In recent years, Nicaragua has experienced sustained economic growth, as a result of a strict management of its fiscal, financial, monetary and exchange policies. Its business-related administrative procedures and laws have contributed to a strong inflow of direct foreign investment, so much that the country intends to exceed this year an amount of 1500 million in investments in sectors such as: power, manufacture, agriculture, tourism and others ...
The Sound Commercial Practices Guideline (the “Guideline”) published by the Autorité des marchés financiers (the “AMF”) in June 2013 and intended for insurers of persons or damages, holding companies controlled by an insurer, trust and savings companies or financial services cooperatives that are authorized by the AMF to conduct business in Quebec, including in particular those financial institutions governed by the statues of another province or country (collectively referred to hereaft
A. Legal Framework. In the Republic of Panama, the operation of investment funds and the securities market in general is regulated by Decree-Law No. 1 of 8 of July of 1999 (as amended to date, the “Securities Act”) and the regulations issued by the SSM (the “Regulations”). The government entity that is in charge of the regulation and supervision of the securities market in Panama is the Superintendency of the Securities Market (the “SSM”) ...
A recent decision by the Florida Supreme Court is raising eyebrows among businesses and practitioners because it regards what constitutes a valid agreement to arbitrate, specifically, whether an arbitration clause written in English can be enforced against parties who do not speak the language. Given Florida’s diverse population, the opinion causes concern as some interpreted it to go against long-standing law that binds a signatory to a contract even if they did not fully understand it ...
An application to register the word mark BIMBO DOUGHNUTS as a Community Trade Mark (CTM) has been successfully opposed in the European courts. The ECJ upheld the General Court’s earlier decision that there is a likelihood of confusion between the word mark BIMBO DOUGHNUTS and a registered Spanish word mark, DOGHNUTS. (Bimbo SA v OHIM, Case C-591/12 P) ...
The U.S. Supreme Court again unanimously reversed the U.S. Court of Appeals for the D.C. Circuit, this time in two cases relating to attorney fees for patent infringement: Octane Fitness v. Icon Health & Fitness, No. 12-1184, and Highmark v. Allcare Health Mgmt. Sys., No. 12-1163. The Federal Circuit is now 0-3 in cases before the court so far this term, and it has persuaded a grand total of zero justices to support affirmance in any of those cases. See Medtronic v ...
Negotiations are part of our daily lives from an early age. From haggling with teachers over homework to agreeing terms for a new job – we all negotiate regularly throughout our lives. So why then can it be difficult to get some parties to start negotiating when it matters? Parties are unlikely to negotiate if they believe that they can force a better result at a lower cost ...
The movement of information across national borders drives today’s global economy. Cross-border data transfers allow businesses and consumers access to the best available technology and services, wherever those resources may be located around the world. The free-flow of data across borders benefits all industry sectors, from manufacturing to financial services, education, health care and beyond ...
Judges sitting in the Inner House of Scotland’s supreme civil court, the Court of Session, will no longer wear wigs and judicial robes when hearing civil appeals. Where this is the case the court will not insist that counsel should appear with wig and gown or that solicitors with rights of audience should appear with gowns. Where the court intends to wear wigs and judicial robes, for example at ceremonial sittings, practitioners will be informed accordingly ...
The High Court, County Court and the Magistrates Court have jurisdiction to hear civil matters in England and Wales, with the High Court dealing with the most complex and high value disputes. The County Court hears lower value debt, personal injury and contract claims as well as some technology, construction and patent cases. Until 22 April a claimant could choose to bring their claim in the High Court providing the figure claimed for was over £25,000 ...
In recent years, one clause of the ISDA Master Agreement has been the source of a great deal of consternation among derivatives lawyers: the condition precedent set forth in Section 2(a)(iii), which purports to suspend a party’s payment obligations in the event of a continuing default by the other party ...
Clients unfamiliar with patent prosecution are often surprised to learn that few patent applications receive a first-action allowance, or FAA. There are even rankings of law firms that receive the most FAAs each year. But what does an FAA signify? Is it a cause to celebrate, or to conduct a post-mortem? The answer is, of course, “it depends ...
With food and nutrition key issues for growing markets such as China, investment in Agribusiness is about supporting Asian partner objectives to grow "safe food" and "harvest protein", according to Adam Handley, President of the Australia China Business Council (WA) and a senior partner at law firm Minter Ellison ...
On 6 April 2014, the historic remedy of distress ceased to exist. The tool that landlords have used for centuries has been replaced by the Commercial Rent Arrears Recovery (‘CRAR’) regime.Tenants have welcomed this development as CRAR prevents bailiffs from simply turning up unannounced at the tenant’s address in order to seize goods. Landlords on the other hand are now faced with a more complex process and the loss of the element of surprise ...
In 16 January 2014, the Constitutional Court (“MK”) granted the request for a judicial review of Article 335 of the Criminal Code (“KUHP”) and removed the phrase, “offensive act” from Article 335 of the KUHP. The reason for removing the phrase, “offensive act” is that it allows investigators and public prosecutors to act arbitrarily against certain people ...
In an attempt to improve the quality of Listed Companies and the liquidity of Public Company shares, the Director of the Indonesian Stock Exchange amended Regulation Number I-A on the Listing of Shares and Equity Securities other than Shares Issued by Listed Companies (No. KEP-00001/BEI/01-2014). The main issues regulated under this amended Regulation relate to the term of office of the independent commissioner and independent director in a listed company and free float shares ...
In an attempt to increase a bank’s ability to absorb risks, the improvement of a bank’s capital quality and quantity to be in accordance with international standards is deemed necessary. In order to increase a bank’s capital quality, it is also considered necessary for the bank to have additional capital which will have the function as a buffer in the event of a financial and economic crisis which may negatively affect the stability of the financial system ...
Currently, provisions on fit and proper tests for non-banking financial services are provided separately in several regulations and they apply different standards of fit and proper test procedures and materials. In an attempt to unify the fit and proper test requirements for non-banking financial services, the Financial Services Authority (“OJK”) issued Regulation No. 4/POJK ...
As a newly established authority pursuant to Law No. 21 of 2011 on the OJK (“OJK Law”), the OJK requires proper financing to support its operations so that it can carry on its duties and functions independently and professionally, and in accordance with good corporate governance principles. One of the OJK’s financing sources is from charges obtained from financial services institutions and/or individuals or entities engaging in financial services ...
After 80 years using a very old Dutch trade law (Bedfrijfsreglementerings Ordonnantie 1934, Staatsblad 1938 Number 86), Indonesia has finally introduced its own Bill on Trade. The Bill on Trade was passed by the House of Representatives on 11 February 2014 and will come into effect on 13 March 2014 at the latest ...
On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”),1 to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 Letter, without counting such swaps towards the “sub-limit” threshold for swap dealer registration with regard to such swaps ...
FATCA is a United States Act that requires US persons, including individuals who live outside the United States, to report their financial accounts held outside of the US, and requires foreign financial institutions (“FFIs“) to report information regarding their US clients to the US Internal Revenue Service (“US IRS”). FATCA was meant to combat offshore tax evasion and to recoup federal tax revenues ...
