poland Anne-Valérie Attias-Assouline PwC Tax & Associates Law Firm Christopher Yu Goodwin Procter Surowidjojo Andrzej Krawczyk Akademia Rozwoju Legal Services Souraya Machnouk Abou Jaoude & Nigeria Yash Rana Goodwin Procter DR. M. Idwan Ganie Lubis Ganie Surowidjojo Systemów Sieciowych Gilles Amsallem Taylor Wessing Associates Law Firm Barnaba Olatunde Onamusi. Esq Mark Western Maples and Calder Harjon Sinaga Lubis Ganie Surowidjojo Piotr R. Graczyk RGW Rocławski Graczyk Jean Francois Canat UGGC Chadia El Meouchi Badri & Salim J-K Gadzama LLP i Wspólnicy Adwokacka Pascal Wilhelm Wilhelm & Associes Hungary Rofik Sungkar Lubis Ganie Surowidjojo El Meouchi Law Firm Boniface Onwuka Igwe Esq J-K Gadzama LLP Spółka jawna Michael Lantos Danubia Timbul Thomas Lubis Lubis Ganie Abdel Ghani Hamdan Hamdan Law Firm Chief Joe-Kyari Gadzama J-K Gadzama LLP Georgia Surowidjojo Wojciech Rocławski RGW Rocławski Graczyk Alice Dessewffy Dessewffy, David & Partners Ahmad Hamdan Hamdan Law Firm Miannaya A. Essien Principles Lasha Nodia Nodia, Urumashvili & Partners i Wspólnicy Adwokacka Law Partnership Gábor Damjanovic Forgó, Damjanovic Israel Spółka jawna & Partners Law Firm Malaysia Michael Orimobi Tokunbo Orimobi LP Germany Dr. Klagsblad Dr. A. Klagsbald & Co Elbieta Traple Traple Konarski Podrecki Dato' Azmi Mohd Ali Azmi & Associates Dr. Patrick Giesler Busse & Messen Zoltan Forgo Forgó, Damjanovic Law Offices Femi Olubanwo Banwo & Ighodalo i Wspólnicy sp.j. & Partners Law Firm Rechtsanwälte Amir Shraga Dr. A. Klagsbald & Co Mauritius Asue Ighodalo Banwo & Ighodalo Paweł Podrecki Traple Konarski Podrecki István Gárdos Gardos Furedi Mosonyi Tomori Jörn Zumbroich Gehrke Zumbroich Law Offices Shankhnad Ghurburrun Geroudis Ken Etim Banwo & Ighodalo i Wspólnicy sp.j. & Partner Péter Gárdos Gardos Furedi Mosonyi Tomori Ayotunde Owoigbe Banwo & Ighodalo Italy Mexico Xawery Konarski Traple Konarski Podrecki Matthias Gehrke Gehrke Zumbroich India Daniele Vecchi Gianni, Origoni, Grippo, Norway i Wspólnicy sp.j. Pedro Arias Garrido Arias, Meurinne & Partner Mr. Debjit Gupta Anand and Anand Cappelli & Partners Krzysztof Weremczuk WBW Weremczuk y Rodriguez Anne Wildeng Bryn Aarflot Dr. Peter Kather Kather Augenstein Mr. Pravin Anand Anand and Anand Francesco Gianni Gianni, Origoni, Grippo, Bobel & Partners Salvador González Escamilla Arias, Meurinne Kristine Aarflot Bryn Aarflot Dr. Christof Augenstein Kather Augenstein Mr. Safir Anand Anand and Anand Cappelli & Partners Łukasz Bobeł WBW Weremczuk y Rodriguez Kristine Rekdal Bryn Aarflot Thomas C. Knierim Knierim & Krug Ms. Archana Shanker Anand and Anand GianBattista Origoni Gianni, Origoni, Grippo, Bobel & Partners Luis E. Meurinne Arias, Meurinne Ståle Gjengset Wiersholm Rechtsanwälte Cappelli & Partners Ms. Binny Kalra Anand and Anand y Rodriguez Sverre Sandvik Wiserholm Portugal Björn Krug Knierim & Krug Stefano Sutti Studio Legale Sutti Zia Mody AZB & Partners Humberto Rodríguez Guevara Arias, Meurinne Ferreira Albuquerque & Associados Rechtsanwälte Prof. Piergiorgio Valente Valente Associati Pakistan Samir Gandhi AZB & Partners y Rodriguez Mr. José Luís Arnaut CMS Rui Pena & Arnaut Dr. Eugen Popp Meissner Bolte GEB Partners Mahmood A. Awan Mahmood Awan & Bahram Vakil AZB & Partners Agustín Velázquez Avahlegal Luis Miguel Amaral Luis Miguel Amaral Eugen Popp Meissner Bolte Prof. Ivo Caraccioli Valente Associati Associates Ajay Bahl AZB & Partners Alberto Huerta Bleck Avahlegal Advogados Tobias Wuttke Meissner Bolte GEB Partners Badaruddin F. Vellani Vellani & Vellani Vishwang Desai Desai & Diwanji Elias Rios Navarro Avahlegal Fernando Antas da Cunha Miranda Dieter G. Pape PPR & Partner Ameen M. Vellani Vellani & Vellani Sumanto Basu J Sagar Associates Japan Miguel Gallardo-Guerra Bello, Gallardo, Rogerio Alves Rogerio Alves & Associados Dr Ulf Hackenberg PPR & Partner Panama Raian Karanjawala Karanjawala & Co. Toru Ishiguro Mori Hamada & Matsumoto Bonequi y García, S.C. (“BGBG”) Joao Perry da Camara Rogerio Alves & Theo Rauh PPR & Partner Octavio Amat Arias Fabrega & Fabrega Nandini Gore Karanjawala & Co. Hajime Watanabe STW & Partners Alfonso Villalva P. Bufete Villalva, S.C. Associados Claus-Peter Martens SammlerUsinger Fernando A. Arias Arias Fabrega & Fabrega Ruby Singh Ahuja Karanjawala & Co. Osamu Yamamoto Yuasa And Hara Fernando Castelazo Casares Castelazo Joao Pedro Varandas Rogerio Alves & Axel von dem Bussche Taylor Wessing Ricardo Arango Arias Fabrega & Fabrega Sandeep Kapur Karanjawala & Co. Kenya Alejandro Sainz Orantes Cervantes Sainz Associados Ghana Meghna Mishra Karanjawala & Co. Nelson Ashitiva Ashitiva & Co. Advocates Alejandro Nila Rosales Cervantes Sainz Paraguay Filipe Barata Rogerio Alves & Associados David Ofosu-Dorte AB & David Debmalya Chandra Banerjee Karanjawala & Co. Fred Ojiambo Kaplan & Stratton Advocates Samuel Chacón Chacón & Rodríguez SC Alejandro Piera Guanes, Heisecke & Piera Isabel Boaten AB & David Gautam Khaitan O.P Khaitan & Co Peter Hime Kaplan & Stratton Advocates Laura Collada Dumont Bergman Bider & Co Peru Romania Elikem Nutifafa Kuenyehi ENSafrica Sawant Singh Phoenix Legal Njoroge Regeru Njoroge Regeru & Armando Pinto Dumont Bergman Bider & Co Juan Luis Avendaño Cisneros Miranda & Adriana Ioana Nestor Nestor Diculescu Greece Manjula Chawla Phoenix Legal Company Advocate Manuel F. Solano EY Amado Abogados Gaspar Kingston Petersen SCA Hero Sinanidou-Sideridou Drakopoulos Abhishek Saxena Phoenix Legal James Ochieng Oduol Tripleoklaw Enrique Diaz Goodrich, Riquelme Jose Daniel Amado Miranda & Ana Diculescu-Sova Nestor Nestor Diculescu Law Firm Saket Shukla Phoenix Legal Jinaro Kipkemoi Kibet Tripleoklaw y Asociados Amado Abogados Kingston Petersen SCA Michalis Kosmopoulos Drakopoulos Gagrats Rustam Gagrat John Morris Ohaga Tripleoklaw Daniel Basurto Ideas Sergio Heraud Muñiz Ramirez Ion Nestor Nestor Nestor Diculescu Law Firm Neeraj Tuli Tuli & Co Tom Onyango Tripleoklaw Jaime A. Treviño Jata Perez-Taiman & Olaya Kingston Petersen SCA Panagiotis Drakopoulos Drakopoulos Rajat Taimno Tuli & Co Charles Waweru Gatonye Waweru Gatonye & Rogelio Lopez Velarde Lopez Velarde, Oscar Mago Carranza OMC Abogados Manuela Marina Nestor Nestor Diculescu Law Firm Neeraj Tulli Tuli & Co Co. Advocates Heftye & Soria, S.C & Consultores Nestor Kingston Petersen SCA

