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Home > Practice Areas > Corporate secretary outsourcing
With the new Law, only actively protected secrets will be considered secrets. Companies that want to protect own and client information need urgently to adopt a series of measures.
New law on commercial secrets
The new Law on Commercial Secrets was adopted on July 9, 2004 and came into force on Aug. 16, 2004. The Law brings much clarity to issues of confidentiality and commercial secrets. But, now companies and employers can refer to confidentiality and commercial secrets and hold business partners and contractors liable only after taking active measures to protect their commercial secrets. A company that wants to protect confidential information and the commercial secrets as in accordance with new law to comply with the following measures:
- Adopt a Policy on Confidential Information and Commercial Secret
- Implement technical and organizational protection measures
- Familiarize each employee with the Policy and require a signature of verification
- Familiarize each employee with the fact that he is working with confidential information
- Make sure own and business partners and clients information are protected
- Provide proper environment and adequate means for protecting commercial secrets
- Introduce relevant provisions, in the required form, in commercial and labor agreements
- Keep book on persons allowed access to commercial secrets
- Stamp or mark documents containing commercial secrets in conformation with the requirement of the new law
- Make a list of commercial information
It seems that the procedures to comply with are very cumbersome, and for most companies, a major exercise. The result caused by such administrative burden may, in many cases, lead to opposite result – that is non-compliance with the procedures could lead to the commercial secrets failing outside the realm of protection provided by the law. It is, therefore most important to develop the policy and the corresponding procedures in a legally and technically correct way.
Other things to consider with the new law are:
- What is included in commercial secrets, what is not? Only information fixed on paper or electronic form can be protected;
- The General Director of a company is by law liable for ensuring the protection;
- How can the provisions be enforced against employees, business partners, clients and contractors?
- Which are the sanctions?
- What is the liability of damages?
Avenir Corporate secretary outsourcing serves with
1- Proper corporate decision making (Shareholders and Board Meetings, General Director);
2- Mandatory Filings and Notification (trade register, tax authorities, anti-trust);
3- Company Policies;
4- Commercial Secrets and Personal Data Protections;
5- Directors Liability Issues
6- HR Administration Documentation;
7- Remuneration Policies;
8- Internal Control;
9- Shareholders’ Register
10- Health and Safety Instructions;
11- Corporate authorizations control;
12- Advising on Records open to the public
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