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 ...
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 ...
In our previous ezines we tracked the progress of the Alcohol Products (Control of Advertising, Sponsorship and Marketing Practices/Sales Promotions) Bill. The Bill was set to have a major impact on the relationship between alcohol advertising and sport in Ireland but a recent controversial turnabout by the Government means that the Bill may never be enacted ...
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 ...
The funds industry in Ireland has exceeded US$500 billion (over €410 Billion), according to the latest edition of Fitzrovia International’s Dublin Fund Encyclopaedia. A&L Goodbody remains the leading legal adviser by net asset value, representing funds in excess of US$149 billion, i.e. 25.8% of all funds in the Irish market ...
The simplest way of achieving your objective might be to consider the introduction of a share option scheme – this would enable your company to grant its employees rights to acquire shares at a pre-determined point in the future (i.e. on the occurrence of a flotation), but at a price which is fixed when the options are awarded ...
The State Administration of Foreign Exchange ("SAFE") issued the Notice on Relevant Issues in Perfecting Foreign Exchange Control in Mergers and Acquisitions by Foreign Investors ("Notice 1") on 24 January 2005 and the Notice on Relevant Issues in the Registration of the Offshore Investments of Individual Domestic Residents and Foreign Exchange Registration of Mergers and Acquisitions by Foreign Investors ("Notice 2") on 21 April 2005 ...
The Ministry of Commerce ("MOFCOM") promulgated the Measures for the Administration of Foreign Investment in the Leasing Industry on 21 January 2005. The Measures superseded the 2001 Provisional Measures for the Administration of the Examination and Approval of Leasing Companies with Foreign Investment when they entered into effect on 5 March 2005 ...
The Ministry of Commerce, the National Development and Reform Commission and the State Administration for Industry and Commerce jointly promulgated the Implementing Measures for the Administration of Branded Automobile Sales on 21 February 2005. The Measures, which entered into effect on 1 April 2005, are aimed at bringing more order in the Chinese automobile market ...
The General Office of the Ministry of Commerce issued the Notice on Transmitting and Issuing the Letter of Reply of the General Office of the State Council on the Issue of the Detailed Applicability of the Capital Contributions of Investors in, and the Liquidation of, Foreign Investment Enterprises ("the Reply") on 18 March 2005 ...
The China International Economic and Trade Arbitration Commission ("CIETAC") has recently updated the Arbitration Rules of CIETAC 中国国际经济贸易仲裁委员会仲裁规则 ("Rules"). The revised Rules came into effect on 1 May 2005. Specialist arbitration rules The revised Rules provide for the possibility of using rules, which have been tailor-made for specific industries ...
The China International Economic and Trade Arbitration Commission ("CIETAC") also updated its financial arbitration rules, the Arbitration Rules for Financial Disputes of CIETAC. The revised Financial Arbitration Rules replace the 2003 rules (as discussed in the July 2003 Issue of China Legal Update - http://www.deacons.com.hk/eng/knowledge/knowledge_156.htm) and took effect on 1 May 2005 ...
The Taiwan Financial Supervisory Commission ("FSC") on 2 August 2005 promulgated new rules governing the offering of overseas funds in Taiwan ("the New Rules"). The New Rules take immediate effect and significantly change the existing rules and landscape for overseas funds being offered in Taiwan ...
On 27 April 2005, the People’s Bank of China ("PBOC") promulgated the Measures Governing the Issuance of Financial Bonds on the National Inter-bank Bond Market ("the Measures"). The Measures entered into force as of 1 June 2005 and represent an attempt by China’s central bank to standardise the activities of issuing financial bonds on the national inter-bank bond market ...
In 2005, China’s State Administration of Foreign Exchange ("SAFE") released the Circular on Verification of Quotas for 2005 on Short-term Foreign Loans of Overseas-funded Banks ("Circular") and its Supplementary Circular on Questions Related to Renminbi Loans with Guarantees in Foreign Exchange ("Supplementary Circular", and together the "Circulars"). The Circulars are intended to facilitate the enforcement of loan registration requirements on renminbi loans with guarantees in foreign exchange ...
News that London had won the race to host the Olympic and Paralympic Games in 2012 was greeted with delight not only in sporting circles, but also in many commercial ones. Businesses up and down the country rubbed their hands with glee at the thought of a raft of new and exciting commercial opportunities. Importantly, these opportunities are not just the preserve of businesses south of the border, but are also available to Scottish businesses ...
On 20 April 2005, the People’s Bank of China (“PBOC”) and China Banking Regulatory Commission (“CBRC”) promulgated the Administration of Pilot Projects for Securitisation of Credit Assets Procedures (“the Procedures”). The enactment of the Procedures has received widespread support since they reflect one of the first attempts at regulating securitisation in China ...
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” ...
Directive of the European Parliament No. 2004/27EC of 31 March 2004 amending Directive 2001/83/EC on the Community code relating to medicinal products for human use (OJ EU [2004], L 136, p. 34) Scientific progress and the development of new types of products explain the rise in issues regarding the legal qualification of so-called “borderline” products ...
Commission Guidelines for the Notification of Dangerous Consumer Products to the Competent Authorities of the Member States by Producers and Distributors in accordance with Article 5(3) of Directive 2001/95/EC (Commission document No ...