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Russia Luis Trigo Broseta Abogados Uganda Chris Cooke Rooks Rider Solicitors LLP Troy A. Groetken McAndrews, Douglas R. Hirsch Sadis & Goldberg LLP Held & Malloy Jeffrey C. Goldberg Sadis & Goldberg LLP Sergei Varlamov Business Fairway Gabriel Nadal Ecija Joseph Buwembo Buwembo & Company Arty Rajendra Rouse Sharon A. Hwang McAndrews, Ron S. Geffner Sadis & Goldberg LLP Hugo Écija Ecija Advocates Diana Sternfeld Rouse Elena Belozerova Goltsblat BLP LLP Held & Malloy Jess Muoz-Delgado y Mrida Gomez-Acebo Catriona Smith Rouse Legal David Wilson Sherman & Howard Anna Baglay Intels UK Thomas J. Wimbiscus McAndrews, & Pombo Keith Schilling Schillings William C. Martucci Shook Hardy & Bacon Valeri Guerman Intels Adam Ramlugon Bargate Murray Held & Malloy Francisco G. Prol Prol&Asociados William C. Martucci Shook, Hardy & Dr. Tatyana Vakhnina Vakhnina and Partners Gary Assim Shoosmiths LLP Quentin Bargate Bargate Murray Robert A. Surrette McAndrews, Bacon (SHB), L.L.P. Jordi Casas Roca Junyent John Andrews Stone Rowe Brewer Solicitors Held & Malloy Rwanda Mark Saunders Berwin Leighton Marc D Latman Smith Gambrell & Marta Gil de Biedma Ventura Garces & Gary Born Wilmer Cutler Pickering Christopher V. Carani McAndrews, Désiré Kamanzi ENSafrica Paisner LLP Russell LLP Lopez-Ibor Abogados Hale and Dorr LLP Held & Malloy Robert MacGregor Berwin Leighton Ira Genberg Troutman Sanders LLP Senegal Alfonso Lopez-Ibor Alin Ventura Garces & Denis Petkovic Withers Patrick J. Arnold Jr McAndrews, Paisner LLP Ilene Knable Gotts Wachtell, Lipton, Mouhamed Kebe Geni & Kebe Lopez-Ibor Abogados Chris Hart Wollen Michelmore Held & Malloy Patricia Barclay Bonaccord Ecosse Ltd Rosen & Katz Andrea Garces Ventura Garces & Nabeela Rasheed McAndrews, Serbia Dr Rohan Setna Boult Wade Tennant Edward Herlihy Wachtell, Lipton, Lopez-Ibor Abogados Uruguay Held & Malloy Vuk Draskovic Bojovic & Partners Nick McLeish Boult Wade Tennant Rosen & Katz Mathieu de Rooij ZBM Gonzalo Yelpo Yelpo & Facal William M. Wesley McAndrews, Marija Bojovic Bojovic & Partners Rohan Setna Boult Wade Tennant Andrew Brownstein Wachtell, Lipton, Natividad Toledo ZBM Held & Malloy Uros Popovic Bojovic & Partners Martha Collins Rolle Bryan Cave USA Rosen & Katz Priscilla F. Gallagher McAndrews, Sri Lanka Bill Perry Carter Perry Bailey LLP Alice Gosfield Alice G. Gosfield and Adam O. Emmerich Wachtell, Lipton, Singapore Held & Malloy Sakeen Cader Julius & Creasy Bernadette Bailey Carter Perry Bailey LLP Associates, P.C. Rosen & Katz David Bateson 39 Essex Chambers Sandra A. Frantzen McAndrews, Jayanta Mootatamby Julius & Creasy Andrew Nussbaum Wachtell, Lipton, Max Ng Gateway Law Corporation Mark Aizlewood Carter Perry Bailey LLP Jonathan Schiller Boies, Schiller & Held & Malloy Swaminathan Flexner LLP Rosen & Katz Haridass Ajaib Haridass Ho & Partners Stephen Carter Carter Perry Bailey LLP Herbert D. Hart III McAndrews, Bill Boyar BoyarMiller David A. Katz Wachtell, Lipton, Yoga Charming Yogarajah Haridass Ho Sweden William Sturge Carter Perry Bailey LLP Held & Malloy Rosen & Katz & Partners Clas Romander Delphi Karl Mackie CEDR Chambers William Goodman Bradley Arant Boult Scott P. McBride McAndrews, Cummings LLP Augustine Liew Haridass Ho & Partners Anders Elmer EmpLaw Advokater Annabelle Gauberti Crefovi Held & Malloy Venezuela Herman Braude Braudelawgroup Thomas Tan Haridass Ho & Partners Jan Ramkvist Gunnard Holst Cederlöv Colin Edelman Devereux Chambers Edward A. Mas II McAndrews, John Pate De Sola Pate & Brown Gregory A. Markel Cadwalader Held & Malloy Tracy Chen OneLegal Björn Yrlid Lindskog Malmström David Coupe EC3\Legal Vietnam Marc M. Rossell Chadbourne & Parke LLP Christopher Scharff McAndrews, Slovakia Christina Kokko VINGE Barry Love Environmental Pham Quoc Tuan Dimac Law Firm Law Chambers Ltd Herbert Odell Chamberlain, Hrdlicka, White, Held & Malloy Pavol Blahušiak Dedák & Partners Eric Le Dréau Indochina Legal Switzerland Graeme Nuttall FieldFisher Williams & Aughtry Alejandro Menchaca McAndrews, Nguyen Quoc Tuan Indochina Legal Teresa Giovannini Lalive South Africa Kirstene Baillie Fieldfisher Charles Shipley Charles Shipley Law Office Held & Malloy Dinh Quang Thuan Phuoc & Partners Alex Wittmann Lenz & Staehelin Alan Keep Bowman Gilfillan Darryl Cooke Gunnercooke LLP Bartholomew Banino Condon & Forsyth LLP Joel G. Chefitz McDermott Will & Emery LLP Kent Wong VCI Legal Anton Barnes-Webb Bowman Gilfillan Guy Vermeil Lenz & Staehelin Paul Sanderson HGF Ltd Jack Gilchrist DeBee Gilchrist Steven F. Molo MoloLamken LLP Phung Anh Tuan VCI Legal Ezra Davids Bowman Gilfillan Martin Aebi Lenz & Staehelin James Love James Love Legal Rami Fakhoury Fakhoury Law Group PC Jeffrey A. Lamken MoloLamken LLP Doron Joffe ENSafrica Matteo Pedrazzini LHA Hugh Dunlop Jenkins Nancy Hollander Freedman Boyd Hollander Justin V. Shur MoloLamken LLP Yemen Dr. Joanne van Harmelen ENSafrica Wolfgang Müller Meyerlustenberger Lachenal Katie Cameron Jenkins Goldberg Urias & Ward P.A. Andrew Rogerson Rogerson Law Group Jamal Alkaf Sahra Petroleum Consulting Adriaan Hoeben ENSafrica Felix Locher Python & Peter Carrollane Lindley Kilburn & Strode LLP Peter Gutowski Freehill Hogan & Mahar Edwin Ellis ENSafrica Jacques Bonvin Tavernier Tschanz Nigel Rowley Mackrell Turner Garrett William Juska Freehill Hogan & Mahar Andrew Bembridge ENSafrica The Netherlands William Cook Marks & Clerk Solicitors LLP Barrett Reasoner Gibbs & Bruns LLP Gordon Reid ENSafrica Taco de Lange AKD Andrew Bodnar Matrix Kathy Patrick Gibbs & Bruns LLP LEADING Adelhart Krüger Kisch IP Tim Schreuders Heussen Carolyn Jones Matthew Arnold & David Mandelbaum Greenberg Traurig, LLP At van Rooy Kisch IP Marc Maanen Van Traa Baldwin LLP Jan Handzlik Handzlik Law Marlon Shevelew Marlon Shevelew Clare Stothard Matthew Arnold & Scott M. Seamen Hinshaw & Culbertson LLP LAWYER Robert Denhaan Van Traa and Associates Inc. Baldwin LLP Robert Pessers Van Traa G. Scott Greenburg K&L Gates LLP Lizelle Donaldson McPherson Kruger Mark Weston Matthew Arnold & Dean Russell Kilpatrick Townsend Attorneys Turkey Baldwin LLP 2017 & Stockton LLP Melis Aritman AYA Law Firm Ron Wheeldon Ron Wheeldon Attorneys Paul Gershlick Matthew Arnold & Gary Naftalis Kramer Levin Naftalis Manus Booysen Webber Wentzel Mr M.N. Aydin Deris Deris Patents & Baldwin LLP & Frankel LLP Our researchers have Trademarks Agency A. South Korea Steven Mills Matthew Arnold & Joseph Gagliardo Laner Muchin Ltd already started the selection Mr. E. Kerim Yardimci Deris Patents & Baldwin LLP John Maalouf Maalouf Ashford & Talbot Byung-Suk Chung Kim & Chang Trademarks Agency A. process. If you feel you or Tim Constable Matthew Arnold & Mr George P. McAndrews McAndrews, Spain Nazli Korkut Deris Patents & Baldwin LLP Held & Malloy any colleagues should be Marla Bojorge Bojorge & Associates Trademarks Agency A. Nigel Wilson Maxwell Winward LLP Timothy J. Malloy McAndrews, considered, please contact: Carlos Dieguez Broseta Abogados Ilknur Peksen ErsoyBilgehan Austin Flynn Morton Fraser LLP Held & Malloy [email protected] Javier Morera Broseta Abogados Zihni Bilgehan ErsoyBilgehan Lesley Linott Penningtons Manches LLP Peter J. McAndrews McAndrews, Julio Veloso Broseta Abogados Esra Tekil Teki L Law Offic Peter Cassidy Reed Smith Held & Malloy

