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 ...
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 ...
Firstly the act now expressly states that planning and building shall promote good economic growth and effective competition. This change is a clear signal from the legislator that municipalities must not only take into consideration the social and ecological effects in their planning but also the development of commerce and the provision of commercial service ...
Dykema attorneys were recently involved in an interesting infrastructure project finance transaction relating to the rehabilitation of a portion of the Pennsylvania Convention Center. Dykema represented the lender in this transaction. To complete the transaction, a fairly unusual structure had to evolve ...
Commercial properties groups across Europe are being forced to wait longer to refinance their debts as lenders tighten their belts in the wake of the credit crunch, it has been reported ...
The Florida Supreme Court has held that defective work performed by a subcontractor that damages a general contractor’s completed work constitutes “property damage” caused by an “occurrence” under a commercial general liability (CGL) policy. U.S. Fire Ins. Co. v. J.S.U.B., Inc., No. SC05-1295 (Fla. Dec. 20, 2007) ...
A federal district court judge in Pennsylvania ruled that first-party property claims for damages due to defective stucco arose from a single occurrence and, upon determining the date of loss, held that the coverage claims were barred by the insurance contract’s two-year suit limitations period. Smith, et al. v. Westfield Insurance Co., No. 06-3077; 2007 U.S. Dist. LEXIS 87431 (E.D. Pa. November 27, 2007) Case Background ...
In recent years, Romania witnessed a continuously growing real estate market, along with a sustained rush of investors, including many foreign ones, eager to secure prime locations for their future development projects.On such a rapidly expanding market, it has been difficult at times to implement sophisticated real estate projects, as the country’s legal framework in the area of real estate did not change overnight, despite Romania’s recent accession to the EU ...
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 ...
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 ...
In response to certified questions from the United States Court of Appeals for the Fifth Circuit, the Texas Supreme Court held that unintended construction defects are an occurrence and that allegations of loss of use or damage to a home may constitute property damage under a commercial general liability (CGL) contract. Lamar Homes, Inc. v. Mid-Continent Cas. Co., No. 05-0832 (Tex. Aug. 31, 2007) ...
It is a given that any human endeavor will have effects that we do not expect. Robert Burns identified the problem with the best-laid schemes of mice and men, and investors in the mortgage banking industry are learning that lesson now. In recent years, many borrowers entered into adjustable-rate mortgages with low initial rates, trusting that rates would stay low or that they could refinance or sell a property before larger payments came due ...
On 16 March 2007, the National People’s Congress issued the Property Law of the People’s Republic of China. Effective on 1 October 2007, the Law defines the scope of property and property-related rights, such as use and possession, and sets out the protections afforded to State, collective and private property owners.BackgroundWork on the Property Law first began in 1993 ...
On 31 December 2006, the State Property Management Commission of the State Council and the Ministry of Finance jointly issued the Notice Regarding Relevant Matters in the Assignment of the State-owned Property Rights of Enterprises to further clarify issues arising from the implementation of the Provisional Measures for the Administration of the Assignment of State-owned Property Rights of Enterprises and the Notice on Relevant Issues in the Assignment of State-owned Property
On 22 January 2007, the Ministry of Construction and the Ministry of Commerce jointly issued the Regulations for the Administration of Construction Project Service Enterprises with Foreign Investment. Effective 26 March 2007, the Regulations outline the approval process for construction project service enterprises with foreign investment and set out the permissible types of business for these enterprises ...
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 ...
Some things change, others never change. The choice of procurement route is still governed by three main factors:· Time· Cost· Quality It is hard, if not impossible to achieve the best of all these three but when choosing a procurement route consideration must be given to the list of priorities so that people's expectations are properly managed ...
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 ...
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 ...
The Office of Fair Trading has written to a number of undisclosed companies in the construction industry, in relation to its ongoing investigation into a suspected multi-billion pound bid rigging cartel. It is offering the "late comers" a last chance to mitigate the potential fines which might be ascending upon them in the biggest cartel investigation in UK history ...
February 2007 UK retail sales rose 0.6% on a like-for-like basis against a weak comparative in February 2006, when sales had fallen. The three-month trend rate of growth weakened in February to 0.9% from 1.1% in January for like-for-like sales, but rose to 4.2% from 3.6% for total sales, reflecting the continued growth of retail space.Clothing and footwear were still difficult but food sales improved, helped by Valentine’s Day, after a flat January ...
Much has been made of the e-communication provisions set out in the new Companies Act 2006. However, less is known of a piece of legislation which came into force on 1 January 2007, the Companies (Registrar, Languages and Trading Disclosures) Regulations 2006, which affect the electronic communications of every company and limited liability partnership in the UK ...
Immediate access to the latest data is essential for business. The Internet and other networks ensure that data are readily accessible. But easy access to data carries with it certain risks, including the risk of unauthorised access. According to research by Gartner in 2006, 80 percent of companies will have suffered an application security incident by 2009 ...
On November 9, 2006, the Minister of Justice, Yvon Marcoux, introduced Bill 48, entitled An Act to amend the Consumer Protection Act and the Act respecting the collection of certain debts (hereinafter, the “Bill”).The Bill is based on the Internet Sales Contract Harmonization Template agreed on by the provinces further to the Agreement on Internal Trade ...
