Three separate bids are expected to be submitted to rescue Northern Rock ahead of today's government-imposed deadline.Following a series of government interventions, the chancellor is keen on a private sector rescue for the bank, which has already received £25 billion worth of loans from the Bank of England ...
Legal system1. What is the legal system (civil law, common law or a mixture of both)?Romania has a civil law system.Foreign investment2. Are there any restrictions on foreign investment (including authorisations required by central or local government)? There are only a few restrictions on foreign investment. For example, foreign persons cannot acquire land, subject to a limited number of conditional exceptions. 3 ...
The role and duties of a Chair are not defined and circumscribed in incorporating statutes (federal and Quebec) except in the case of Quebec government-owned corporations and then, only in part. Boards of directors have been at the centre of the public debate on corporate governance in recent years. This heightened focus on boards has provoked questioning and reflection on the role and liability of the Chair ...
Under Bolivian law, there is no specific set of regulations or special norm regarding a system of merger control applicable to the different sectors of the economy(1). The antitrust provisions, restrictions and penalties for each particular sector (telecommunications, electricity, hydrocarbons, transport, water, etc.) are established in the “Sectorial” laws, and in general in the Bolivian Constitution, the Criminal Code and Code of Commerce ...
The last years have revealed significant divergences between the Romanian Competition Council and the High Court of Cassation and Justice regarding certain merger notification aspects. A recent High Court of Cassation and Justice decision seems however to indicate a potential reconciliation of the positions of the two authorities.The Competition Law no ...
In the beginning of February, the Swedish Corporate Governance Board presented a proposal for a revised Swedish code on corporate governance (the Code).Work on amending the code has been carried out in cooperation with representatives for both OMX Nordic Exchange as well as NGM ...
On 21 February 2008, the government presented a proposal for a new Competition Act. The proposal contains a number of new things, of which several aim to make the fight against cartels more efficient. In addition, amendments are proposed to the rules on concentrations. Possibility of avoiding trial through a settlement procedure Currently, the Swedish Competition Authority does not have the authority itself to decide on fines (sw. konkurrensskadeavgift) ...
Are Municipality has been ordered by the European Commission to reclaim the unlawful state aid which the municipality paid to Konsum in Jämtland? The Commission’s decision underlines the importance of governmental authorities, municipalities and county councils monitoring the provisions on state aid in business transactions involving private players ...
Every day, and several times a day, we enter into contracts without knowing it or without considering and controlling their effects. This bulletin provides a brief and non-exhaustive summary to help you better understand, prepare for and monitor your contractual environment ...
The United States Supreme Court's recent decision in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. et al. is one of the most important securities law decisions handed down by the Supreme Court in many years. It establishes new guidelines in cases where investors seek to hold third parties (such as vendors, as well as attorneys or accountants) liable for participating in securities fraud ...
Until recently there was a significant amount of confusion and uncertainty on whether or not it is trade mark infringement for a search engine to allow certain 'keywords' to be sponsored by a third party who is not the trademark owner. The above scenario was encountered in the recent case of Wilson v Yahoo UK Limited where Mr Wilson was the owner of several Community trade marks under the name 'Mr Spicy' ...
On November 18, 2004, the Supreme Court of Canada released its decisions in Haida Nation v. British Columbia (Minister of Forests) and Weyerhaeuser, 2004 S.C.C. 73 (“Haida”) and Taku River Tlingit First Nation v. British Columbia (Project Assessment Director), 2004 S.C.C. 74 (“Taku”) ...
A new Swedish Competition Act will enter into force on 1 November 2008. The Act was passed by parliament on 11 June 2008. The new legislation means further harmonisation with EC competition rules and it also introduces a number of new features in order to enhance cartel enforcement. One of the new features is the introduction of trading prohibitions. The rules regarding fines will become both clearer and stricter in an aim to enhance legal certainty ...
On 22 May 2008, the Court of Appeal handed down its judgment in Dŵr Cymru's appeal against part of the CAT's judgement in the long running Albion Water case [FOOTNOTE: Dŵr Cymru Cyfyngedig v Albion Water Limited [2008] EWCA Civ 536 and [2006] CAT 23 and [2006] CAT 36]. The main subject of that appeal was the correct interpretation of the law on the abuse of margin squeeze ...
Act No. 125/2008, Coll., on Transformations of Commercial Companies and Cooperatives, taking effect 1 July 2008, supersedes the existing regulation of intra-state transformations in the Commercial Code and newly regulates certain transformations with foreign elements, i.e. cross border mergers and transfer of assets to a foreign participant ...
A new Swedish Competition Act will enter into force on 1 November 2008. The Act was passed by parliament on 11 June 2008. The new legislation means further harmonisation with EC competition rules and it also introduces a number of new features in order to enhance cartel enforcement. One of the new features is the introduction of trading prohibitions. The rules regarding fines will become both clearer and stricter in an aim to enhance legal certainty ...
Summary The Court of Appeal held that administrators were personally liable in costs for litigation in circumstances where a creditor challenged whether the purpose of administration could be achieved. The case highlights a number of important points for administrators and in particular the high standards expected of them following an appointment. Facts Joint administrators were appointed to Ulva Limited ("Ulva") by the sole director on 14 August 2007 ...
As national governments have taken increasingly drastic steps to shore up their banking systems so the Commission has been working overtime dealing with the State aid fallout. Many of the measures taken by Member States could distort competition - a serious worry in the current volatile climate. Against this backdrop, the Commission has been keen to stress that it wants to work with Member States to ensure financial stability ...
On June 17, 2008, the Supreme Court of Lithuania rendered a decision restricting the rights of the trademark owner to revoke his consent to use a trademark as a company name. In UAB Solvex Baltic v. UAB Scandihouse (Case No 3K-3-335/2008 (S)), the owner of the trademark SCANDIHOUSE petitioned the defendant to change its company name ...
Latest Developments Although we have not witnessed any major legislative or policy changes during the last year, these seem to be forthcoming in 2009 as the Antimonopoly Committee of Ukraine (AMCU) developed draft amendment to the Competition Act 2001 introducing fundamental changes into national merger control regime ...
Bank Indonesia issued Regulation No. 10/7/PBI/2008 on 19 February 2008 regarding Offshore Loans of Non-bank Companies. Offshore loans are one of the key factors which may have positive and negative impacts on balance of payments, monetary stabilization and development continuity ...
After lengthy discussion, the Indonesian House of Representatives finally passed the Bill on Limited Liability Companies into law on the 23rd of July 2007 and it was then signed by the President on the 16th of August 2007 and enacted as Law No 40 of 2007 regarding Limited Liability Companies ("Law 40"). Law 40 revokes the previous limited liability companies law, ie Law No. 1 of 1995 regarding Limited Liability Companies ("Law 1") ...
Since 26 April 2007, Indonesia has had a new Investment Law, namely Law No. 25 of 2007 regarding Investment (“New Investment Law”). The New Investment Law replaces two old laws; ie Law No. 1 of 1967 regarding Foreign Investment, and Law No 6 of 1968 regarding Domestic Investment, both as amended. The New Investment Law accommodates both foreign and domestic investment ...
On 16 September 2008, the European Court of Justice (ECJ) gave a preliminary ruling in joined cases C-468/06 - C-478/06 specifying that a refusal by a pharmaceutical undertaking that holds a dominant position on a relevant pharmaceutical market to supply wholesalers with a view to impeding parallel export of such wholesalers from one Member State to other Member States constitutes an abuse of a dominant market position under Article 82 of the EC Treaty ...