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Amsterdam The city with most attractions per square kilometre

The capital of The Netherlands, Amsterdam is known for its artistic heritage, highly-structured canal system and narrow houses with gabled facades, all legacies of the city’s 17th-century Golden Age. Despite being a metropolis,

visitors are often pleasantly surprised by its compact size. Practically all of icon along with tulips. The floating flower house with a frescoed ceiling coffee room. menus include cod with shredded kale and market along Singel is a colour blast of Amsterdam’s rich lifestyle over the centuries pumpkin purée. Pristine white Swytch in the the city centre attractions are within walking distance of each other. And blooms. In 1637, a single tulip bulb cost 10 is revealed at the Van Loon Museum; a room where Rembrandt painted The Night if you want to discover other city districts, there’s an impressive network of times a craftsman’s annual wage. house is still owned by the same family which Watch terms its menu flexitarian: main dishes Vases were designed to display blooms included an East India company founder and include vegetable with meat and fish playing trams, buses and metros, not to mention the regular ferries crossing the River individually – the more stem slots, the wealthier city mayors. The opulent dining room can be side dish roles – red cabbage and tapioca the owner. Modern Delftware examples are hired for private dinners, an option the Dutch come with Dutch giant squid on the side. IJ to Amsterdam Noord and, of course, the innumerable bikes. buyable at the Jorrit Heinan shop in the Munt prime minister enjoys. Renovated buildings add eating ambience Tower. The once priceless bulbs can now also Amsterdam’s second golden age in the as at The Duchess in a former Belle Epoque Carol Wright be eaten in Chef Jonathan Karpathios’ dishes late nineteenth century is architecturally bank with stained-glass ceiling, gold and at Vork & Mes restaurant. summed up in the ornate splendour of the black marble detailing serving Mediterranean AMSTERDAM IS EASILY WALKABLE the Royal Palace, took 1,359. Built to express with 190 ships, 10,000 man private army and The Golden Age merchants were generous Rijksmuseum and the Centraal Station both dishes and afternoon tea with colourful sweet AROUND CONCENTRIC CANALS – Amsterdam’s might, the palace can be visited 50,000 employees. A glimpse of these glories art patrons enabling Rembrandt, Vermeer, designed by Cuypers. Monthly tours of pastries and scones with marmalade. For a THERE ARE MORE CANALS THAN IN to see opulent rooms and the marble Citizens’ can be seen at the Maritime Museum showing and Franz Halls to flourish. Their works line the Royal Waiting Room demonstrate the quick coffee and pastry, the Beurspassage VENICE – CURLING AROUND THE CITY Hall where global and celestial floor maps put life aboard the replica ship ‘Amsterdam’. the Rijksmuseum’s Gallery of Honour leading period’s gilded glory. Art deco is at its most near Dam Square has been renovated with HEART: Dam Square. Tall, gabled houses Amsterdam at the universe’s heart. Boat trips are calm ways of city sightseeing to Rembrandt’s The Night Watch, the highlight impressive in the wedding room of the former mosaics underlining Amsterdam’s canals, built during Amsterdam’s seventeenth century The city was right to boast. In the ranging from one hour to hop-on-and-off attraction among 5,000 former royal collection town hall now the Grand Hotel with floor to bikes and umbrellas and a fountain offering golden age line the canals occasionally seventeenth century owning the world’s tours and candlelit dinner cruises. A winter paintings, one million prints and drawings ceiling murals showing the journey of life, Amsterdam’s pride – pure drinking water. l leaning out over the pavement; a practical largest fleet, it ruled trade and was the centre festival delight is seeing dazzling canal-side and hundreds of sculptures. Rembrandt’s another venue for special private dinners. way to haul goods up to top floors without of literature, painting, philosophy and science. light installations created by international house reconstructs his life in detail; courses The hotel also contains the Michelin-starred breaking the large windows below. Windows With its East India Company founded in 1602, artists. are given where he taught his pupils and one Bridges restaurant where a central Raw Bar were big to minimise house weight. it created the world’s first public-limited Cycling is the main way of getting around learns how he obtained his lighting effects in features lobster sandwiches and fish tartare. Built on marshland, each house needed 40 company and stock exchange. By 1669, on 400kms of cycle paths and bikes are easy his studio. Amsterdam has plentiful Michelin-starred tree trunks as its base and the Town Hall, later this was the world’s richest private company to rent. The bike has indeed become a city Come face to face, quite literally, with the venues led by the Waldorf Astoria’s Librijes Golden Age’s powerful art patrons in the under Chef Sidney Schutte blending Asian Hermitage Museum. Huge group portrait and Dutch ideas. Table travel is easy, reflecting canvases 3-6 metres in size normally too Amsterdam’s 186 different nationalities. Dutch large to exhibit, depict guards, physicians, Indonesian culinary connections are on the charity administrators virtually life size; their table at Puri Mas decorated with Indonesian assured eyes watching the visitor over crafts and paintings where the Rijsttafel of immaculate white ruffs. multi spicy meat, vegetable and rice dishes Amsterdam’s museum themes include is served. diamonds, sex – the Red Light district The Dutch love of horticulture is evident at flourishes – drugs, funerals, and a Bag De Kas, an eight-metre high greenhouse in a and Purse museum in an old canal-side kitchen garden. Produce-led set three-course

