NEWS
16 gennaio 2021
Centers for Disease Control and Prevention expands COVID-19 negative test requirement to all passengers entering the United States by air

Testing passengers before and after travel is considered by the Centers for Disease Control and Prevention to be a key measure to contain the spread of the COVID-19 virus, given the current pandemic situation in the United States.

Passengers planning to take a flight to the United States are required to undergo a viral test within 3 days prior to the departure of their flight and give the written documentation of the lab test result (paper or electronic copy). CDC Director Robert R. Redfield signed the order on January 12, 2021 and will come into effect on January 26, 2021.

For further information please contact Silvia Quintini at the following email:  s.quintini@madv.eu

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12 gennaio 2021
Indian Code on Social Security 2020

The Indian Parliament has recently approved the Social Security Code 2020, the third of four labour codes that the Government announced last year, following the Wages Code (which was approved in 2019), and the Industrial Relations Code (approved in 2020). The actual date of application and issuance of the relevant schemes is yet to be decided, and it is expected to be implemented by April 2021.

Marazzi & Associati is pleased to share, in attachment a brief note on the Indian Social Security Code code 2020, for more information it is possible to contact Silvia Quintini at the following email: s.quintini@madv.eu

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8 gennaio 2021
United States imposes new tariffs on French and German aircraft parts

United States announced in late December, through its Trade Representative, that additional tariffs would be imposed on French and German products as a result of the long-running trade battle over subsidies to aircraft manufacturers Airbus and Boeing.

The EU was authorized in 2020 by the World Trade Organization (WTO) to impose additional tariffs on American products, a move deemed unfair by the Trump administration. The latter claims that the chosen method of calculation is penalizing, as it is based on trade data from a period of global crisis due to the Covid-19 outbreak, which therefore led to exaggerated customs duties being levied on US products. As a result, the United States changed the reference period to match the one used by the European Union.

The products that will be added to the list of taxed products (as of 2019) are aircraft manufacturing parts from France and Germany, some kinds of non-sparkling wines from France and Germany, and some cognac and other French and German alcoholic spirits.

Washington has exploited the opportunity to impose $7.5 billion in tariffs on European countries: it imposed 25% tariffs on iconic EU products such as wine, cheese and olive oil, as well as putting a 15% tariff on Airbus aircrafts in March.

For more information you may contact Silvia Quintini at the following email: s.quintini@madv.eu

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22 dicembre 2020
Marazzi&Associati is pleased to announce the launch of the new Firm's LinkedIn Page

Marazzi&Associati is pleased to announce the launch of the new Firm's LinkedIn Page ("Marazzi&Associati") that you can already consult by clicking on the following link: https://www.linkedin.com/company/marazziassociati01.  

We invite you, therefore, to follow the Page and its constant updates. 

Since LinkedIn is a social networking web service, mainly used for the development of professional contacts and the dissemination of specific content related to the labor market, we recommend to all interested parties to follow the updates related to legal and economic issues that Marazzi&Associati deals with. 

For further information, please contact Alessia Marsegaglia at the following address: a.marsegaglia@madv.eu

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16 novembre 2020
Trade agreement between 15 Asian nations, including China

On November 11, 2020, the Ministers of 15 countries belonging to the Regional Comprehensive Economic Partnership decided to sign a trade agreement, whose negotiations began almost 8 years ago and represents the first free trade agreement of Japan with China and South Korea, two vital trade partners. The agreement aims to create the largest free trade area on the Asian continent, accounting for almost one third of global gross domestic product and trade.

When the summits began in 2013, India had also been involved, but despite the unanimous efforts of the other nations, it did't sign; however, it could do so later, thanks to a separate document that RCEP members signed, in order to allow the Indian government to backtrack at any time and join the agreement even after its entry into force.

