The Labour Law of the People’s Republic of China (“Labour Law”) is applicable to all employment relationships between individuals and enterprises in China. However, local governments of provinces, autonomous regions and municipalities may, and most of them do, issue detailed measures and rules for the implementation of the Labour Law. Such detailed measures are promulgated based on the Labour Law, with changes and specific details made in light of the local conditions ...
On 30 June 2005, the Hong Kong Monetary Authority (“HKMA”) finalised the self-assessment framework on AML compliance. The self-assessment framework has been introduced for the purposes of facilitating the assessment by authorised institutions’ (“AIs”) of their compliance with the regulatory requirements on AML and to supplement the HKMA’s on-site examinations ...
On 30 June 2005, the House of Lords delivered its judgment in National Westminster Bank plc v. Spectrum Plus Limited & others [2005] UKHL 41. The case has resolved a controversial legal issue concerning the distinction between a fixed charge and a floating charge. Fixed Charges and Floating Charges It may be helpful first to describe the basic difference between the operation of a fixed charge and that of a floating charge ...
The SFC has adopted a split approach in dealing with UCITS III funds. For funds which will adopt enhanced use of derivatives and make changes to their investment policies or objectives in migrating to UCITS III, the SFC requires: • a notice to existing holders explaining the proposed changes and confirmation from the fund or its manager that the home regulator has approved the final version of this notice ...
Under Part XV of the Securities & Futures Ordinance (SFO), where a company has an interest (or a short position) in Hong Kong listed shares, its holding company is deemed to have that interest; this attribution is carried the whole way up a corporate chain to the ultimate holding company. This imposes onerous monitoring requirements on financial services groups ...
David Hughes v Seamus Duffy and Eugene Hanratty, 19 April 2005, High Court Facts: This case was taken under Section 150 of the Companies Act 1990, by the Official Liquidator of the Supreme Oil Company Limited. Section 150 provides for a prohibition or restriction of persons acting as company directors for a period of five years. The respondents sought to have the application dismissed or refused by reason of the delay in bringing the application ...
This English law decision not only serves as a timely reminder of a bank’s duty of confidentiality to its clients but is potentially worrying as the case confirms loss of opportunity to earn future profits as a recoverable head of damage following breach of confidence. Jackson v Royal Bank of Scotland (2005) UKHL3, [2005] A ER(d)280 Facts: Jackson (trading under the name Sampson Lancastrian (Sampson)) had entered into a contract to supply dog chews to another UK entity, Economy Bag ...
Concord Trust v Law Debenture (http://www.lawdeb.com/). Law Debenture House of Lords considered the obligations and liabilities of bond issue trustees in relation to notices of acceleration ...
On April 12, 2005, grievance arbitrator Denis Tremblay issued a major ruling on the validity of a policy on alcohol consumption and drug use implemented by the Goodyear tire plant in Valleyfield during the summer of 2004. The policy was widely attacked by the Communications, Energy and Paperworkers Union of Canada, local 143, representing all of the plant’s production employees (close to 1,000 employees) ...
The Competition Bureau (the “Bureau”) is responsible for the administration and enforcement of the Competition Act (the “Act”), including criminal provisions relating to conspiracies to lessen competition, price fixing, market allocation, bid rigging and resale price maintenance, and civil provisions relating to abuse of dominant position, as well as other practices that may lessen competition, such as tied selling, refusal to deal and exclusivity ...
Overview A recent B.C. court decision provides welcome news for trustees of multi-employer, defined benefit, negotiated cost pension plans. Under s. 59(3) of the Pension Benefits Standards Act (“PBSA”), trustees of these plans can reduce accrued benefits to meet solvency requirements, and have used this power at various times in the last 12 years. But this power had never been judicially tested. In Neville v ...