52 53 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 TRAVEL | HOTEL | Hotel Pulitzer www.intercontinental-finance.com www.intercontinental-finance.com TRAVEL | HOTEL | Hotel Pulitzer

Hotel Pulitzer A LUXURIOUS RETREAT IN THE HEART OF THE CITY Located on the Prinsengracht and Keizersgracht, the five-star Hotel Pulitzer in Amsterdam is a unique blend of up-market, traditional and modern Dutch craftsmanship hidden amongst the most iconic canals.

Carol Wright

AMSTERDAM’S FIVE-STAR PULITZER HOTEL IS A LABYRINTH OF 25 HISTORIC HOUSES MAINLY DATING FROM MID- TO LATE-EIGHTEENTH CENTURY MAKING THE COMPLEX THE NETHERLANDS’ LARGEST HISTORICAL MONUMENT. The houses, in a UNESCO Heritage site, front both Prinsengracht and Keizersgracht; the former once old shops and warehouses, the latter wealthy residences and enclose a large private garden used year round. travel trunks. Adjoining the entrance is the lobster risotto. An adjacent private dining power points that doubles as a dresser – the The hotel gets its name from Peter Pulitzer, Library containing copies of every Pulitzer room has a crystal decanter chandelier and Vermeer inspired lamp is by Tom Dixon. the grandson of Joseph who founded the prize winning book and leather wing chairs canal views. Wooden headboards recall canal house eponymous literary prize. In 1960, Peter in which to read. Nine meeting rooms are scattered round gables and every room has its own art bought the first 10 houses, restored them, Pause for all day light dining, opens off this area aimed at board meetings and dining work and a coloured vintage phone, a relief and opened the hotel in 1970 having the lobby, glass walled onto the garden with occasions; the largest taking up to 150. Two from over-technical digital ones. The mini- managed to link differing floor and room terrace dining. Green marble topped tables of the rooms are in the Saxenburg house, bar, designed as a 1930s domestic drinks dimensions and designed baggage carts to with Beetle chairs by Gubi flank a white the most opulent of the complex whose trolley, includes cocktail mixing facilities. Tea cope with hallway levels. Guests receive a marble bar. After breakfast, the menu offers eighteenth century owner had a collection and coffee makers are provided along with guidance map on check-in. In 1990, Pulitzer quiches, sandwiches and light dishes that of 180 paintings including Rembrandts and a bicycle repair kit considered an essential sold the hotel and recently it has had a can be taken away or eaten in the rooms. a Vermeer. Some of the hotel’s current art in Amsterdam. Pots of coloured pencils complete renovation under designer Jacu The garden area serves as a dining and collection hangs on the Hague Blue-shaded replace customary pens. Each house has Strauss. relaxing space with covered winter heated walls. The Garden room has moveable different wall and carpet colours and one of A florist display and suspended grand areas. Year round greenery flourishes in pots potted trees, a wall hung with vintage pots the linking courtyards has a five storey art piano feature in the new two storey entrance and hanging swing chairs and hand carved and a Persian style carpet. installation made from salvaged bicycles. on Prinsengracht. The piano is a reminder rocking horses entertain all ages. Furniture The 225 guest rooms, basically decorated The Pulitzer has four special suites of the August classical music festival the is moveable to follow the sun and glazed in neutral tones spiked with yellow, pink with quirky themed decor and celebrity hotel organises with floating stage and corridors link the two hotel sides. Some and blue, differ in size and reflect historical appreciated private entrances. The book international performers. The hotel owns a suites have garden entrances and semi- Amsterdam with beams, plaster and brick collectors’ suite features an arch of books, 1909 canal boat complete with Tiffany lamps private garden space. walling. Wooden cladding set with a porthole a bike over the wardrobe, oak writer’s desk, in which guests can dine privately while The corridors also lead to the gym and screens bathrooms and recalls canal boats. leather chairs and patchwork Persian rug exploring the canals perhaps taking in the new restaurant; Jansz. Jansz’s canal-side All have free wifi and a desk with built-in edged with disused military tent fabric. Winter Light Festival of international floating entrance is through a restored Pharmacy The art collector’s suite has a spoof of illuminated art. complete with antique bottles. Named for an Old Masters’ group paintings; the antique The lobby reflects its eighteenth century original owner; Vollart Jansz, a seventeenth The Pulitzer Hotel collector’s has a wall of vintage mirrors, while warehouse origins with brick wall, lighting century copper smith, the open kitchen Prinsengracht 315-331 the music collector’s has a wall of trumpets, inspired by the Old Masters, custom made commemorates him with displays of copper 1016 GZ framed records, vintage record player and or antique furniture including a gold velvet utensils. This brasserie style restaurant with Amsterdam discs from classical to hip hop. The Pulitzer conversation sofa and vintage Persian rugs. marble or wooden topped tables serves Tel: +020 523 5235 is a grand, romantic suite containing a lady’s Two reception desks are faced with 510 American born chef Cassidy Hollman's no pulitzeramsterdam.com writing desk, original chandeliers, a Louis XIV Delft tiles and another is made of vintage fuss international comfort food such as sofa and a large bathtub near the bed. l

