On 20 June 2012, the Court of First Instance (in proceedings brought by the Securities and Futures Commission ("SFC")) ordered Hontex International Holdings Company Ltd ("Hontex") to make a repurchase offer to about 7,700 investors who had subscribed for Hontex shares in the initial public offering in December 2009 or purchased them in the secondary market during the 3 months after its shares were listed (by then the present action was taken by the SFC) ...
Florida transportation officials and the private sector have fine-tuned a financing structure that allows the state to use private-sector financing to advance projects to build roads and bridges and fulfill other essential infrastructure needs. The timing is right. The infrastructure of Florida, like the rest of America, is in critical need of maintenance and overhaul ...
In the history of the Eurozone crisis, Spain has been a special case. It was always the "teachers pet" when it came to sovereign debt, that is, until recently. On 9 June 2012, Spain received an offer of up to EUR 100 bn in financial support from the EU for its ailing banking sector. What does that mean for Spain and the rest of the Eurozone and how did Europe’s fourth-largest economy find itself in this state? BACKGROUND Spain has been unlucky in many respects ...
The Czech Customs Authority announced that Croatia and Turkey will accede to the Convention on a Common Transit Procedure between EU Member States and EFTA countries (the “Convention”) as of 1 July 2012. As a result, the forms listed in the supplements to the Convention are to change. The Czech Customs Authority adds, however, that the currently applicable forms shall continue to be in force and effect at least until 30 June 2013 ...
The Supreme Court has struck down the core provisions of the Trade Minister Regulation which allowed producers to import finished goods (No. 39/M-DAG/PER/10/2010). The regulation will cease to have legal effect as of 8 May 2012. The Ministry of Trade is reported to be currently considering an amendment which aims to accommodate the interests of both producers and traders but may have to draw it more narrowly than the original version. Decision No ...
What is CEPA? The Closer Economic Partnership Arrangement ("CEPA") is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China's WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
“A patent, trademark, or design registrationcan only be declared void by Federal courts”. Under this statement, theSuperior Court of Justice of Brazil has reaffirmed unanimously that defendantscannot argue unenforceability of a trademark registration as a defense argumentin an infringement lawsuit ...
In January, the Secretary of State for Transport announced the project for the construction of HS2, a second high speed rail network. It is to be constructed in two phases forming a “Y” shape: the first phase between London and Birmingham and the second from Birmingham, to Manchester and to Leeds. Phase 1 will link to Europe via the high speed rail line in London, HS1 and the Channel Tunnel ...
The Maritime Labor Convention of 2006 is an instrument that contains an approximate of 70 different provisions on labor-related matters in the maritime industry, which was approved by the International Labor Organization (ILO), in view of the absence of minimum standards that offered labor security and decent living conditions to the seafarers. The Maritime Labor Convention is expected to take effect before the end of 2013 ...
On 24 February 2012, Greece opened the Private Sector Involvement debt swap deal (PSI) to bondholders. Essentially the deal involved a swap that meant bondholders would have to accept a 53.5% cut on the face value of their bonds which, in real terms, meant a loss of approximately 75% on their investment. The deal will be the largest financial restructuring in history, dwarfing the Argentinean restructuring in 2005 valued at EUR 33 ...
The latest additions to the Greek debt saga and the Eurozone crisis are the Credit Default Swap holders and the ISDA. But who are they and what is their role? What is a Credit Default Swap (CDS)? A CDS is most simply described as a type of insurance against the risk of a default on a debt issued by a third party (the reference obligor) ...
On 2 March, 25 of the 27 EU members committed to the new "Fiscal Compact" concept, signed the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The Treaty, which is technically an intergovernmental treaty and not an EU instrument (due to the UK and the Czech Republic not wishing to sign up to it), was introduced in December 2011 by Germany and France ...
Europe’s Finance ministers worked through the night of 20 to 21 February to hammer out the terms of the second Greek bail-out to the tune of EUR 130 bn. While the markets have responded coolly to the deal, ministers remain optimistic that enough has been done to stem the contagion to the rest of the Eurozone. Many experts remain skeptical as to whether the bail-out will be enough to save Greece from ultimately defaulting ...
Ukraine is a civil law country with the Constitution being a principal source of law. The main sources of civil and commercial law are acts promulgated by the legislative and executive branches of the state. International treaties ratified by Parliament become part of national law and prevail in a conflict with domestic law ...
Not long ago, returns on traditional investment products, for example term deposits, were quite low and did not generate a great deal of interest among those who could spare and would like to invest money with the prospect of some return. Alternatives nearly always carry a higher risk and the various solutions, such as mutual funds, were not well known and poorly understood ...
Pursuant to the 2011 General Rules on Foreign Trade, since January 2, 2012, holders of trademarks that have been registered with the Mexican Industrial Property Institute (“IMPI”) may request the listing of their trademarks at the Mexican Customs Office (“AGA”), through a database developed by AGA ...
The honourable justice Louis-Paul Cullen of the Superior Court rendered a judgment on September 23, 2011 which dismissed a motion for authorization to exercise a class action instituted by Mr. Kerfalla Toure (hereinafter "Toure") against Brault & Martineau (hereinafter "B & M) . (1) In order for a class action to be authorized by the Superior Court, the Code of Civil Procedure sets out the four conditions which must be fulfilled ...
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The Republic of Panama, using Law No. 35 of May 10, 1996 as a basis, continues making its best efforts to provide the highest possible protection to Intellectual Property, both in the territory of the Republic of Panama as well as also cooperating with the owners of intellectual property rights ...
The Federal Circuit recently resolved two issues of first impression as to how patent reexamination proceedings affect related patent infringement litigation. These two cases, Marine Polymer1 and Bettcher Industries,2 are likely to have a significant impact on both litigation and reexamination-proceeding practices, as well as the strategic interplay between them ...
Classification, Authorization and Registration Requirements - All forex operations are subject to registration, but not all are subject to approval, such as the case of those defined as current transactions, which do not require prior authorization from the Bank of Mozambique (“BoM”) ...
bold">This paper considers the recent developments in Nigerian Ship Arrest Law. The Admiralty Jurisdiction Procedure Rules (AJPR) 2011 for the Federal High Court of Nigeria (FHC), and its effect on ship arrest practice. bold">The new AJPR 2011 (the New Rules) was made by the Chief Judge of the FHC(CJF) 1 on 1st March 2011 and came into force on 14th March 2011 ...