In this edition: - Fire Legislation Changes - Control of Substances Hazardous to Health Regulations Amended - Accounting for Risk - Workplace Stress - Lock up Your Ladders - Corporate Manslaughter Act Moves Closer to Reality - Vibration Regulations are Imminent
Judgment of the European Court of Justice in Tetra Laval BV v. European Commission (Case C-12/03 P) of 15 February 2005 In its judgment of 15 February 2005 in case Tetra Laval BV v. European Commission, the European Court of Justice (hereinafter the “ECJ”) upheld and confirmed conclusions reached by the Court of First Instance (hereinafter the “CFI”) in its judgment of 25 October 2002 ...
The judgment of the European Court of Justice in European Commission v. max.mobil Telekommunikation Service (C-141/02 P) of 22 February 2005 The plaintiff was an Austrian mobile operator contesting the level of regulatory fees it was required to pay. Specifically, as the claimant indicated, it was subject to fees similar to those applicable to a competing mobile operator owned by the Austrian state ...
Unlimited Liability Corporations Lawson Lundell LLP is committed to excellence in business law. In fulfilling this commitment, we ensure that we are aware of changes in the legal environment and are proactive in identifying opportunities for our clients to benefit from such changes. The recent introduction of legislation in Alberta to allow the creation of unlimited liability corporations (¡§ULCs¡¨) presents such an opportunity. Enclosed is a brief summary of ULCs and their uses ...
As a director you have a duty to act honestly, in good faith and in the best interests of the company. This means you must take proper care of the company's assets and ensure that you don't profit from your position. To this end, when purchasing property from the company, the purchase price should reflect the current market value ...
What is Licensing?Globalization and the opening of international markets generate an increase in trade on a world-wide basis and greater competition between businesses. It has become increasingly difficult for companies to follow the traditional process of developing, manufacturing and distributing products themselves.Licensing is a simple and different way of selling one’s products ...
The Director of Corporate Enforcement is targeting company directors who abandon insolvent companies and leave them to be involuntarily struck off the Register as an alternative to a formal liquidation. The Director has indicated that he will take proceedings under Section 160 of the Companies Act, 1990 to secure disqualification orders against such directors in appropriate cases. He is getting support for this in the High Court ...
The Irish Law Reform Commission has published two consultation papers recommending legislative changes to clarify the role, duties, powers and responsibilities of trustees, including charitable trustees, so that general trust law keeps up with the ever changing economic and social climate ...
The new Arbitration Rules of the International Economic and Trade Arbitration Commission (CIETAC) came into force on 1 May 2005. The following are the major changes: Specialist Arbitration Rules The new Rules provide for the possibility of using rules tailored made for specific industries. Todate, only rules for financial disputes have been published. Specialist panels of arbitrators have also been set up according to the nature of dispute ...
The decision to terminate an employee carries with it the risk of a possible legal challenge. Depending upon an employer’s policies or whether an employee has an employment contract, an employee may, for example, have a breach of contract or “wrongful discharge” claim. An “at-will” employer - that is, an employer who reserves the right to terminate employees without cause - generally does not need to worry about such claims ...
In the majority of countries, the rights obtained over a trademark are created by its use and/or its registration. Mexican law follows a mixed or exception system. In effect, the right to the exclusive use of a trademark is obtained by means of its registration, which protects certain products or services (the principle of specificity of products or services); however, its use also produces legal effects before and after the registration ...
On May 10, 2005 an “Accord Establishing Additional Benefits for Certified Companies With a Maquila or PITEX Program” came into effect. This new accord provides additional benefits for certified companies which have a maquila or PITEX program ...
Under the current law, for an organisation to be liable for a fatality the 'identification' principle must apply. This first requires an individual to be personally guilty of the wrongdoing. This individual must then be identified as the "controlling mind" of the company. There are several problems with the current system. It is often impossible to identify the "controlling mind" behind the decision which results in the death ...
Enron, WorldCom, Tyco International and Parmalat: names associated with tales of corruption, mismanagement and financial irregularity. But these names are now also synonymous with something else: a raft of reforms to company regulation worldwide. Two such reforms being felt in the UK are the Companies (Audit, Investigations and Community Enterprise) Act 2004, and the FTSE Institutional Shareholder Services (ISS) Corporate Governance Index Series ...
