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 ...
Bolivian law contemplates two procedures by which local companies with financial difficulties, are ultimately obliged to sell their assets in order to satisfy existing payment obligations, be it through a mandatory dissolution and liquidation or through a judicial bankruptcy procedure. I ...
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 ...
Following consultation with national competition authorities and the public, the European Commission has published enforcement priorities guidelines, which it will follow when applying Article 82 to exclusionary conduct by dominant companies. Throughout the guidelines, the Commission reiterates that Article 82 should protect competition and consumers – rather than individual competitors (an approach previously advocated by Commissioner Kroes) ...
As a consequence of the complexity of Hong Kong’s disclosure of interests regime, local substantial shareholders and global investment houses alike frequently fall foul of its provisions. Even robust monitoring and reporting systems can fail to cater to idiosyncrasies of the Hong Kong regime ...
This is largely a codification of duties which already existed under previous legislation or the common law. However, the Act does introduce some new duties. With effect from 1 October 2008, every director of a company now has a statutory duty to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company (a ‘situational conflict') ...
Today when financial experts are busy in measuring the depth of present financial turmoil, layman is cursing Governments and experts are blaming sub-prime mortgage payment defaulters but no-body in the economic fraternity could appreciate that it was a policy failure. Moreover, no one in the financial world could imagine the enormous size of the trouble that lending on sub-prime would bring the world’s biggest financial catastrophe of the century ...
1. What types of collateral are available? Real estate, operating and other licence rights or concessions, leaseholds, buildings, moveable property, contractual lights, receivables, shares, securities, onshore and offshore bank accounts, entire enterprises, after-acquired property, proceeds from investments and the sale of collateral are all available ...
Family Intervention Tenancies (FITs) are a new type of tenancy to be introduced by Sections 297-298 of the Housing and Regeneration Act 2008. They will be another tool for registered providers (the new term for both Registered Social Landlords and local authorities to tackle anti-social behaviour ...
In response to the current global financial crisis, on 9 October 2008, the Chairman of the Capital Markets and Financial Institutions Supervisory Board (BAPEPAM-LK) issued a new regulation on buybacks of shares by public companies (Decree No. Kep-401/BL/2008 or Regulation No. XI.B.3). This new regulation provides fewer requirements than the previous regulation issued in 1998, Regulation No. XI.B.3 which remains valid ...
Government Regulation No. 63 of 2008 on the Implementation of the Law on Foundations (“GR 63/2008”) was issued on 23 September 2008. GR 63/2008 is the implementing regulation of Law No. 16 of 2001 as amended by Law No. 28 of 2004 regarding Foundations (“Foundations Law”). Under GR 63/2008, foundations must have a name and be registered in the register of foundations at the Ministry of Law and Human Rights ...
The Bank of Portugal set up a regime to govern the advertising of the banking products and services that come under its supervision in Regulation No. 10/2008, of 9 December, which came into force on 1 January 2009. The Regulation builds on the general regime laid down in Articles 77 and 77-C of the General Credit Institutions and Financial Companies Regime (the RGIC), as most recently amended by Article 2 of Decree-Law 211-A/2008, of 3 November ...
China's Anti-monopoly Law ("AML") became effective on 1 August 2008. This new piece of legislation has attracted attention worldwide because of its potential impact on foreign investments in China. This article will outline the key activities prohibited by AML and explain how AML will affect foreign investors. Three main types of activities are specified under AML, namely (1) monopoly agreements, i.e ...
Best Practices & Standards The hedge fund industry has experienced trying times over the past few months. Year-end redemption requests have flooded the sector. Scandals such as the so-called "ponzi" scheme allegedly carried out by Bernard Madoff resulting in billions of dollars in losses have shaken the industry ...
Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...
The amendments to Russian Federal Law “On the insolvency (bankruptcy)”, adopted and came into force in January, 2009, affected both general and procedural provisions of the Law. We at ALRUD Law Firm provide full professional service at the highest level for our clients therefore we ought to analyze the impact and the consequences of these substantial changes of the procedure of bankruptcy ...
The general increase of commercial disputes caused by the global economic crisis has resulted in growth of litigations involving debtors domiciled or with assets abroad. Though there are certain similarities between countries in the enforcement of judgment procedures, the creditor has to take state differences into account as well ...
ALTIUS contributed to a publication on International Acquisition Finance accross mutiple jurisdictions. The volume provides counsel with a full insight into the law and regulation across numerous jurisdictions. Johan De Bruycker, Caroline Wildemeersch and Kasper Van Landeghem from ALTIUS' Banking & Finance team untangle the complications of debt funding regimes for the Belgian jurisdiction. 1 ...
Many companies’s apply employment terms – either in a general commission plan or in the individual employment contract – which can entail major unforeseen costs in the form of retroactive claims from employees for holiday pay or pension payments. There are certain differences in judgement between companies which are bound by collective bargaining agreements and those companies which are not ...
Important changes in, inter alia, the Rights of Priority Act (Sw. förmånsrättslagen) entered into effect on 1 January 2009. For example, it becomes possible to use personal property of the business as collateral security for loans in businesses. Elisabeth Söderholm, associate at Delphi Lawfirm, Gothenburg, reports on the new rules ...