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alongside the wine cooler. Seafood along beside the ferry terminal has vast windows with salt cod and a great cheeseboard has illuminating industrial overhead piping. a French accent. When these utilitarian surroundings pall, The NDSM former shipyard is reached take to the waters on the Pannenkoeken The District of Amsterdam Noord (North) was cut off from the rest of by a ferry passing an old Russian Boat for eat-all-you can pancakes while submarine, floating hotel, lightship and tall cruising the river or hire a silent electric boat the city by the IJ harbour for years – however, in the last decade there ships. The area’s trams are now student to explore the canals and the surrounding accommodation and a crane is now the villages amid dykes and polder meadows. has been ambitious redevelopment, residential construction and some three-roomed Faralda Hotel for a very unique Rented bikes or just walking reveal charming overnight experience. One hangar houses old villages with canal side houses with high-profile projects such as the EYE Filmmuseum, the Tolhuistuin, and artists’ studios, big themed markets are held gables shaped like old cheese covers. the A'DAM Tower, as well as an emerging cultural and gastronomical and modern films and from an archive of in others and the NSDM Wharf has vintage Vogeldorp was Amsterdam’s first garden 37,000 titles movies can be selected and and thrift shopping and monthly flea market. village built in the early 1900s when each scene. As a result, Noord attracts many young residents as well as tourists watched in digital booths. Eateries here are Pllek that appears to house was given a garden and bathhouses Riverside restaurants, cafes and hip be in rusting piled shipping containers. Nieuwendammerdijk is worth a visit for its looking for a great adventure out and about. evening spots dominate Noord’s appeal Through a container entrance, there’s a long street of wooden houses dating from plus in summer swims and toes in the sand large room with container walls and glass 1500 onward many later owned by ships’ meals and music. The former industrial river frontage. Furniture is made from captains One wealthy owners’ house was units used have somewhat depressing recycled materials and salvaged objects, called the Half Moon (De Halve Maen) after Carol Wright exteriors but are welcoming. Cafe de floors are bare concrete but the views are the ship taking the first Dutch settlers to Ceuvel in a former shipyard is the place for the draw plus a beach area. At night, DJs New York in 1609. AMSTERDAM’S NOORD NEIGHBOUR- gives panoramic views over Amsterdam, player. Records and guitars to play can be concerts, pop up shows, films, swimming and dancing take over. On Sundays there’s At the end of fresh air days in the HOOD WAS UNTIL RECENTLY A DREARY surrounding villages and polders. A giant borrowed. The lobby area is the Butchers and parties. yoga. More glass transparency is found at countryside, music, swimming or just movie INDUSTRIAL AREA OF SHIPYARDS, double swing – Europe’s highest – lifts up social club, a 24-hour venue with river view Other noted spots include THT, Noorderlicht Cafe in a giant greenhouse watching or lengthy meals, it is only a few warehouses and offices, but has now over the roof. terrace for food, coffee, hot-desking, music Tolhuistuin (‘tollhouse garden’) with a small with outdoor music in summer. De IJ- minutes ferry ride back to the big city heart recycled as an escapist away-from-work Below is the Madam restaurant, bar and and partying. There’s a burger bar, video park was the Shell canteen from 1941- Kantine, a big riverside all day brasserie of Amsterdam. l festival, swimming, eating, clubbing and club and on the 19th floor, Moon, a revolving games hall, ping-pong, pool tables, pinball 2011 transformed to an event space and retro-shopping place. restaurant makes a complete circuit every machines and a retractable big screen for restaurant serving globally inspired dishes. Access is easy with three free 24-7 hour. The basement holds Shelter, a sports events. The complex includes gallery, concert hall, ferries from Centraal Station across the IJ nightclub and exhibition space. In between If it rains, refuge can be found in the dance studios and offers an audio tour of river (pronounced ‘eye’). The most modern are offices of leading music companies adjacent Eye Museum in a sweeping, the area. In a 11000 square metre hangar aspect is around the 22-storey A’DAM tower and the new Sir Adam hotel with glass- sculpted 2012 building. As well as riverside where once ship’s engines and kitchen the former Shell offices. Now a fun palace walled rooms overlooking river and city. restaurant, shop, film memorabilia and equipment was made , Cafe Restaurant -the top 360 degree observation deck Each has a guitar on the wall and a record exhibitions, four cinemas screen classic Stork serves fresh fish, oysters and platters of crab,mussels, clams, smoked salmon and mackerel rillette among plants, screens and boat sails hanging from the ceiling. Hotel de Goudfazant, not a hotel, is named for a 1960s love song and neighbours Stork, embellishing the stark factory backdrop with old office chairs, a retro sports car parked beside tables – it was a garage – and a bicycle-rack

