Paternity leave (Paris Bar) and indirect civil liberties

Article 14.0.3 of the RIBP (Réglement Intérieur du Barreau de Paris – Internal Regulation of the Paris Bar) states that man liberal practitioners have the possibility to put their contract on hold for four weeks spread over a period of six months following the birth of a child.

This new possibility is granted by an article created in Council meeting dated 3 November 2015 (official bulletin of the bar dated 17 November 2015) and echo to the already existing possibility to put the performance of the woman liberal practitioner contract performance on hold for a period of sixteen weeks.

It also creates a more balance regime which leads towards equal rights between men and women lawyers, and more comprehensively, between men and women.

This new right created for the benefit of men is of nature to create indirectly new rights for the benefit of women and / or make those already existing more efficient for women. In this perspective, the suspension of the man liberal practitioner contract and the effective contribution of the man lawyer during the post-birth period allow a real support from the lawyer father for the benefit of the mother (lawyer or not, incidentally). In light of this, such a real support indirectly leads to a more efficient right to rest for the mother (due to the regulation which is applicable to her i.e. her own right to rest). This is due to the fact that article 14.0.3 of the RIBP makes the father lawyer more available. It is therefore possible to contemplate, with a more efficient right to rest of the mother, the indirect parallel creation for her of a new (and second) right to rest.

The Paris bar should be honored to have introduced this paternity leave.

It remains that this new right should be vested with more effectivity in practice. Such an effectivity may, for example, be improved by (i) further regulation allowing more guarantees that the man liberal practitioner be reintegrated within his law firm and (ii) the creation of a more efficient mutualization legal regime of the costs associated with the birth of a child, not only the lawyer but also the law firm not being in the position (or rarely) to bear the whole financial and commercial cost of this paternity leave.

Up to date 24 June 2019

Acquisition of Turkish Citizenship by Foreign Investment

The Regulation of Implementation of the Turkish Citizenship Law (“Regulation”) has been amended by Presidential Decree No:106 effective from the date of publishing which is 19.09.2018. In accordance with the Turkish Citizenship Law No:5901 (“Law”), Regulation enables foreign investors to acquire Turkish Citizenship exceptionally by investment ways as below:

  1. to make fixed capital investment worth minimum 500.000 USD, equivalent foreign currency or equivalent amount of TL, to undertake not to transfer the company for following three years and to have the investment determined by the Ministry of Industry and Technology,
  2. to purchase real estate worth minimum 250.000 USD, equivalent foreign currency or equivalent amount of TL, to put an annotation onto the title deed stating that property shall not be sold in the following three years and to have the investment determined by the Ministry of Environment and Urbanism,
  3. to sign preliminary sales contract intended for the real estate, which has construction servitude or condominium registration, worth minimum 250.000 USD, equivalent foreign currency or equivalent amount of TL and to make the such payment in advance, to put an annotation states that preliminary sales contract shall not be transferred or abandoned for following three years onto the title deed and to have the investment determined by the Ministry of Environment and Urbanism,
  4. to employ minimum fifty employees and have such employment determined by the Ministry of Family, Labor and Social Services,
  5. to deposit minimum USD 500.000 USD, equivalent foreign currency or the equivalent amount of TL in banks operating in Turkey and to undertake not to withdraw the deposit for the following three years and to have such barred deposit determined by the Banking Regulation and Supervision Agency,
  6. to purchase public borrowing instruments worth minimum USD 500.000 USD, equivalent foreign currency or the equivalent amount of TL and to undertake keeping the instruments for following three years and to have the investment determined by the Ministry of Treasury and Finance,
  7. to purchase real estate investment trust or venture capital fund shares worth minimum 500.000 USD, equivalent foreign currency or the equivalent amount of TL and to undertake keeping the instruments for following three years and to have the investment determined by the Ministry of Treasury and Finance.

