WiMax, Worldwide Interoperability for Microwave Access, is a new product developing in Chile that promises to revolutionise Internet access. WiMax allows high speed transmission of data and multimedia services (e.g., the Internet and videos) from laptops, cell phones and other portable devices from distances greater than was possible with previous technologies. According to some preliminary tests, WiMax equipment can reach up to 40 km in open spaces ...
In recent weeks, hefty fines for data breaches have been issued in the United Kingdom and Greece. Surprisingly, these fines have not been levied by data protection authorities, but by other regulators with overlapping jurisdiction over data security. The authors, from Hunton & Williams, write that data protection enforcement in Europe appears to be entering a new phase ...
On 10 May 2007, the China Banking Regulatory Commission (CBRC) issued its "Notice on the Adjustments to the Overseas Investment Scope of Overseas Wealth Management Business of Commercial Banks on behalf of their Clients". This Notice widens the investment scope permitted under the Qualified Domestic Institutional Investors scheme (QDII) applicable to commercial banks (including Chinese banks and approved foreign banks in China) ...
The SFC's feedback on their recent round of inspections of Investment Advisers (IAs) was shared with members of the Institute of Financial Planners of Hong Kong on 8 May 2007. The SFC reported that the main issues they identified were: insufficient knowledge of clients and lack of justification to illustrate suitability of advice ...
The SFC recently appointed Mr. Mark Steward from the Australian Securities and Investment Commission (ASIC) as Executive Director of Enforcement. While enforcement initiatives of the SFC under his new leadership are still evolving, reference to the past record of ASIC’s enforcement may provide some hints ...
On 7 May 2007, the SFC updated the Licensing Related Frequently Asked Questions (FAQs) on its website under the heading, "Other Topics relating to the Securities and Futures Ordinance (SFO)".The updated FAQs assist licensed corporations or licensed applicants in understanding the SFC's view on factors relating to suitability of business premises ...
A licensed corporation, registered institution, licensed individual, substantial shareholder of a licensed corporation, corporate licence applicant or an individual licence applicant can apply to the SFC to have certain sections of the Securities and Futures Ordinance (SFO) or any provision of rules made by the SFC modified or waived under the SFO according to section 134 of the SFO ...
The development of online markets continues to pose challenges for legislators, who must balance the protection of IP rights owners with protecting traders against anti-competitive behaviour. Trademarks and copyright are particularly vulnerable to infringement on the Internet ...
On 11 June 2007, the Securities and Futures Commission (SFC) issued a circular (http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H461) outlining a set of initiatives to streamline and simplify its licensing processes. The circular, which provides practical guidance to fund managers intending to apply to the SFC for a licence, is principally directed at overseas hedge fund managers from the US and the UK ...
Regulation 45-106 respecting prospectus and registration exemptions (“Regulation 45-106”) has caused much concern and plenty of ink to flow since it came into force on September 14, 2005. The purpose of this newsletter is to discuss the modification made by Regulation 45-106 with respect to the restrictions that must be contained in an issuer’s constating documents in order for the issuer to have private issuer status(1) ...
There is a distinct (and dynamic) overlap between competition law and intellectual property rights, no more evident than from the European Commission's investigations into, and the European Court's judgement in, Microsoft. In a similar vein, the Commission is investigating each of Qualcomm and Rambus for potential abuses of a dominant position (through the allegedly unlawful exploitation of IP rights) in the standard setting arena. No doubt buoyed by U.S ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
Minnesota Federal Court finds no coverage under technology errors and omissions policy because claims did not arise out of a “Wrongful Act” as defined in the policy ...
Real estate 1. Please briefly state what is considered real estate in your jurisdiction. What are the most common forms of security granted over it? How are they created and how are they perfected (that is, made valid and enforceable)?Under Romanian law, real estate (generally known as immovable property) covers land, buildings and those movable assets attached to land or buildings as fixtures ...
At the beginning of this year the Supreme Court delivered a decision of principle interest regarding a computer software distributor’s right to severance pay (case no. T 930-06). Through the decision, the court has clarified that the Commercial Agency Act (1991:352) ( “Agency Act”) can be applied analogously to marketing and collecting of orders for computer software, despite the fact that computer software does not constitute goods under the act ...
The Asian hedge fund industry is comparatively new and small. However, the industry has witnessed phenomenal growth since 2002. The purpose of this book is to assist start-up managers to establish a hedge fund business. To date, a majority of the newly-established funds in Asia have been set up by fund managers or proprietary traders setting up their own business, after a successful career at one of the larger investment houses ...
The Internet is a growing medium in the marketing of funds in Hong Kong. However, its use as a distribution channel for funds in Hong Kong is still relatively low. This chapter describes the rules applicable to the use of the Internet in marketing and distributing hedge funds in Hong Kong.There are different considerations for funds authorized by the Securities and Futures Commission (SFC) and for unauthorized funds ...
Electronic commerce started its rapid development approximately 30 years ago, when the era of paperless transactions began. While many business transactions are still executed in paper form, the advantages associated with e-commerce continue to grow, including greater speed, efficiency, traceability, accuracy, and so forth ...
From 1 October 2008, the Companies Act 2006 will repeal the prohibition on private companies providing financial assistance for the purchase of its own shares. This change in law will not apply to public companies which will continue to be prohibited from giving financial assistance ...
