On 2 December 2004, the U.S. Securities and Exchange Commission (SEC) published a new rule and rule amendments under the Investment Advisers Act of 1940 (IAA), with significant implications for hedge fund advisers within and outside the U.S. The new rules require investment advisers to “look through” the funds they manage and count investors in the funds as clients for the purpose of determining whether an adviser is exempt from registration under the “private adviser exemption” ...
The Taiwan Securities and Futures Bureau issued an Order on 31 January 2005 increasing the limit on investment in PRC related securities by foreign funds offered by SICEs from 5% to 10% of the fund’s net asset value (NAV). The Order makes no change to the restriction on an offshore fund’s investments in securities issued in Mainland China which remains capped at 0.4% of the fund’s NAV ...
The second consultation on exemption of offshore funds from profits tax ended on 31 January 2005. Section 20A of the Inland Revenue Ordinance (IRO) provides that where a person is a non-resident and carries on business through an agent in Hong Kong, that non-resident can be charged to tax in the name of the agent and that tax can be recovered from the agent. However, section 20AA provides for an exemption whereby qualifying agents (i.e ...
In November 2004 the Hong Kong Securities and Future Commission (SFC) published its Consultation Conclusions on the Regulatory Framework for Addressing Analysts’ Conflicts of Interest and issued guidelines to form part of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct) which are scheduled to come into effect on 1 April 2005 ...
In November 2004, the Securites and Futures Commission (SFC) published its Consultation Conclusions and Guidelines on Good Disclosure of Securities Services and Related Fees and Charges (Guidelines). The Guidelines, which came into effect on 1 January 2005, supplement the existing Code of Conduct ...
The Securities and Futures Commission (SFC) issued a circular on 21 December 2004 to deemed licensed corporations. Deemed licensed corporations which do not intend to migrate to the new regime under the SFO are expected to wind down their businesses and make arrangements for the return and transfer of client assets before their licences expire on 31 March 2005. The circular also sets out guidance on the treatment of unclaimed client assets ...
With more than 13 million working days a year lost to stress at an estimated cost of £3.8 billion to the economy, managing employees’ anxiety levels has never been more important Although the figure of half a million workers in the UK experiencing work-related stress at intolerable levels appears manageable, this is really only the tip of the iceberg with up to five million people feeling 'very' or 'extremely' stressed by work ...
This article is intended to provide some solutions on how to reduce the amount of parallel imports of your products into Ireland without breaching European law. Parallel trade of products occurs within the European Union (EU) as EU legislation provides for the free movement of goods within the EU. This rule frequently results in products being imported from cheaper countries within the EU (for example Greece) to more expensive countries within the EU (for example Ireland) ...
This Newsletter describes the latest developments in Trade and Regulation in the Latin American region and the EU ...
Merger and acquisition activity has increased dramatically in China over the last several years. While such transactions were virtually unknown a mere ten years ago, they are now an increasingly common and important feature of China’s economic landscape. The M&A route now offers foreign investors a viable method of entering the China market. China’s economic reforms and robust growth have fuelled the increased pace of M&A activity ...
&L Goodbody recently represented the Irish Nightclub Industry Association (INIA) and the Irish Hotels Federation (IHF) against Phonographic Performance (Ireland) Limited (PPI) in a case on copyright law which is a landmark judgment not only in Ireland but elsewhere. The INIA and IHF challenged an arbitrator’s award which had set copyright fees payable by nightclubs to Phonographic Performance (Ireland) Limited – “PPI” ...
On 21 June 2004, the European Community (“EC”) submitted its instrument of accession to the Madrid Protocol to the World Intellectual Property Organisation (“WIPO”). The accession took effect from 1 October 2004.The Madrid Protocol is a treaty that facilitates the international registration of trade marks (“the International Registration System”) ...
On 26 October 2004, Lithuanian Parliament adopted the Law on Works Councils which came into effect from 11 November 2004. In this memorandum please find short comments regarding the procedure for formation of national works councils, their role in the enterprise, obligations and additional legal possibilities of employers related to works councils ...
China has traditionally restricted foreign investment in the retail and wholesale sectors with the aim of nurturing strong domestic players before their foreign counterparts would be let into the country. However, in order to become a member of the World Trade Organisation, China has committed itself to gradually opening up its distribution sector to foreign investment ...
Employers often find themselves stuck between a rock and a hard place when trying to manage employees who are pregnant. If the employer gets it wrong, he faces the potential for claims of sex discrimination and the possibility of a finding of automatic unfair dismissal. This can not only tarnish his reputation but hit him hard in the pocket too ...
In this article, we have summarised several recent employment cases that address the issues of maternity protection, summary dismissal, notice of termination of employment, payable wages and vicarious liability. Some of these cases ascertain the established position of the law whilst others shed new lights on some areas of uncertainties. The case of Sun Min v. Hong Kong Ming Wah Shipping Co. Ltd ...
On 1 October 2004, two new sets of regulations became effective under PRC Law: • Regulations on Securities Investment Fund Management Companies (FMC Regulations); and • Regulations on Senior Management Personnel of Securities Investment Fund Management Companies (Senior Management Regulations). The China Securities Regulatory Commission (CSRC) also issued two related notices, one in respect of the application of each of the Regulations ...
Prior to 4 November 2004, a Hong Kong authorised scheme could invest up to 10% of its total net asset value in other collective investment schemes (CIS) under the Code on Unit Trusts and Mutual Funds (Code), but it could not invest in any type of real estate or interests in real estate (except shares in real estate companies) ...
Based on the statistics prepared by the Securities and Futures Commission (SFC), as of early November 2004, there are approximately 280 SFC authorised guaranteed funds. This number has continued to grow throughout 2004. Background The early guaranteed funds introduced to the Hong Kong market in late 1999 offered simple investment strategies securing a capital guarantee with a potential up-side linked to the performance of underlying assets ...
In order to reduce the risks imposed on investors and the market by the excessive re-pledging and imprudent lending of securities margin financing (SMF) providers, the Securities and Futures Commission (SFC) has issued a Consultation Paper on the Proposed Measures to Address Risks Arising from Securities Margin Financing ...
Disclosure of Interests Recently, the SFC has successfully prosecuted a number of breaches of the duty to disclose securities interests, among which the most widely reported in the news was that of the prosecution of Mr. William Mong Man-wai. Mr. Mong was charged with failure to declare his interest in nearly 3 million shares of Bank of East Asia in contravention of section 28(1)(b) of the Securities (Disclosure of Interests) Ordinance. Mr ...
Proposed guidelines have been formulated to prevent analysts’ trading activities or financial interests from prejudicing their investment research and recommendations. The guidelines are scheduled to come into effect on 1 April 2005 and are to form part of the Code of Conduct for Persons Licensed by or Registered with the SFC. The guidelines cover only shares, stock warrants or stock options listed in Hong Kong or investment research that has an influence on such securities ...
Kochhar & Co- India- The Reserve Bank of India Simplifies Procedures in respect of Transfer of Shares/ Convertible Debentures by way of sale by a resident to a non-resident Under Indian exchange control laws, the transfer of shares, by way of sale, by a resident to a non-resident (i.e ...