Ministry of Interior, General Directorate of Civil Registration and Citizenship has published Instruction of Procedures and Principles Regarding Acquisition of Turkish Citizenship by Foreign Investors (“Instruction”) which regulates the process of the application. The Instruction foresees that exclusive/joint offices shall be established in Ankara and Istanbul. Officers of General Directorate of Civil Registration and Citizenship, General Directorate of Migration Management and Determination Institutions shall provide the services in conjunction.

  • Applicants completed the investment according the Regulation, shall apply for Certificate of Conformity to the Determination Institutions. Obtaining the Certificate of Conformity allows the applicants apply for citizenship and residency permit referred to in article 31/j of the Law on Foreigners and International Protection No:6458 with joint documents. Application for citizenship shall be made to the Exclusive/Joint Offices with granted residency permit and required documents for citizenship. Required documents are as follows:
  • Applicant’s passport as translated and notarized. (should cover ID information, photograph and all the pages of entrances and leaves)
  • In case of statelessness, documents which certifies statelessness (As translated, notarized and authorized by the Turkish Consulate or by Apostille)
  • Birth Certificate or any official document covers applicant’s birth date/birth place/parents’ name information such as identity register copy. (As translated, notarized and authorized by the Turkish Consulate or by Apostille)
  • In the event of lack of birth date information; signed declaration to recognize Turkish Civil Registry Services Act’s authorization)
  • Certificate states applicant’s civil status such as married, divorced or widowed: Marriage Certificate, Divorce Certificate, Death Certificate. (As translated, notarized and authorized by the Turkish Consulate or by Apostille)
  • If applicant is married; identity register copy or similar document proves the family bond of spouse and children (As translated, notarized and authorized by the Turkish Consulate or Apostille)
  • If the child is in the guardianship of one parent; document states consent of the other parent as translated and notarized/certified by the authorized officer in Turkey, or document states consent of the other parent admitted from foreign representative offices/authorized institutions as translated, notarized and authorized by the Turkish Consulate/Apostille
  • Criminal record (in case of request)
  • 6 biometric photos (must be taken within last 6 months, regulated by ICAO, 50×60 mm size, white background, without pattern)
  • Receipt of Application Fee
  • Health Insurance
  • The Certificate of Conformity

Certificate of Conformity granted by the pertinent Authority is required to complete the application file as a determination of the investment. In acquisition of Turkish Citizenship through real estate purchase procedure, an application to authorized Directorate of Land Registry which is related to Ministry of Environment and Urbanization, shall be made to obtain a Certificate of Conformity. This document purports to indicate that the monetary value of the real estate purchase has exceeded the threshold figure of 250.000USD, and a record has been entered into land registry record stating that the ownership status shall not change for a period of three years.

In acquisition of Turkish Citizenship through bank deposit, an application to Department of Financial Consumer Relations of the Banking Regulatory Authority, shall be made to obtain a Certificate of Conformity purports to indicate that, 500.000 USD or equivalent amount of other currencies have already been deposited at a bank operating in Turkey and a record has been entered into the bank account inhibiting the withdrawal of the money for a period of three years.

Foreign investors who had been granted with the Turkish Citizenship should meet abovementioned requirements for the duration which has stated in the Regulation. In case the investor fails to maintain such requirements, determination institutions would notify General Directorate of Civil Registration and Citizenship and General Directorate of Migration Management. Subsequently, citizenship status shall be revoked in accordance with article 31 of the Law.

Disruptive trading app nears $7 BILLION valuation with fresh funding

Robinhood Markets, the operator of a free mobile trading app, is close to garnering a valuation of $7 billion or more.

CNBC, citing two people familiar with the deal, reported Robinhood has raised a minimum of $200 million in a recent late-stage fundraising round that will give it a valuation of between $7 billion and $8 billion. The round, which includes mainly existing investors, hasn’t closed yet — which means it could raise more than $200 million. When Robinhood raised money via a Series D round it had a valuation of $5.6 billion, noted CNBC. Robinhood declined to comment on its valuation.

