The year 2004 saw increased M&A activity in the Ukrainian banking sector. Some of the notable acquisitions include equity transfers in Kredit Bank (to PKO Bank Polski S.A.), Transbank (to Bank TuranAlem of Kazakhstan),Bank Leader (to Renaissance Capital of Russia), and, of course, the benchmark deal of the year — acquisitionby Vilniaus Bankas, a Lithuanian subsidiary of the powerful SEB Group of Sweden, of the Joint Stock Bank Agio ...
On February 8, 2005, the Court of Appeal issued two judgments1 that clarify the burden of proof of the parties with respect to the nullity of an insurance contract. These two judgments are all the more interesting given that they deal with the issue of the impact of criminal history on the moral risk that the insured or the prospective insured poses for an insurer. The Rouette judgment, written by Mr ...
The Securities and Futures Commission ("SFC") have just released their consultation paper ("Paper") on the review of the disclosure of interests regime under Part XV of the Securities and Futures Ordinance (Cap. 571) ("Part XV"). The Paper contains the SFC's proposals for changes to the law on disclosure of interests in shares. Most of the provisions of the Securities and Futures Ordinance was gazetted on 28 March 2002 and came into effect (including Part XV) on 1 April 2003 ...
Despite rumours from Westminster that the Pensions Bill was to be dropped to make room for the anti-fox hunting Bill, it looks certain that the Pensions Bill will finally receive Royal Assent in November. In its final form, the Bill now extends to over 350 pages. Those looking for simplification will be disappointed to say the least ...
Introduction Patented inventions are a large source of revenue in the pharmaceutical industry. Ireland's tax exemption in respect of certain patent royalties, has been one of the driving factors behind investment by pharmaceutical multinationals, principally from the US, in the Irish economy. Irish tax legislation provides an exemption from tax for income derived from "qualifying patents" when received by a person resident in Ireland and not resident in any other country ...
Year-end deadline for application to the HKMA to adopt the basic approach and internal rating based approach for credit risk calculation The Hong Kong Monetary Authority ("HKMA") issued a circular ("the Circular") to all Hong Kong incorporated authorised institutions ("AIs") on 7 December 2004, requesting formal applications from AIs that plan to adopt the internal rating based ("IRB") or the basic approach ("Basic Approach") for the assessment of their capital adequacy ...
On May 14, 2004, the Superior Court rendered judgment in Landry vs. L’Union Vie, Compagnie mutuelle d’assurance1 and allowed the action of the Plaintiff, Ms. Lucie Landry, in which she claimed $50,000 in insurance proceeds following the death of her brother on October 26, 2000, pursuant to a life insurance policy issued by Union Life on July 28, 2000. The case is currently under appeal. The Facts On July 28, 2000, Union Life Mutual Assurance Co ...
Practically everyday new companies in Ukraine are entering international financial markets through attraction of loans from international financial institutions (IFI), placement of Eurobonds, etc. Some of them would certainly soon start thinking of Initial Public Offerings (IPO) and similar instruments. In this overview the author tries to shed light on some very important but rather hidden prerequisites for success in doing so ...
Modernizing Texas’ Foreign Legal Consultant Rule By Larry B. Pascal Introduction Texas law firms depend on cross-border work for a growing percentage of their revenue. Numerous Texas-based law firms have opened offices outside of the US including offices in Mexico, Europe, Russia and the surrounding Eurasian states, the Middle East, and Asia ...
In The Euromoney Global Insurance Handbook 2004, Delphi & Co worked on the Swedish Ministry of Justice’s bill for a new Insurance Contract Act, which was heavily criticised in Sweden at the time. On May 19, 2004, after more than 10 years of processing, the Swedish Government presented a slightly modified bill for the Swedish Parliament (“the Bill”) ...
Foreign insurers are currently permitted to provide services in 15 major Chinese cities; all geographical restrictions should be removed by the end of the year. Domestic insurers are now permitted to establish sales and distribution outlets in all locations where they have branches ...