56 57 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 HEALTH & WELLBEING www.intercontinental-finance.com www.intercontinental-finance.com HEALTH & WELLBEING

time you are on the receiving end of an unwarranted ear-bashing you might just see it as someone else's issue. It is now official – sitting down all day is the new smoking. Recent reports highlights that the sedentary effects of sitting at your desk all day pose a serious risk to health. Movement is therefore even more important. Time to relax But the body can be a place we mostly ignore and sometimes barely inhabit. The simplicity of some basic yoga poses HOW MINDFULNESS CAN DE-STRESS AND HELP CALM YOU DOWN done regularly can ease those hips, lower back, tight hamstrings or telephone neck. Although you might think hard exercise is At first glance the worlds of work and mindfulness may not have much in enough – the chances are it won't get rid of that ache that builds up in your upper common. However the practice of a few simple techniques could help you back. Yoga is particularly good at freeing up tension and will also relax you too. It also get through the day from hell and just may assist with that Holy Grail we teaches you to listen to your body too. And so to the last suggestion – mindful like to call Work/Life balance? listening. I know that sometimes in the workplace we can have so many balls Stephen Marks in the air at any one time that it can feel overwhelming. When it comes to conversations though there is nothing worse FIRST THINGS FIRST. To the uninitiated I teach yoga at my office. I tell people to One way of staying silent is through than talking to a distracted and unengaged the difference between meditation and put their hand on their stomach and feel it meditation. There are many ways to try this colleague. mindfulness may not be clear. Meditation fill like a balloon while counting to four – not fantastic practice – whether with apps and So, try some mindful listening. See if you is an umbrella term that encompasses forgetting of course to exhale to a count online guided meditations, or by the many can be a bit more present by totally listening achieving concentration, consciousness of four also. Next time you see someone courses now generally available. It can be and focussing on the conversation rather and self-regulation of the mind. Mindfulness angry or majorly-stressed just notice how a marvellous way to relax and is actually than ticking-off your ‘to do’ list in your head. is the act of focussing on being present in they breathe fast, shallow breaths from their described by some of the leaders in this field You will definitely get a bit more out of the the moment. Mindfulness can actually be chest. Now look at how slowly and deeply as an act of kindness to yourself. exchange and the chances are so will your a form of meditation. So they are actually someone calm and relaxed breathes. So, how about checking colleague. l two sides of the same coin and overlap and How about some real quiet time? There is in with yourself for a change? complement each other. something almost contrary to the accelerating With all the connectivity with Sometimes, all you have to do is breathe. pace of today's world about silence. It is as everyone and everything It is amazing how powerful the breath is but if periods of solitude and silence are viewed else through our phones, most people are unaware of its ability to as weird. But now science has once again devices, and screens what lower our blood pressure, reduce heart rate told us what most of us intuitively knew about checking who is on and positively affect the nervous system. already – that it is demonstrably good for this end of this line? In the Slowing the breath and using the abdomen us. Periods of silence can actually cause cell process you may just feel can have a quick and beneficial result. development in the area of the brain called yourself relax and take It always surprises me how many people the Hippocampus, which is responsible for a small step back from the cannot use their abdomen to breathe when our memory. intensity of some situations. Next

Stephen Marks is a partner at international law firm Trowers & Hamlins as well as a yoga and meditation teacher. Practising yoga for over 20 years, his yoga story has taken him around the world and into many styles and schools. He did his teacher training with the shamanic school of yoga in the rainforests of Costa Rica and is further qualified with the yoga nidra network. He teaches workshops around the world and can be found giving classes at many music festivals during summers. [email protected]

58 59 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 GADGETS & GIZMOS www.intercontinental-finance.com www.intercontinental-finance.com GADGETS & GIZMOS

Cool and clever gadgets and gizmos can turn us on, particularly the ones that surprise us with their extraordinary shapes, forms and features. And the day you give into these superlative electronic devices you will wonder how on earth Gadgets & Gizmos you ever lived without them in the first place?