According to CNBC, Robinhood’s co-CEOs Baiju Bhatt and Vlad Tenev have said an initial public offering is in the cards at some point — but that currently, it is focused on disrupting other areas of finance. This year it applied for a national bank charter from the Office of the Comptroller of the Currency. A spokesman told CNBC in April that getting the national bank charter will enable it to offer banking products. “Robinhood’s goal is to be able to offer its customers a full suite of financial products to serve their needs,” the spokesman said.

CNBC noted that Robinhood brought on the CEO of Wedbush Bank and Merchants Bank of California, Scott Racusin, to head up its banking efforts. Racusin was eventually named the president and CEO of the potential bank. Robinhood was forced to retreat from offering a bank account after announcing in late 2018 a checking and savings product with 3 percent interest. Backlash quickly surfaced as to how the money would be insured and if it would be protected like a bank account that has the backing of the Federal Deposit Insurance Corp. Robinhood removed all its marketing material and now calls it a cash management feature offered within its brokerage accounts.

Robinhood has been enjoying fast-paced growth thanks in large part to the fact that its stock trading app is free. In 2018 its user base jumped from 4 million during the summer to 6 million by late 2018.

Roland Berger appoints eight new partners in Europe

In home-country Germany, Frank Pietras and Uwe Weichenhain have joined the firm’s leadership. Pietras is based in Roland Berger’s Munich office and is an automotive expert. He specialises in automotive advisory, commercial due diligence, growth strategy, market & product strategy and business processes transformation.

Uwe Weichenhain has been with the consultancy for over a decade, and has been named a partner in the firm’s Energy & Infrastructure arm. He is an expert in new technologies that drive the transition towards sustainable infrastructure, including offshore wind, power transmission, gas and LNG, hydrogen, and digital technologies.

In the Netherlands, where Roland Berger has a team of around 100 consultants based in Amsterdam, Koen Besteman and Sameer Mehta have been promoted to partner level. Besteman specialises in the life sciences, and biopharma industry, supporting companies with innovation management, new market development, business cases, and setting up value models for research projects and portfolios. He also has gained extensive experience supporting universities with strategic and financing topics.

Having joined Roland Berger in 2010, Sameer Mehta focuses on merger & acquisition and investor support services. He works with private equity firms and corporate clients on topics related to due diligence, growth & performance improvement and restructuring. Mehta advises clients in a broad range of industries, including pharmaceuticals, healthcare and industrial products, with a particular focus on automotive, media, technology and steel.

In Sweden, Benny Guttman has been appointed a partner in the Gothenburg office. He has previously worked for three consulting firms, Accenture, EY and McKinsey & Company, prior to joining Roland Berger in 2017. In between consulting, he spent eight years at Volvo, the last six of which he was Senior Vice President at Volvo Logistics where he headed Strategy, Corporate Values and Operational Development. Guttman’s work is focused around strategic and operational improvement at clients in the automotive, manufacturing, med-tech and retail industries.

Artem Zakomirnyi has been serving the consulting firm for over twelve years, working from the offices in Moscow, Russia, and Kiev, Ukraine. He specialises in strategic and operations work in the consumer goods and retail industries. Zakomirnyi also has a deep understanding of supply chain and logistics topics, for both the traditional retail as well as online (e-commerce) retail channels.

Based in Bucharest, Romania, Szabolcs Nemes has been with the firm since 2001, in the period developing industry expertise in energy & utilities, telecommunications and transportation. His functional expertise spans strategy development, large-scale transformation, definition of new organisation models, operational excellence and efficiency improvement. Nemes supports clients in Romania and throughout the Central Eastern European region.

Last but not least, the Frenchman Pierre-Antoine Bodin, who has been named a partner in Roland Berger’s Pharma and Healthcare practice. Prior to joining the management consultancy in 2012, he spent eight years in various supply chain and marketing positions at pharma companies Johnson & Johnson and Pfizer.