For further information please contact Silvia Quintini at: s.quintini@madv.eu

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22 ottobre 2020
Cambodia China free trade agreement

Cambodian and Chinese Minister of Commerce recently signed a free trade agreement, the first trade agreement of this type for Cambodia. Trade between the two countries already exceeds 9 billion US Dollars, however Cambodian exports to China are very limited and amounted to just over 900 million US Dollars compared to 8.3 billion of Dollars of imports.

Cambodia is trying to diversify its export markets in the face of strong dependence on the export of clothing products to the United States and the European Union (which represent respectively 26% and 25% of exports). Furthermore, it seems useful to report that the European Union recently sanctioned Cambodia for violating human rights, suspending part of the existing trade agreements. Therefore, the trade agreement with China (the main donor to Cambodia) is seen as a useful element, even if most of the tariffs had already been reduced with the ASEAN-China Free Trade Area 2010 and therefore could produce limited effects.

The free trade agreement should support a further increase in Chinese foreign direct investment (FDI) in the country, (already equal to 47% of Total FDI in Cambodia) and Chinese tourism in the country.

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30 settembre 2020
India, draft guidelines relating to misleading advertising

Marazzi & Associati is pleased to share a  brief note on the draft of new guidelines for the protection of consumers from misleading advertising in India.

The guidelines that will be approved under the Consumer Protection Act 2019 (Consumer Protection Act, 2019) apply to all advertising communications, regardless of their format or transmission medium and are addressed to manufacturers / service providers whose products and services are the subject of advertising communications as well as to advertising and marketing agencies.

For more information, you can contact Marazzi & Associati at the email address: info@madv.eu

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18 settembre 2020
The United States withdraws tariffs on Canadian aluminum products

In August, United States, announced the imposition of a 10% duty on all aluminum products imported from Canada. The measure had sparked the reaction of the Canadian government which had anticipated countermeasures and sanctions equal to 2,7 billion dollars if the United States did not in turn cancel the tariff.

However recently, the United States Trade Representative announced that the tariff will now be imposed, even retroactively for import shipments made from September 1, 2020, only if these imports exceed the established limits (83,000 tons in September and November, 70,000 tons in December).

These conditions will be reviewed by the US Trade Representative together with the Canadian government at the end of 2020, when the measures regarding the first quarter of 2021 will be established.

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3 settembre 2020
Rare earths, incentives to reduce US dependence on China

A new bipartisan bill on rare earth production has been introduced by US lawmakers. The bill is aimed at reducing the country's dependence on China for the production of rare earths, minerals used military and in high-tech. To reach the goal the bill aims to create new tax incentives for companies operating in the extraction, recovery and recycling of minerals and critical metals from deposits in the USA.

Rare earths represent a resource of great importance for the US economy and in the context of the trade war between China and the United States, the possibility that China would block or reduce the export of rare earths was a major concern. Therefore, last year President Donald Trump ordered the Defense Department to stimulate rare earth production.

The new legislation would allow a reduction in the cost of capital for the US rare earth sector, making it more competitive with Chinese rare earth producers who already enjoy lower capital costs.

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6 agosto 2020
Eu imposes sanctions on cyber attacks

On 30 July 2020, the European Council decided to impose restrictive measures against six persons and three entities responsible for or involved in various cyber-attacks. The EU created the legal framework for imposing restrictive measure with Council Regulation (EU) 2019/796, and this was the first time the EU used this tool.

Marazzi & Associati is pleased to share in attachement a brief note on restrictive measures imposed by the European Council for further information, please contact Marazzi & Associati at the following email address: info@madv.eu.

 

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17 luglio 2020
India – Eu Summit – July 15th 2020

Marazzi & Associati is pleased to share, attached, a brief note concerning the 15th summit between India and the European Union that took place on 15th July 2020 via video conference, in order to address some important aspects of their Strategic Partnership, which aims at creating benefits for citizens of both countries.

For more information please refer to Andrea Noris: a.noris@madv.eu.
 

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27 aprile 2020
India, review of Foreign Direct Investment policy amid current Covid 19 pandemic

The Government of India has reviewed the extant FDI policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic and amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017 as stated in the Press Note 3 of 2020, dated 17 April 2020.

