This Bill (as initiated), which will transpose the EU Information and Consultation Directive, has just been published. It does not give workers an automatic right to information and consultation. Instead negotiations to set up an information and consultation structure will have to be “triggered” by workers themselves in the form of a written request from 10% of the workforce, subject to a minimum of 15 employees and a maximum of a 100 ...
Securitization involves the separation of the credit risk of one or more assets from the bankruptcy and credit risks of the owner of those assets (hereinafter, the “Originator”)1 and the issuance and sale of securities backed by the cash flow from those assets. The proceeds of the sale of the securities are then used for the purchase of the assets from the Originator ...
The Companies (Amendment) Ordinance 2004 (the “Amendment Ordinance”) introduces, amongst other things, major relaxations to the prospectus regime in Hong Kong to facilitate market development. This bulletin summarises some of these changes brought by the Amendment Ordinance (The changes regarding prospectuses brought by the Amendment Ordinance as summarised in this bulletin came into operation on 3 December, 2004) ...
The SFC has recently settled a number of disciplinary cases on the basis of payment by the persons under investigations without admission of liabilities. Below are some examples of the settlement cases. SFC Withdrew Decision to Suspend Licence of a Licensed Representative The licence of a licensed representative was suspended by the SFC for six months by reason of his use of placing schemes to meet the placing requirements of the Listing Rules ...
In Hong Kong, it is common practice that there is a written employment contract between the employer and the employee which sets out the terms and conditions of an employment. The following case indicates that unless clearly provided in the employment contract, an employer cannot unilaterally vary the terms of the employment contract and such variation may be a breach of contract and the employer could be liable for damages ...
Under the Employment Ordinance, an employer has the right to terminate an employee’s employment summarily without notice or payment in lieu of notice in certain situations, one of which is employee misconducting himself, such conduct being inconsistent with the due and faithful discharge of his duties ...
In the United States, a federal judge approved on 10 May 2005 of the plan of United Airlines (“UA”) to terminate four employees’ defined-benefit pension plans and the pension responsibility are shifted to and assumed by the government’s pension insurer, the Pension Benefit Guaranty Corporation (“PBGC”). The decision will have a great impact on pension obligations to 120,000 current and former employees of UA and could have far-reaching implications for the pensions industry worldwide ...
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 ...
China presents enormous opportunities for the wealth management industry, as the domestic financial market and players develop increasing sophistication. The financial regulators in China are pushing ahead with financial market reforms and regulations, across the equity and bond markets, over banks, insurance companies, securities companies, securities investment fund management companies, trust investment companies and other financial institutions ...
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 ...
Central Portal for Public Procurement has been recently launched at www.cvpp.lt. The portal publishes information on the public procurement conducted in Lithuania; the main purpose of the portal is to materialize the electronic procurement methods currently lawful under the Law on Public Procurement of the Republic of Lithuania. The main novelty introduced is the possibility to conduct electronic procurement under the normal commercial practice ...
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) ...
It is just six months on from the introduction of the freedom of information regime, and there is already a wealth of advice and guidance available to public bodies on FOI. Private businesses however, are not as lucky. This article helps redress this imbalance ...
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
Proposal for Regulation of the European Parliament and of the Council concerning the Visa Information System (VIS) and the exchange of data between Member States on short stay-visas This regulation will enter into force from on the twentieth day following that of its publication in the Official Journal of the European Union. Official Journal of the European Union, C 052 of 2 March 2005 ...
The judgment of the European Court of Justice in Denuit and Cordenier (C-125/04) of 27 January 2005 The case developed out of a dispute between tourists and a travel agency regarding the price of tourist package services. Under the arbitration clause of the initial agreement between the parties, the tourists brought their claims before a Belgian arbitration court ...
What's your Freedom of Information forecast? Reasonably sunny, distinctly rainy or altogether a bit hazy? Whatever your response, it is possible to brighten your outlook and weather those FOI storms. If you’re an in-house lawyer in a public body in Scotland you'll no doubt be more than familiar with the Freedom of Information (Scotland) Act 2002. Five months on from the Act's full implementation date of 1 January 2005, it's time to take stock of your public body's progress so far ...
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 ...
