The Securities and Futures Commission (SFC) proposes to amend Chapter 8.7 of the Code of Unit Trusts and Mutual Funds (Code). To date, a total of 13 hedge funds have been authorised by the SFC pursuant to the existing hedge fund guidelines. The SFC has indicated that some applications for authorisation have failed because of the failure of the applicant hedge fund manager to comply with the experience requirements. The revised Chapter 8 ...
Following the SFC’s consultation paper in February 2005 proposing to allow SFC authorised collective investment schemes to invest in Real Estate Investment Trusts (REITs), the Code was amended in late April. Chapter 7.14 of the Code has been revised to allow SFC authorised collective investment schemes to invest in listed REITs, subject to compliance with the investment limits as set out in Chapters 7.1 and 7.2. (i.e. 7 ...
On the 6th July 2005 Regulations implementing the EU Market Abuse Directive 2003/6/EC (“MAD”) came into force (some aspects of the Regulations came into force on Oct 1). MAD aims to introduce a Euro standard for insider dealing and market manipulation so as to promote market integrity and investor confidence in the financial markets ...
The English Commercial Court has held that an investment fund was a financial institution under a loan agreement which limited transfer of the loan to “a bank or other financial institution”. The ARGO Fund Ltd v Essar Steel Ltd [2005] EWHC 600 (Comm). Facts; Essar defaulted under its syndicated loan agreement . The loan agreement allowed the participating banks to transfer their rights and obligations to another “bank or other financial institution” ...
Do environmental considerations feature in your business plans? If not, then perhaps it is time they did. Minimising waste, reducing energy consumption and decreasing the environmental impact is not just good for the planet but can lead to increased profits. That is the message from the Scottish Executive in its paper 'Going for green growth: a green jobs strategy for Scotland' ...
The judgment of the Court of First Instance in Chiquita Brands and Others v ...
This article, published in International Corporate Governance Review (published by Euromoney Yearbooks), aims to provide an overview of what the Baltic States are offering to owners of capital in regard of effective control over invested capital, its use, disposal and return. Accession of three Baltic States to the EU and NATO in 2004 proves the reliable status of these countries for foreign partners and makes no doubt regarding the guaranteed protection of investments made in this region ...
Amendments to several provisions of the Mexican Mining Law (the “Law”) were recently passed by the Mexican Congress and published in the Federal Official Gazette on April 28, 2005. The amendments to the Law can be summarized as follows: a) A new governmental body called the “Mexican Geological Service” was created in lieu of the previous Mineral Resources Council ...
On April 29, 2005, the Court of Appeal rendered a judgment in Pharmascience Inc. v. Option Consommateurs et Piro1 on the constitutionality of the amendments made to the Code of Civil Procedure on January 1, 2003 regarding authorizations to institute class actions. Contrary to the arguments of the appealing pharmaceutical companies, the Court of Appeal held that the amendments are constitutional and do not violate the Quebec Charter of Human Rights and Freedoms in any way ...
The coming into force of the Kyoto Protocol on February 16, 2005 has generated intense discussion and left many unanswered questions for the industrial sector. Over the last two months, the federal government has published several documents that, to a certain extent, uncover its intentions regarding its stated objectives and its strategies for achieving such objectives ...
On April 13, 2005, the government of Canada announced the first phase of Project Green “Moving Forward on Climate Change: A Plan for Honouring our Kyoto Commitment”. Although there is no legislation in force in Canada which requires companies to reduce their greenhouse gas (GHG) emissions, emitting companies should begin preparing for this possibility. In some cases, they should even look at the advantages of immediately trading emission reduction credits ...
The article appeared in the 2005 edition of The International Comparative Legal Guide to: Environment Law; published and reproduced with kind permission of Global Legal Group Ltd, London ...
In December 2004 and more recently in March 2005, the Superior Court rendered three significant judgments respecting motions for authorization to institute class actions. In the first case, Bouchard v. Laiterie et Boulangerie Parmalat Inc.1, the motion was denied for the absence of interest and of rights of the applicant. In the second case, Citoyens pour une qualité de vie v. Aéroports de Montréal2, the motion was denied for lack of identical, similar or related questions of law or fact ...
After long years of fierce debate, the Kyoto Protocol finally came into force on 16 February 2005, imposing obligations on states parties to reduce global greenhouse gas emissions. This article takes a look at the background to the Protocol, and the many new and varied opportunities for businesses in Scotland and across the globe. The Protocol itself was adopted at the Third Conference of the Parties to the United Nations Framework Convention on Climate Change in Kyoto on 11 December 1997 ...
This Newsletter describes the latest developments in Trade and Regulation in the Latin American region and the EU ...
The State Development and Reform Commission and the Ministry of Commerce recently revised two key catalogues regarding foreign investment. The Catalogue of Priority Industries for Foreign Investment in the Central and Western Regions (the “Regional Catalogue”) was revised on 23 July 2004. The revised Regional Catalogue replaces the 2000 version with effect from 1 September 2004 ...
The State Development and Reform Commission (“SDRC”) promulgated the Provisional Measures for the Administration of the Verification of Foreign Investment Projects on 9 October 2004. The Provisional Measures, which entered into effect on the date of their promulgation, are based on the Law of the People's Republic of China on Administrative Licensing and the Decision of the State Council on the Reform of the Investment System (as discussed respectively in the No ...
The Ministry of Commerce (“MOFCOM”) promulgated the Regulations on the Investment in and Establishment of Holding Companies by Foreign Business Entities on 17 November 2004. The Regulations, which became effective on 17 December 2004, revise regulations of the same name promulgated in 2004 (as discussed in the 2004.2 issue of China Legal Update) (the “Original Regulations”) ...
The Ministry of Commerce (“MOFCOM”) promulgated the Measures for the Administration of Commercial Franchise Operations on 31 December 2004. The Measures, which came into force on 1 February 2005, replace the 1997 Measures for the Administration of Commercial Franchise Operations (for Trial Implementation) which only governed franchising involving domestic operators ...
The National Bureau of Statistics promulgated the Measures of the National Bureau of Statistics for the Administration of Foreign-related Surveys 13 October 2004. The Measures, which came into force on the date on which they were promulgated, replace the 1999 Provisional Measures of the National Bureau of Statistics for the Administration of Foreign-related Social Surveys ...
The State Administration of Taxation issued the Urgent Notice of the State Administration of Taxation on Relevant Issues in Strengthening the Administration of the Levy and Collection of Value-Added Tax for Newly Established Commercial and Trading Enterprises on 13 August 2004 ...
The State Administration of Foreign Exchange issued the Notice of the State Administration of Foreign Exchange on Relevant Issues in the Internal Operational Control of Foreign Exchange of Multinational Corporations on 18 October 2004. The Notice, which became effective on 1 November 2004, relaxes some of the restrictions on foreign exchange transfers between subsidiaries of multinational companies ...
The State Administration of Taxation revised the Rules for the Administration of Tax on Business Transactions Between Affiliated Enterprises (for Trial Implementation) effect from 22 October 2004. The Rules replace a regulation of the same name issued in 1998 (“1998 Rules”). Expanded scope of application The Rules have a wider scope of application than the 1998 Rules ...