According to the existing regulation:

Para 3.1.1. a non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, a citizen of Bangladesh or an entity incorporated in Bangladesh can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment.

Revised:

Para 3.1.1 (a) A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment.

Para 3.1.1(b) In the event of the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the restriction/purview of the para 3.1.1(a), such subsequent change in beneficial ownership will also require Government approval.

According to the revised paragraph, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only after Government approval of the investment. As countries sharing land border with India are Bangladesh, China, Pakistan, Nepal, Myanmar, Bhutan and Afghanistan, it seems that the amendment relates mainly with investment made by Chinese entities or Chinese beneficial owners, considering also limitations already existing for entity and beneficial owners of Pakistan and Bangladesh and the fact that the other countries seems to not have companies or investors with financial means as large as China has.

It seems useful to note that the changes made to the Consolidated FDI Policy, 2017 apply to all economic sectors in which foreign investments are allowed and not only to sensitive sectors, while it seems that the amendments applies to both majority and minority investments in Indian companies.

For more information, it is possibile to contact Marazzi & Associati at the following email: a.noris@madv.eu

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3 aprile 2020
Eu Vietnam Free Trade Agreement

Marazzi & Associati is pleased to share an update regarding the approval by the European Council of the Free Trade Agreement between the European Union and Vietnam, which will allow a beneficial collaboration in economic and commercial terms, thanks to the elimination of most of the tariff and non-tariff barriers between the two parties.

The Agreement will enter into force as soon as the Vietnamese National Assembly will ratify it, presumably in early summer 2020. In addition to the trade aspects, the Agreement also addresses issues related to sustainable development, protection of intellectual property and safeguard of human and labour rights.

For more information please refer to Andrea Noris: a.noris@madv.eu

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27 marzo 2020
Assistance in the processes of acquisition and sale of a business

Marazzi & Associati, thanks to a multidisciplinary team of specialized professionals, assists its clients in all of the phases of acquisitions or sales of companies. Thanks to its Project Management team, Marazzi & Associati assists buyers and sellers with specialized services, from the preparatory phases of acquisitions through the entire process, up to the closing step and the post-acquisition phase.

In preparatory activities for acquisitions and business transfers, Marazzi & Associati assists its clients in legal and commercial due diligence, negotiation of letters of intent and letters of offer, negotiation of contracts for the purchase of company shares and ancillary agreements. Marazzi & Associati also provides assistance in various post-acquisition activities: audit of the acquired company, monitoring of the performances and of the integration plan, forensic analysis of seller's representations and warranties, assistance in any eventual claim, negotiation of price adjustments.

Please find attached a brief presentation of the different steps of an M&A process and of services provided by Marazzi & Associati.

For further information, please contact Marazzi & Associati at the following email address: a.noris@madv.eu

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17 gennaio 2020
U.S. SPECIFIC RESTRICTIVE MEASURES AGAINST IRAN, SUMMARY NOTE

Marazzi&associati is pleased to share a brief note on the sanctions system applied by the United States against Iran, based on the Iranian Transactions and Sanctions Regulations (ITSR), applicable when promoting or maintaining trade relations with Iran in certain economic sectors. This system includes primary sanctions applicable to U.S. physical and legal persons, US Persons, which prohibit any commercial transaction with Iran of any goods or technology of U.S. or foreign origin, either directly from the United States or through countries or third parties; and sanctions of a secondary nature, which can be imposed on any person regardless of nationality or domicile and have extraterritorial effect.

Foreign companies that have business relations with Iran and the United States at the same time are reminded to investigate in advance the Iranian physical and legal entities and verify that they have not been included in the American black-list, i.e. in the SDN list (Specially Designated Nationals List), published on the US Department of the Tresury website.

Finally, it should be recalled that branches or subsidiaries of US companies, being subject to US jurisdiction, will necessarily have to comply with the primary sanctions.

For more information you can contact Andreea Madalina Iordache: a.iordache@madv.eu 

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