On its way to a market economy, one of the primary tasks facing Ukraine is the development of its financial markets and, inevitably, elaboration of its finance laws. Although much remains to be done, the passing year has brought several major developments in the area of finance law: (a) introduction of the anti-money laundering system, (b) tightening of exchange controls and (c) further dramatic growth of the bond market, including the issue of corporate and municipal Eurobonds ...
Ukrainian Exchange Controls Have Always Been, if Anything, Overprotective. As More Ukrainian Companies Are Seeking Finance Abroad, Ukraine Has to Consider Adding Clarity and Certainty to its Exchange Controls in Order to FacilitateCross-Border Finance Regulatory imperfections. The system of Ukrainian exchange controls is based on the Decree of the Cabinet of Ministers of Ukraine On the System of Currency Regulation and Currency Control (the “Decree”) adopted back in 1993 ...
Project financing in emerging markets has been in use for some time, primarily for financing large new projects without any prior track record or operating history — greenfield projects. Emerging markets are in instant need of project financing as an effective instrument for economic investments. It facilitates attracting new investments by structuring the financing around the project's own operating cash flow and assets, without the additional guarantees of sponsors ...
As seen in the Houston Business Journal
Capital Committed to VC Funds in the US ($) and Return Importance of Angel Investors • 80% of recent Inc. 500 bootstrapped initial capital using non-traditional source of funding1 • 5% raised initial capital from venture capital1 • 1996 - $30 billion angel funding $10 billion venture capital2 1. Angel Profile • Do’s for Entrepreneurs ...
We have identified various venture capital deal terms which have become more onerous as a result of the current state of the venture capital and technology industry. Understanding the impact of those terms is important to angels in structuring their initial investment as well as situations where they have made an investment and then solicit subsequent professional venture capital funding for the portfolio company ...
SEC Adopts New Rules Governing Disclosure of Non-GAAP Financial Measures and Amendments to Form 8-K Relating to Earnings Releases and Other Financial Disclosures
Today – more than ever – corporate management is under attack. In the wake of the Enron debacle, corporate decisions are more carefully scrutinized, and the conduct of the company’s directors and officers are now constantly under the watchful eyes of investors, creditors, and government regulators ...
"This [provision of the Sarbanes Oxley Act] is about making sure those lawyers. . . don’t violate the law and, in fact, more importantly, ensure that the law is being followed." -- Senator John Edwards, July 10, 2002 On November 21, 2002, the SEC proposed a new Rule 205 entitled “Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer” (the “Standards”) ...
The Entrepreneurship Institute President's Forum This term sheet provides an example of a typical "Angel" round investment in preferred stock. It is not intended as specific legal advice or a final legal document and is provided for general educational purposes only ...
Dallas Bar Association Tort and Insurance Practice Section Today-more than ever-corporate management is under attack. In the wake of the Enron debacle, corporate decisions are more carefully scrutinized, and the conduct of the company’s directors and officers are now constantly under the watchful eyes of investors, creditors, and government regulators ...
North Texas Global Telecommunications Society Fourth Annual Latin American Telecommunications Conference A Powerpoint presentation covering the following: Overview Chronology No General Rules (Reglamento) Issued, Only Rules for Specific Services Sector Statistics Recent Legal Developments E-Mexico Basics of Regulatory System Comparison of Current Mexican Telecommunications Law with Draft Bill Concessions Same Basic Regulation in Current Law and Draft
Dallas Bar Association Franchise and Distribution Law Section A publication and corresponding Powerpoint presentation covering the following: The Franchisor-Franchisee Relationship Shifts Certain Liability Risks from the Franchisor to the Franchisee Insurance Is Typically A Contractually-Negotiated Element of the Franchisor-Franchisee Relationship The Difference between First Party and Third Party Coverage The Basic Anatomy of an Insurance Policy What You Should Know About Comm
State Bar of Texas Insurance Law Section Annual CLE Program Introduction For the last several years, a dark cloud has hung over Texas policyholders seeking coverage for claims made against them for negligence but arising from the intentional conduct of others. Perhaps no other group has endured this storm more than employers who by their “deep pocket” status have routinely been hailed into court for the intentional acts of those they employ ...
