A small measure of relief may be coming to some beleaguered Michigan communities that have been struggling recently with the difficult question of what actions they can realistically take to encourage much-needed local economic development while remaining cognizant of the financial limitations associated with lower revenues, higher costs and uncertain economic projections. The answer for some might be found in recovery zone financings ...
Media organisations and journalists will now need to be more cautious when entering into contracts with third parties for interviews and information, following the decision of the High Court in ACCC v Seven Network. The court held that section 65A of the Trade Practices Act (TPA) will not afford protection to a media organisation against section 52 of the TPA when it engages in chequebook journalism ...
The growth in money laundering activities and terrorism financing using financial institutions requires concrete action to eradicate these criminal activities. The diversity of products, activities and information technology available in the banking sector has resulted in an increase in the use of banks for money laundering and terrorism funding ...
Bank Indonesia issued Bank Indonesia Regulation Number 11/26/PBI/2009 dated 1 July 2009 on Prudential Principles in the Implementation of Structured Products Activities for Commercial Banks (“BI Reg.11/26/PBI/2009”) ...
Self-regulation of retail banking came to an end on 1 November 2009 with the establishment by the Financial Services Authority (FSA) of a new banking conduct regime. This new regime largely replaces the voluntary Banking Codes and comprises: 1 ...
In our final procurement update of 2009 we report on two important administrative changes: new advertising thresholds, and new OJEU notices. New advertising thresholds published These will apply for two years from 1 January 2010. As predicted, because Sterling has been so weak against the Euro, the Sterling thresholds have actually gone up significantly (meaning slightly fewer contracts will be caught by the full Regulations) ...
As an initiative to develop Islamic finance and Islamic fund management in Hong Kong, the SFC signed a Declaration on Mutual Cooperation on Development of Islamic Capital Market and Islamic Collective Investment Schemes (Declaration) with the Securities Commission of Malaysia (MSC) on 9 November 2009, which provides a framework for the mutual recognition of Islamic funds (excluding hedge funds, wholesale funds and real estate investment trusts as defined in the
Chapter 10.2 of the SFC's Code on Unit Trusts and Mutual Funds (Code) requires that pricing errors for SFC authorised funds should be corrected as soon as possible and all necessary action should be taken to avoid errors occurring in the future. If the pricing error results in an incorrect price of 0 ...
As a consequence of the recent wave of successful SFC insider dealing criminal prosecutions, responsible officers (ROs) are asking what they need to do to protect their companies and themselves. ROs are obliged to take all reasonable measures to ensure that proper safeguards exist to prevent the licensed corporation and its employees from insider dealing ...
Following the public consultation early this year on proposals for a legislative framework to upgrade the current anti-money laundering (AML) regime in the financial sector, Hong Kong's Financial Services and Treasury Bureau (FSTB) has launched a second-round consultation ...
Interest rates have remained at an all time low of 0.5% for 10 months in a row and the Bank of England is continuing with its quantitative easing programme. It has been upped to a £200bn asset purchase programme to increase the money in the UK’s financial system and boost bank lending. Meanwhile, total government debt is projected to rise to £1.4 trillion, nearly doubling to 80% of GDP ...
Following the public discussions which took place after the approval of the Decree-Law no. 317/2009 of 30 October (Decree-Law 317/2009)[1], Decree-Law no. 3/2010 of 5 January (Decree-Law 3/2010) was published in the Official Gazette, imposing a prohibition on credit institutions to charge on automated teller machines[2] (ATM) transactions, as well as, a prohibition on beneficiaries to charge payment transactions in automatic payment terminals and devices[3] ...
Contents* Quebec Modernizes its Corporate Law * Choosing a Name you Intend to Keep * Deemed Year-End on Loss of CCPC Status: One Possible Solution * Renewal Option or Privilege QUEBEC MODERNIZES ITS CORPORATE LAWValérie [email protected] Bill 63 – The Business Corporations Act was tabled before the National Assembly on October 7, 2009 and assented to on December 4, 2009 ...
On 19 October 2009, the Minister of Communications and Informatics issued Regulation, No. 42/PER/M.KOMINFO/10/2009, regarding The Procedures for Obtaining a Licence for a Foreign Based Broadcast Company Conducting Activities in Indonesia, as an implementing regulation of Government Regulation No. 49 of 2005 on Foreign Based Broadcast Companies. A foreign based broadcast company is a broadcast company established according to foreign laws and/or having offshore headquarters ...
Google France, Google Inc. -V- Louis Vuitton Malletier and others, European Court of Justice Cases C-236/08, C-237/08 And C-238/08 The European Court of Justice ruled this week that Google did not infringe trademark rights by letting advertisers purchase keywords corresponding to their competitors’ trademarks in Google’s AdWords program ...
1. The Concepts of “Trust” and “Security Trustee” It would be difficult to identify a universally accepted definition of “trust” and “security trustee” although these legal concepts appear to be well-developed in common law systems and are also acknowledged in a few civil law jurisdictions ...
The music, film and broadcast industries look set to get the robust protection from illegal peer-to-peer (P2P) file-sharing they crave, as the Digital Economy Bill moves closer to becoming law. It passed its third reading at the House of Commons on 7 April ...
The High Court has ruled that contractual interest will form part of any agreed liability cap, but that statutory interest arising from the exercise of the court's discretion will not. In Markerstudy Insurance Co Ltd and others v Endsleigh Insurance Services Ltd, the claimants alleged widespread breaches by the defendant of a number of agreements, causing the claimant to suffer loss of approximately £14m ...
Maintaining cash flow is a significant challenge in the current economic climate. What started as a 'credit crunch' is now a real squeeze for business - with customers trying to defer payment terms while suppliers apply pressure for earlier payment. Pre-contract Truly effective credit management begins at the pre-contractual stage, as this is usually the point of greatest leverage with the customer ...
The Quebec Court of Appeal issued a judgment concerning the right of a general partnership (“S.E.N.C.”) to file for assignment under the Bankruptcy and Insolvency Act (the “BIA”) without its partners having also filed for the assignment of their assets, themselves ...
On April 16, 2010, the Quebec Court of Appeal issued a judgment concerning the right of a general partnership (“S.E.N.C.”) to file for assignment under the Bankruptcy and Insolvency Act (the “BIA”) without its partners having also filed for the assignment of their assets, themselves ...
The answer is that they were both the subject of two recent decisions which shed further light on the ability to register three-dimensional shapes as trade marks. On the face of it, a three dimensional shape may be registered as a trade mark provided it meets the usual criteria (distinctive, non-descriptive, capable of distinguishing goods of one business from another etc) ...
a recent Superior Court decision rendered in the Province of Quebec is of interest. This decision rendered by Judge Jean-François Emond, sitt ing in Bankruptcy division for the Superior Court in the District of Quebec City, deals with a Progress Payment Agreement and a Mast er Lease Agreement between a financing company, Maxium Financial Services Inc. (hereinafter: “Maxium”) and a golf cart rental company, Desrosiers Golf Inc. (hereinafter: “Desrosiers”) ...