New Tinxs Linxs mobile router Samsung Galaxy S8 and S8+ The Linxs is an all-in-one enterprise-grade BLE. It also has all The Samsung Galaxy S8 mobile router and IoT sensor hub from New the requirements and S8+ is a smartphone Tinxs, an Industry 4.0 technology incubator to add enterprise that pushes the and European provider of ‘Guest Wi-Fi’. applications. Based boundaries of traditional The Linxs is considered as ground-breaking on open-source smartphones with its device because it includes-next to integrated Linux OS, it supports seamless hardware LTE, Wi-Fi, Ethernet and BLE connectivity- additional enterprise design and a variety of new more than 10 built-in sensors, and the ability features like remote service offerings. With the device management, Sony HT-MT500 and HT-MT300 Logitech G Pro mechanical to add more sensors on-the-fly using USB or launch of multiple services multiple SSIDs and and apps, as well as a compact sound bar gaming keyboard VPNs, and the latest stunning Infinity Display The first compact soundbar series from Sony, The Logitech G Pro mechanical gaming security standards. for immersive viewing both the HT-MT500 and HT-MT300 soundbars keyboard is designed in collaboration with top Linxs was developed in experiences, the Galaxy S8 and S8+ bring a stylishly co-ordinate with the current trends eSports athletes. The Pro mechanical gaming close collaboration with imec, new level of functionality and convenience, in living room design, providing a pure and keyboard is a high performance, tenkeyless an international reputable research opening up a galaxy of possibilities. natural, high quality sound experience, while just soundbars but smart wireless speakers mechanical gaming keyboard that is purpose- institute that performs research in different The Galaxy S8 builds on Samsung’s heritage of acting as a wireless speaker for music listening. for the home as well. A USB port allows you to built for professional competition. fields of nanoelectronics. The ‘Guest Wi-Fi’ creating stunning designs and functional devices. The High-Resolution Audio enabled MT500 connect USB devices for easy playback. The keyboard features Logitech’s exclusive module of Linxs is powered by Aptilo SMP a Available in 5.8-inch Galaxy S8 and 6.2-inch Galaxy can even upscale and enhance all the sounds Designed with a new compact concept in Romer-G mechanical switches, offering global large-scale Wi-Fi provider. S8+, the Infinity Display and bezel-less design form that it plays out. These compact sound bars also style, colour and materials used to blend into 25 per cent faster actuation than standard New Tinxs is an Industry 4.0 technology a smooth, continuous surface with no buttons or come with a slim wireless subwoofer that is small our living rooms, both the MT500 and MT300 mechanical keyboards, all in a switch design incubator, which pioneers hyper-secure, harsh angles. The result is a truly immersive viewing enough to blend into your living room, you can are made with a tactile finish where the speaker that delivers quiet performance. It also features custom IoT devices and cloud services that experience without distractions and makes multi- even hide it under your sofa casing is covered in a leather look surface and a detachable cable system, making it easy to can be integrated with existing enterprise tasking more convenient. The Galaxy S8’s compact to really feel the bass. matt grill front. The colours are chosen to match transport with customizable RGB lighting and systems and applications. design enables comfortable one-handed operation With Bluetooth and NFC the latest interior design trends, available in onboard memory. and Corning Gorilla Glass 5 on both the front and connections to stream charcoal black or the option of crèmewhite. back for durability and a high-quality finish. music from your phone These sound bars may be compact in size, In addition to the new design innovations, the and the flick of your but not in sound. They can improve the sound phones include an advanced camera, enhanced fingertips, these are not of whatever you are watching thanks to S-Force performance and other additions devices that PRO Front Surround, emulating cinema style users love, including an advanced 8MP F1.7 surround sound and putting you at the heard Smart autofocus front camera and 12MP F1.7 to the movies you love. Dual Pixel rear camera for the best low-light, zoom and anti-blur photos with enhanced image FARADAY FUTURE FF91 processing; the industry’s first 10nm processor, enabling heightened speed and efficiency. It The Faraday Future FF 91 (“nine one”) represents Logitech’s exclusive Romer-G mechanical is also gigabit LTE and gigabit Wi-Fi ready with a bold new breed of electric mobility that combines switches are purpose-built for pro-grade support for up to 1 Gbps so users can quickly supercar performance, precise handling, the performance, responsiveness and durability download files, regardless of the file size. comfort of an ultra-luxury passenger vehicle, and offering precision and speed. With a short- As the world's first mobile device certified by the a unique collection of intelligent internet features. throw actuation point of 1.5 mm, Romer-G UHD Alliance as Mobile HDR Premium, the Galaxy FF’s proprietary VPA is a flexible powertrain switches register key presses up to 25 percent S8 and S8+ let you see the same vibrant colours system featuring a monocoque vehicle structure faster than standard mechanical switches and and contrasts that the filmmakers intended. in which the chassis and body are a single form are designed for performance. The new Samsung smartphones are built – providing measurable improvements in overall The Pro mechanical gaming keyboard on Samsung Knox, a defence-grade security vehicle rigidity, safety and handling. An available features a compact tenkeyless design, making it platform and offer a wide selection of biometric all-wheel drive system offers greater traction, breaking 0-60 mph time of 2.39 seconds. easy to pack for tournament travel and freeing up technologies including a fingerprint scanner, control and precise power distribution. The VPA FF 91’s battery technology does not sacrifice table space for low-sensitivity mouse movement. iris scanner and facial recognition so users can also houses class-leading battery technology, range for performance. Outfitted with a 130 kWh The keyboard is reinforced with a steel back select a secure biometric authentication method multiple motor and battery configurations, battery, FF 91 achieves an estimated range of plate, adding stability and rigidity for gameplay. Ultimate Ears Wonderboom that works best for them. as well as the company’s first patent: the FF 378 miles on the EPA cycle and over 700 km on A detachable Micro-USB connector ensures The new Ultimate Ears Wonderboom is a pint- summer festival. If it gets soaked, no worries. If Echelon Inverter. the NEDC cycle from the world’s highest energy that the cable won’t break at the connection sized, portable, seriously waterproof Bluetooth it gets dirty, rinse it off. FF 91’s powertrain features a multi-motor density battery, engineered in partnership with point when bouncing around in a bag and speaker with fulsome personality and big sound. Like its award-winning siblings Ultimate setup, enabling real-time torque vectoring LG Chem. Similarly, the system’s compact design transported between events. The three- Available in six fresh colours including Stone Ears Boom 2 and Ultimate Ears Megaboom, to the rear wheels. This technology delivers enables more cabin space for greater comfort and pronged design features support arms for an (Grey), Phantom (Black), Fireball (Red), SubZero Wonderboom blasts crisp and clear 360-degree superior acceleration, safety while leveraging safety. FF 91 also has the fastest charge speed easy, reliable data connection. (Blue), Cashmere (Pink) and Lilac, it is designed sound with immersive, balanced bass and is rear-wheel steering for agile cornering, allowing currently available, with the ability to charge at Using optional Logitech Gaming Software for music lovers who are connected, on-the- drop-proof from up to five feet. It boasts a 10- drivers to confidently execute manoeuvres like more than 500 miles per hour. The home charger, (LGS), players can select and personalise each move and want their music from the moment hour battery life and 100-foot wireless Bluetooth merging onto motorways or accelerating out of included with the vehicle, achieves 50 percent to individual key light from more than 16.8 million they wake up to the moment they go to sleep. range. Seriously waterproof and worry-proof, it dangerous scenarios. Peak motor power is 783 full charge in under 4.5 hours at 240V. colours, and save a lighting pattern to on board Power on, pair, press play. Should you want is IPX7 rated – so it can be immersed in water kW, equating to 1050 HP, delivering a record- The production of FF 91 is planned to start in 2018. memory so it’s available for use in competition. more, the UE button on the top of the speaker up to one meter for up to 30 minutes – floats on lets you play, pause, skip and double up with two its own, and sports a hanging loop on top so it Wonderboom speakers for double the fun. can be easily attached to any bag. Stream and share your music anytime, Gear on with Wonderboom on a bicycle, hook anywhere, with Wonderboom, whether you are it to a backpack, or cannonball into a cove without partying by the pool, getting ready for a night thinking twice. Never miss a beat with the new out with friends, or surviving that muddy, dusty Wonderboom. Live for fun, not fussy features.

60 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 61 MOTORING www.intercontinental-finance.com www.intercontinental-finance.com MOTORING

