The China Securities Regulatory Commission (“CSRC”) and State Administration of Foreign Exchange (“SAFE”) have, in recent months, issued consultation drafts of proposed amendments to the two major regulations governing Qualified Foreign Institutional Investors (“QFIIs”): and . According to the draft regulations, certain amendments are to be implemented. Under the existing regulations, QFIIs are subject to relatively long investment lock-up periods ...
As it is considered as of general interest, we would like to mention that on December 30, 2005, the Federal Official Gazette published an executive order amending Article 117 and Article 118 of the Financial Institutions Law ...
Purchasing a yacht should be a pleasurable experience given that the craft in question is most likely to be used for the owner’s leisure pursuits. Yachts, however, whether they are second-hand, new, large or small, have one thing in common. They are expensive. However, many purchasers whether they are paying £10,000 or £1,000,000 are sometimes less cautious than perhaps they should be when buying what is in effect a “toy” ...
Scottish Enterprise has a number of schemes to make it easier for small to medium-sized businesses to access growth funding, such as a loan, equity finance - where the investors take shares in your company - or a combination of the two ...
The State Council promulgated the Regulations for the Administration of Direct Sales (the “Direct Sales Regulations”) and the Regulations for the Prohibition of Pyramid Sales (the “Pyramid Regulations”) on 23 August 2005. The Direct Sales Regulations, which entered into effect on 1 December 2005, allow the reintroduction into China of the direct sales business model that was banned in 1998 ...
The Central Government of the People’s Republic of China (“the Mainland”) and the Government of the Hong Kong Special Administrative Region (“Hong Kong”) reached a further understanding regarding the Closer Economic Partnership Arrangement between the Mainland and Hong Kong (“CEPA”) (as discussed in the July 2003 and November 2003 issues of China Legal Update) on 27 August 2004 ...
The Ministry of Finance promulgated the Measures for the Examination and Approval of the Advanced Recovery of Their Investment by Foreign Partners in Chinese-foreign Cooperative Joint Venture Enterprises on 9 June 2005. The Measures, which entered into effect on 1 September 2005, specify the conditions that foreign investors must satisfy to obtain advanced recovery of their investment in a Chinese-foreign cooperative joint venture (“CJV”) ...
The National Development and Reform Commission promulgated the Provisional Measures for the Administration of Venture Capital Enterprises on 15 November 2005. When they enter into effect on 1 March 2006, the Measures will be the first national statute governing venture capital investment in China ...
On Wednesday 21 December, Ms Justice Laffoy issued her long-awaited judgment in Fyffes’ multi-million euro insider dealing action against Jim Flavin and his company Development Capital Corporation plc (DCC) and two of its subsidiaries. The decision follows 87 days of evidence, which closed in July 2005. Ms Justice Laffoy ruled that the defendants were not in possession of price sensitive information at the time they sold their shares in Fyffes and as such, no civil liability to Fyffes arose ...
The Wider Economic Environment In 1978, the Government of the People’s Republic of China embarked on a comprehensive program to reform China’s state-planned economy and introduce a free market economy. The new capitalist structures were initially intended to co-exist with the state-planned economy, but a massive surge in foreign investment has since stimulated the free market economy to eclipse the public sector in the industrialised south and eastern seaboard of the country ...
The Government has recently announced changes to the proposed regime of confirmation by directors of compliance by a company with its obligations. This note explains the background to the announcement and comments on the new proposals. Background - 2003 Act From the time that the Companies (Auditing and Accounting) Act, 2003 was first published there was considerable and widespread concern voiced about the proposed regime for Directors’ Compliance Statements ...
Persons responsible for filing annual returns for the following types of companies should be aware of this commencement order: Most private unlimited companies; Private companies not trading for the acquisition of gain by the members; Companies not having a share capital which are formed for an object that is charitable and is under the control of a religion recognised under Article 44 of the Constitution; and Companies which are exempted from certain filing requirements by order of the Co
This Order . which came into effect on 1 December 2005, facilitates the expansion of the electronic filing system in the Companies Registration Office. Companies may now appoint Electronic Filing Agents to sign and file documents with the CRO in electronic form. The Minister of State at the Department of Enterprise, Trade and Employment, Mr Michael Ahern, stated, “The introduction of a statutory Electronic Filing Agent will greatly simplify the process for companies and their agents ...
Per Decree 1404 issued on May 5, 2005 (“Decree 1404”), the Colombian Government approved the sale of the State’s majority interest in the largest gas transportation company in Colombia, Empresa Colombiana de Gas (“Ecogás”). An introduction to Ecogás and the privatization process is set forth below. 1 ...
Judgement of the Court of First Instance in case T-28/03 – Holcim (Deutschland) AG v. European Commission. By Decision 94/815/EC of 30 November 1994 the Commission ordered Alsen Breitenburg Zement- und Kalkwerke GmbH and Nordcement AG (in 1997 these companies merged to become Alsen AG, now Holcim (Deutschland) AG) (hereinafter the "Applicant" or "Applicants") to pay total fines of EUR 3.841 million for infringement of Article 85 of the EC Treaty ...
Judgement of the European Court of Justice in case C-231/03 – Consorzio Aziende Metano (Coname) v. Commune di Cingia de’Botti, dated 21 July 2005 The case developed out of a dispute between Consorzio Aziende Metano (Coname) and the Comune di Cingia de’ Botti (municipality of Cingia de’ Botti) concerning the award by the latter to Padania Acque SpA, of a concession for provision of service covering management, distribution and maintenance of methane gas distribution installations ...
In February of the present year, the Law No. 511 on the Creation of the Superintendence of Public Services (SISEP) was enacted. This Law substituted on its functions the Institutions rendering Public Services of Telecommunications, Energy and Drinking Water, (INAA, TELCOR; INE), and revoked their Organic Laws leaving them without any effect. From this legal event it existed in Nicaragua uncertainty for all the private parties who had established legal relationships with these institutions ...
The National Venture Capital Association (US) has prepared various model venture capital documents for use in the industry, including a term sheet (the “NVCA Term Sheet”). These model legal documents are available at www.nvca.org. The American Bar Association has further commented on the provisions in the NVCA Term Sheet, in particular adding commentary including outlining any differences between the California corporations law and Delaware law ...
GETTING PAID ON A COLLECTION FILE – FROM START TO FINISH I. INTRODUCTION This paper is intended to be an overview of various issues and potential pitfalls that inevitably will arise in the course of attempting to collect on a debt claim from the time the debt becomes due all the way through to the enforcement of a court judgment based on the debt claim ...
Re Hunting plc [2004] EWCH 2591 (Ch) Facts: The company’s issued share capital consisted of ordinary shares and convertible preference shares. Under the company’s Articles of Association, the preference shareholders were not entitled to attend at or vote at general meetings of the company, unless, among other things, a resolution was to be proposed at that meeting which modified any of the rights attaching to the preference shares ...
In our last newsletter we provided a summary of the Securities & Futures Commission’s (“SFC”) proposed amendments to the SFC’s guidelines on hedge funds. The SFC has now concluded its consultations and the hedge fund guidelines have been amended. As proposed, in assessing compliance of the personnel of investment managers with the requirement for five years relevant experience, a wider range of hedge fund experience will now be acceptable ...
In January 2005, the Hong Kong Securities & Futures Commission (“SFC”) issued a Consultation Paper on the disclosure of interests in securities of Hong Kong listed companies under Part XV of the Securities & Futures Ordinance (“SFO”). Conclusions to the consultation were issued in May 2005. The most significant of these include the following: Investment managers: non-aggregation Interests (and short positions) of companies are attributed to their holding companies and other “controllers” ...