Beyond the eight new partners in Europe, Roland Berger also promoted four partners in Asia and the Middle East.

Kirkland & Ellis kicks off wellbeing program

Kirkland & Ellis announced this week the creation of a new firmwide wellness program with a new director, part of the ongoing efforts by Big Law to tackle mental health issues that plague the legal profession.

Robin Belleau will be Kirkland & Ellis’ first firmwide director of well-being. A former assistant state’s attorney turned counselor, Belleau officially joined the firm back in March.

She is the former executive director of the Lawyers’ Assistance Program in Illinois and is a member of the advisory commission of the American Bar Association’s Commission on Lawyers’ Assistance Programs.

Kirkland’s new program will proactively work with its attorneys and staff on issues related to mental health and substance misuse and will offer education and enhanced dialogue across three core areas: resilience, connection and fitness and nutrition.

As a part of the program, the firm will host educational courses and seminars on well-being. It will also introduce two well-being apps that aim to support stress reduction, increase resiliency and support individuals in combating substance abuse and other addictive behaviors. The firm will also launch an internal website that will provide its employees with additional resources.

“One of the main goals is to start this conversation and help reduce the stigma around people having mental health issues or substance misuse issues,” Belleau said.

The wellness program will help identify paths to support individuals dealing with substance abuse issues and other mental health concerns rampant in the legal profession like depression, stress or anxiety.

“Kirkland is committed to supporting the well-being of our attorneys. This initiative is something lawyers, particularly younger lawyers and law students, throughout the legal community are asking of their law firms,” said chairman of Kirkland’s global management executive committee Jeffrey C. Hammes in a statement.

“We are embracing the call for a more open and transparent dialog about mental health within our profession, and believe this program will become an important part of our culture,” he added.

Kirkland’s new program is just the latest initiative offered by law firms to help their attorneys and staff deal with the pressures within the profession. Earlier this year, Morgan Lewis & Bockius launched a new initiative “ML Well” and added its first-ever director of employee well-being. Reed Smith launched a firmwide program “Wellness Works” to support the health and well-being of its lawyers and staff.

And in addition to its “Be Well” program, Akin Gump Strauss Hauer & Feld added an on-site counselor to its Washington office to provide therapy sessions its attorneys one day a week. Hogan Lovells has had on-site psychologists available at some of its offices for several years.

According to a 2016 American Bar Association study of lawyers, 28 percent dealt with depression and 19 percent dealt with anxiety. Between 21 and 36 percent were “problem drinkers.”

“People want to work on their mental health,” Belleau said. “Even though there’s still stigma attached to issues, its moving along the spectrum.”

Dubai Health Insurance – Violations & Fines

Dubai Executive Council issued Executive Council Resolution No (7) of 2016 (Resolution) pertaining to fees and fines pursuant to Health Insurance Law (No 11 of 2013) of the Emirates of Dubai.

As many of the readers are aware, The Dubai Health Authority promulgated Health Insurance Law (No 11 of 2013) of the Emirates of Dubai, which regulates mandatory health insurance coverage for all residents in Dubai. The Resolution deals with aspects of enforcement through several listed violations.

The Resolution compliments General Circular No.5 of 2014 (GC 05/2014) in respect of the Dubai Health Authority’s approach to enforcement of fines and penalties. At publication of GC 05/2014, the Dubai Health Authority initially took a supportive approach to non-compliance in order to encourage stakeholders to meet it compliance obligations. The DHA now take punitive actions against those stakeholders that violate any of the regulatory obligations associated with Health Insurance Law (No 11 of 2013) of the Emirates of Dubai in order to protect residents of Dubai and uphold their legal rights…

https://bsabh.com/wp-content/uploads/2019/06/0073-Dubai-Health-Insurance.pdf