for any supercar. A range of aluminium alloys are also used extensively in the chassis, as well as for some body panels. A new generation of McLaren’s Proactive Chassis Control, new suspension and the established excellence of McLaren’s power-assisted, electro-hydraulic steering, all combine to deliver huge reserves design language; rooted in aerodynamic The car’s performance seesms of grip, balance and performance and principles, the beautiful form has nothing astonishing at first glance: standstill to an unmatched breadth of dynamic superfluous about it: immediately and 100km/h (62mph) takes less than three capabilities. undeniably a McLaren, the new 720S seconds and five seconds later the car has The hand-crafted luxury inherent in is arguably the most distinctive and passed the 200km/h (124mph) mark on a McLaren, with the authenticity of fine remarkable McLaren yet. its way to a maximum speed of 341km/h leathers and machined aluminium, is McLaren 720S One of the key points in the design of (212mph). Braking, too, seems equally complemented by the revolutionary new the new Super Series is the absence of impressive with the new 720S coming McLaren Driver Interface, which comprises radiator intakes on the side of the car; to a halt from 200km/h (124mph) in 4.6 a Folding Driver Display and Central this function is carried out instead by the seconds, covering 117m. Additionally, the Infotainment Screen. In combination with AN INCREDIBLE BLEND OF EXTREME unique ‘double-skin’ aerodynamic form of extreme efficiency of the engine also goes a cabin environment that establishes the dihedral doors, which channel air to beyond mere velocity: the new McLaren new standards in the supercar segment the high-temperature radiators that cool 720S delivers 10.7 litres/100km combined for visibility, space and comfort, these PERFORMANCE, CRAFTED LUXURY, the mid-mounted engine. fuel economy and CO2 emissions of just attributes give the new McLaren 720S an The new M480T engine powering 249g/km in the New European Driving incredible degree of usability and validate AND UNPARALLELED DRIVER INVOLVEMENT the 720S continues the lineage of Cycle (NEDC). its claim to be the most complete supercar McLaren’s multiple-award-winning, twin- McLaren’s expertise in carbon fibre on sale today. turbocharged V8 engine series. The structures – every road car built by the The new McLaren 720S is now available The new McLaren 720S introduces the second-generation 4.0-litre engine, which has 41 percent British manufacturer since the McLaren F1 to order from McLaren retailers, with the new part content compared to the in 1993 has had a carbon fibre chassis – first customers scheduled to receive their of McLaren’s Super Series and simultaneously raises previously 3.8-litre engine that continues to feature underpins the construction of the new 720S; cars in May. Three grades of specification accepted limits of performance in the supercar sector. in the McLaren Sports Series, generates a the architecture of the car is based around a are offered, with Performance and Luxury maximum of 720PS and 770Nm of torque. new carbon fibre ‘tub’ and upper structure, trims extending above the standard level, all the McLaren Monocage II. This technology complemented by a range of option packs. THE UNVEILING OF MCLAREN’S NEW The Surrey, England-based manufacturer The new 720S is lighter, faster and even delivers extreme strength and rigidity in a The new McLaren 720S has been SUPERCAR AT THE 87TH GENEVA of luxury, high-performance sports more dynamically capable than its McLaren lightweight structure and is the ideal base earmarked from £208,600 (UK). l INTERNATIONAL MOTOR SHOW in and supercars, has issued a series of 650S predecessor, with unparalleled levels March this year confirms both the 720S six press releases since January 2017, of interior space and sophistication and name and 720PS horsepower of the first each accompanied by an image or film a breadth and depth of abilities that will model in the second-generation McLaren containing a numerical reference – and it engage and exhilarate the driver. Super Series, details which have been can now be revealed that 1 x 2 x 3 x 4 x 5 x One glance at the 720S identifies it teased online in recent months. 6 equals 720. as a bold reinterpretation of McLaren’s

62 63 Intercontinental Finance & Law • 144/17 Intercontinental Finance & Law • 144/17 PROFILE - YURI RAPOPORT www.intercontinental-finance.com

Yuri Rapoport BREAKING LEGAL BOUNDARIES Regarded as the world's founder of private legal referral services, Australian Yuri Rapoport is credited with coining the phrase ‘Law Broker’. With 20 years of experience dedicated to intermediary legal services, Rapoport and his firm have assisted over one million clients to find the right lawyer, control the cost of legal cases, and manage the quality of legal services on behalf of individual consumers and companies.

AFTER COMMENCING HIS LEGAL Rapoport is used to facing challenges, “The group today encompasses five CAREER IN 1993 AS A SOLICITOR WITH A whether they be personally or professionally. core brands. While each brand offers LEADING NATIONAL LAW FIRM (CORRS “I was only seven years at the time when different products and services, the CHAMBERS WESTGARTH) IN HIS HOME we arrived in a country that was far away from unifying characteristic is each enables legal COUNTRY OF AUSTRALIA, Yuri Rapoport a world we knew before. We had nobody to professionals to optimise their productivity founded the world's first law broking firm rely on apart from each other, and I had to and profitability. This means the door to (Prime Law Brokers) using research data quickly learn about life and help my parents accessing justice is opened to far, far more about lawyers' professional performance from a very young age. consumers.” to match consumers with the right legal “It was a challenging time for my family Some of the entities within the Kohen practitioner. in many ways, but that experience prepared Rapoport Group have a global reach, whilst A student at Bond University in Australia, me well for a career in both legal practice and others focus purely on the legal profession he qualified as a doctor of legal science, commerce, which required lateral thinking in the UK. international banking and finance law and and innovative solutions to overcome “Across all brands, our highly-efficient human rights law. Immediately after obtaining seemingly insurmountable obstacles.” operation leverages proprietary systems his initial legal qualification, he took a highly- Constantly tracking the professional and technology. Thus we deliver exceptional sought-after position as a solicitor within activities of individual consultants in all areas experiences in a personalised manner to one of Australia’s top tier law firms, Corrs of law, Rapoport is able to precisely pin both lawyers and clients. Chambers Westgarth, where he remained point legal advisors who are best suited to “Everything we create maintains the for a number of years before moving onto potential’s client’s legal requirements. flexibility and scalability required to sustain found the Kohen Rapoport Group. He also “The nature of my business is to deliver high-growth.” holds a Bachelor of Science in Biochemistry greater access to justice to consumers of Despite his global success, Rapoport has and Physiology from Monash University, legal services. At the same time, I need to had his fair share of challenges, which he Australia. ensure that this is not done to the detriment continues to face to date. Today, Rapoport has applied his expertise of the service providers who facilitate access “There is a fitting proverb that comes to and working principles to establish a variety to justice. my mind when I think of challenges that you of consumer-oriented solutions that help “Striking a balance that enhances legal encounter in your working life and that is individual users of legal services to achieve practice efficiency, while reducing the cost ‘success is one per cent inspiration and 99 greater access to justice, his experience as a of legal services is the meaning of success per cent perspiration’. practising lawyer with an entrepreneurial flair, for me.” “Having a 'good idea' that can potentially combined with his firm belief that everyone He has now been instrumental in the improve the fates of thousands often means should have access to justice. success of the UK-based Kohen Rapoport having to first educate these thousands “Breaking new ground for me, simply Group. Its portfolio of innovative and first-to- about the idea. This can be expensive and meant keeping a number of steps ahead market brands cover all aspects of ‘practice time-consuming. of the industry,” he says. “Fortunately, the life’ within the legal sector – from workload “In this light, one would think that advances legal services industry is by nature quite management support through to innovative in information technology can help; however, conservative and reluctant to let go of payment solutions for clients’ legal costs. technology can be a double-edged sword. traditional practice methods. Keeping an Dr Rapoport is involved in orchestrating “There is so much information out there eye on trends and innovations within other the strategic planning and chief executive and so many proponents trying to educate consumer-facing sectors enabled me to roles within the group, while also focusing the public about their 'good idea', that it can predict the market forces that eventually on operational and business development prove a challenge to penetrate the fog with forced change within the legal services activities. truly worthy messages but we continue on industry.” “The Kohen Rapoport Group’s strength our path and try and help people lift this fog A child of parents who emigrated from lies in its brands, which include some of the through our assured, time-tested service Belarus to Australia in the mid-1970s, most trusted names within the legal world. application.” l

64 Intercontinental Finance & Law • 144/17 The Virtual Data Room for easier due diligence

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