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) ...
On June 7, 2007, the National Assembly passed Bill 10, which amends the National Holiday Act and the Act Respecting Hours and Days of Admission to Commercial Establishments.Under the amended provisions of the National Holiday Act, June 24, the day of the National Holiday, will henceforth always be a public holiday, even when it falls on a Sunday, as is the case this year ...
In the past few years China has introduced significant regulatory changes in an effort to modernize its pharmaceutical industry and bring it in line with international standards. These include reorganizing the former State Drug Administration into the State Food and Drug Administration (SFDA), thoroughly amending drug regulation and good manufacturing practice (GMP), enhancing intellectual property protection and changing drug import licensing ...
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 ...
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) ...
It was gazetted on 14 May 2007 that the Employment (Amendment) Ordinance 2007 (the "Amendment Ordinance") will become effective on 13 July 2007 (except section 16 in relation to the requirement to keep wage and employment records, which will become effective on 13 January 2008).For details of the Amendment Ordinance, please see our HR & Pensions Newsletter Issue 2007.1 regarding the Employment (Amendment) Bill 2006 via this link: http://www.deacons.com ...
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 countdown has begun! Have the governance rules for your pension committee been set out in an internal by-law? If not, there’s no time to lose! The deadline is December 13, 2007.SourceIn Quebec, billions of dollars are managed by pension committees ...
TABLE OF CONTENTSI. INTRODUCTIONII. WHAT ARE THE FACTORS DRIVING A RISING NUMBER OF CLASS ACTIONS IN THE PENSION CONTEXTIII KEY ELEMENTS OF THE CLASS PROCEEDING AND WHAT MAKES IT A SUITABLE VEHICLE FOR PENSION ACTIONSA. How Class Actions WorkB. Expansion of Class Actions in Canada1. Availability of Class Actions2. Advantage of Class Actions3. Class Proceeding Not the Only Way to Pursue Pension Related ClaimsIV. KEY ELEMENTS OF A CLASS PROCEEDING1. Filing2. Certification3 ...
In Hungary, Act XXXIII of 1995 on the Protection of Inventions by Patents (the “Patent Act”) is the key piece of legislation in respect of inventions created in employment relationships. The Act differentiates between employees’ inventions and service inventions in its provisions applicable to this domain ...
On April 25, 2007 the BC Government introduced Bill 31: the Human Rights Code (Mandatory Retirement Elimination) Amendment Act, 2007. Once the amendments are in force, the changes to the legislation are to be effective January 1, 2008.Currently, the BC Human Rights Code defines “age” as being an age of 19 years or more and less than 65 years. Following the amendment, “age” will be defined as being an age of 19 years or more ...
The Employment (Amendment) Bill 2006 (the "Bill") was gazetted on 8 December 2006 and was read in the Legislation Council for the first time on 20 December 2006. The Bill proposes that commission be expressly included in the calculation of certain statutory payments under the Employment Ordinance (“EO”) ...
The Court of Final Appeal recently made a ruling in Poon Chau Nam v. Yim Siu Cheung t/a Yat Cheung Air-conditioning & Electric Co. casting light on determining whether a worker should be treated as an employee or an independent contractor under the Employees Compensation Ordinance ("ECO").This is an appeal case from the District Court and the Court of Appeal. The appellant worker suffered personal injury in a work-related accident at a building ...
First conviction on offence to make false or misleading statement to claim MPF benefitsAccording to section 43E of the Mandatory Provident Fund Schemes Ordinance ("MPFSO"), a person who, in any document given to the MPFA, an approved trustee or an auditor of an approved trustee or of a registered scheme in connection with the MPFSO, makes a statement that the person knows to be false or misleading in a material respect, or recklessly makes a statement which is false or mislea
The Labour Law of the People's Republic of China ("PRC") came into effect on 1 January 1995. The PRC Labour Law sets out the basic legal framework for the administration of employment/labour relationships and is applicable to all labour/employment contracts entered into between a PRC entity (including any foreign invested company) as employer and an individual as employee rendering services in the PRC ...
The financial services industry recently witnessed a plethora of competition investigations. The banking sector, in particular, has attracted the attention of competition watchdogs in an increasingly complex regulatory environment. Following an 18-month European sector enquiry, UK banks seem to have largely escaped the danger of significant enforcement actions, except possibly in relation to credit cards ...
On Capitol Hill, U.S. lawmakers are considering legislation that would authorize the U.S. Food and Drug Administration (FDA) to approve generic versions of biological products. Representative Henry Waxman (D, CA), of “Hatch-Waxman” fame, has introduced the “Access to Life Saving Medicine Act” (H.R. 1038) to advance this change to U.S. law. In introducing the legislation, Rep ...
The purposes of this Health Care Alert are to: 1) summarize recently proposed federal regulations which will require physician disclosure of ownership interests in hospitals to patients; 2) remind health care providers of existing Texas laws requiring disclosure of ownership interests and 3) suggest best practices for disclosure of ownership interests ...
A reputation for counterfeiting, poor quality control, ever-changing and inconsistent application of regulations and the challenges of ensuring that development does not unduly prejudice the welfare of the general population - this description of China’s pharmaceutical industry is representative of much that is good, bad and challenging in China’s recent regulatory and economic development ...
On January 22, 2007, the Commission des lésions professionnelles (the “Board”) handed down a decision in Harvey et Brasserie Labatt ltée(1) further to a motion for revocation filed by the employer against a decision rendered by a first commissioner ...
According to the Equal Opportunities Commission, 52% of men and 48% of women say they want to work more flexibly and 6.5 million people in the UK could be using their skills more fully if greater flexible working was available. The suggestion is that rigid models of work are driving highly qualified workers into jobs below their skill level in order for them to have a life outside of work ...
