The Securities and Exchange Commission (the “SEC”) recently published six new Compliance and Disclosure Interpretations (“C&DIs”) related to the verification process for accredited investors under Rule 506(c) of Regulation D. The C&DIs indicate that the SEC is strictly construing the income and net worth safe harbors for verification of a purchaser’s status as an accredited investor ...
PLMJ has launched the new version of its Portugal Investment Guide, which reflects PLMJ’s experience in handling innumerable investment projects in Portugal in a range of sectors, throughout its 45-year history.This Investment Guide proves that Portugal has increasingly competitive conditions – in terms of technology, workforce, infrastructure, logistics, geography, law and tax – to continue to attract large-scale investment projects ...
After signing the Bilateral Investment Treaties (“BITs”) with Turkey on July 28 and with France on July 10, and ratifying the BIT with Japan on June 25, Colombia significantly moves forward on the protection of foreign investments. These agreements pursue the establishment of a fair, safe and transparent juridical framework in order to draw foreign investors to Colombia and bolster Colombian investments abroad ...
Action: On August 20, 2014, the Bureau of Ocean Energy Management (BOEM) issued an Advance Notice of Proposed Rulemaking (ANPR) on Risk Management, Financial Assurance and Loss Prevention.1 In a news release announcing the ANPR, BOEM described the ANPR as instituting a “dialogue” with industry and others on how to improve its risk management program by “modernizing” its current regulations, which are approximately 20 years old.Comments on the ANPR are due October 20, 2014 ...
Mexico’s package of energy reform laws (“Energy Law” – nine new laws and amendments to twelve existing laws) became a reality with its promulgation on Monday, August 11, 2014. With the enactment of the Energy Law, Mexico finally joins the international mainstream of energy resource development and management. This alert addresses only the oil and gas aspects of the reform ...
International Oil Companies (IOCs) that have been eyeing East Africa may want to look beyond established jurisdictions like Kenya and Mozambique. Across the water that is, to the Indian Ocean islands of Seychelles, Mauritius and Comoros. All three islands offer interesting opportunities, but in this short article I’ll be concentrating on just one of them – Seychelles ...
Protection of the use of the term “Rooibos” has long been a topical issue. However, an economic partnership agreement between Southern African nations and the European Union (EU) has recently been signed which will secure geographic indicator status for rooibos tea in the EU. This is the latest in a number of acts by the South African government which has secured intellectual property protection for the indigenous brew ...
Almost exactly a decade ago, on August 5, 2004, the United States signed the Dominican Republic-Central America-United States Free Trade Agreement ("DR-CAFTA") with the Dominican Republic and five Central American counties (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua)> The DR-CAFTA, which was the very first free trade agreement between the United States and a group of smaller developing economies, entered into force for the United State, El Salvador, Guatemala, Honduras,
The Anti-Monopoly Bureau (AMB) of the Ministry of Commerce of China (MOFCOM) has recently published the following provisions and guidelines relating to the review procedure for merger clearance with AMB (AMB Clearance): (1) "Tentative Provisions on Standards for Simple Cases of Concentration of Undertakings " (Standards), published on 11 February 2014; (2) Trial Guidelines on Notification of Simple Cases of Concentration of Undertakings" (Trial Guidelines) , published on 18 April 2014; and (3) R
On June 26, 2014, the Supreme Court of Canada rendered a decision confirming aboriginal title to approximately five percent of the Tsilhqot’in First Nation’s traditional territory in British Columbia. This decision is very significant because it marks the first time a ruling defines aboriginal title “on the ground”. ABORIGINAL RIGHTS The Constitution Act, 1982 provides that existing aboriginal and treaty rights of the aboriginal peoples of Canada are recognized and affirmed ...
SOMMAIRE Nominee in the context of litigationUse of a nominee by limited partnershi8ps and trusts for holding immovablesVoluntary registration for GST and QST purposes by a nomineeImmovables held by a nominee: issues with respect to consumption taxes NOMINEES IN THE CONTEXT OF LITIGATION Léa Maalouf In commercial matters, it frequently happens that two persons agree to hide their true intent from third parties and express such intent in a secret contract (or counter letter), while
In 2014, China’s Premier Li Keqiang chose Africa as the destination for his very first foreign trip, marking a milestone in China-Africa cooperation. His travels commenced on 4 May and included countries such as Ethiopia, Nigeria, Angola, and Kenya. Premier Li’s visit undoubtedly reflects the emphasis China is placing on Africa ...
In a recent judgement delivered by the Commercial Division of the Supreme Court in Atelier Etude Limousin & Ors vs BPCE International Et Outre Mer & Anor 2014 SCJ 166 the court confirmed the prevailing practice that foreign companies could be granted fixed or floating charges by Mauritian entity as security for a financing ...
In French v. Occidental Permian, Ltd., No. 12-1002 (Tex. June 27, 2014), the Texas Supreme Court provided guidance on how to calculate royalties where production is obtained through an enhanced recovery technique like the injection of carbon dioxide (CO2) ...
The International Swaps and Derivatives Association, Inc. (“ISDA”) has published a form of amendment to the 1992 and 2002 ISDA Master Agreements intended to address continuing uncertainty regarding the condition precedent set forth in Section 2(a)(iii) of both such Master Agreements (“Section 2(a)(iii)”) ...
The Texas Supreme Court has held that a mineral lessee enjoys surface rights over a pooled tract even if that tract is not producing oil or gas. Key Operating & Equip., Inc. v. Hegar, No. 01-10-00350-CV, 2014 WL 2789933 (Tex. Jun. 20, 2014). Mineral lessee Key pooled part of a 191-acre tract (the Curbo tract) with an adjoining tract (the Richardson tract) to form a single unit. Key used a road across the Curbo tract to reach oil and gas operations on the Richardson tract ...
The Financial Services Authority (“OJK”) recently issued Circular Letter No. 2/SEOJK.07/2014 on Services and the Settlement of Complaints from Consumers of Financial Service Businesses (“Circular Letter”) to implement OJK Regulation No. 1/POJK.07/2013 on Consumer Protection in the Financial Services Sector (“Regulation”) ...
The Financial Services Authority (“OJK”) issued Regulation No.3/POJK.02/2014 on the Procedure for Collecting Fees charged by the Financial Service Authority (“OJK Regulation”) on 1 April 2014. The OJK Regulation provides guidelines for the OJK’s collection of fees from financial services institutions and financial services industry support professionals and their firms (Public Accounts, Public Assessors, Legal Consultants, Notaries, Actuaries) ...
Presidential Regulation No. 39 of 2014 on The List of Business Fields that are Closed or Conditionally Open for Investment (the Negative Investment List/daftar Negatif Investasi (DNI)/“Negative List”) was issued recently and became effective on 24 April 2014. This new negative investment list revises and replaces the 2010 regulation. The new Negative List revises the components of the 2010 list classified as: a) closed for investment; and b) conditionally open for investment ...
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
On June 2, 2014, the U.S. Environmental Protection Agency released its much anticipated program to regulate carbon dioxide emissions from existing power plants to address climate change ...
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”) ...
