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” ...
On June 28, 2005, amendments to Articles 420 and 421 as well as the addition of a new Article 414bis of the Health Law were published in the Federal Official Gazette, entering into force the following day. Article 414bis provides that herbal products, food supplements, perfumes and beauty products may be seized, as a precautionary measure, when they have been improperly advertised by being held out as medicines or as having characteristics or therapeutic qualities which they do not have ...
Judgments of the European Court of Justice in Merk, Sharp & Dohme BV v. Etat Belge (C-245/03) and Glaxosmithkline SA v. Etat Belge (C-296/03) of 20 January 2005 Directive 89/105, on the transparency of medicines pricing and reimbursement rules (hereinafter the “Directive”) was first interpreted in 2001 and 2002, when the European Court of Justice (hereinafter the “ECJ”) rendered two decisions regarding the implementation of the Directive in Austria and in Finland ...
The judgment of the Court of First Instance in Chiquita Brands and Others v ...
Introduction: On June 9, 2005 the Supreme Court of Canada released its landmark decision in Chaoulli v. Quebec (Attorney General) in which a majority of the Court struck down provisions of Quebec’s Health Insurance Act and Hospital Insurance Act which prohibit private insurance for health care services that are available in the public health care system ...
On May 20, 2005, the Supreme Court issued its judgment in the Smith & Nephew Inc. v. Louise Glegg and Christopher Carter and Gilles Dextradeur v. Louise Glegg cases1 ...
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 ...
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 ...
The State Administration of Taxation (“SAT”) issued the Implementing Rules for Advance Pricing Arrangements for Business Dealings Between Affiliated Enterprises (for Trial Implementation) on 3 September 2004. The Implementing Rules, which became effective on the date on which they were issued, represent another development in China’s legal framework for transfer pricing (see previous article in this China Legal Update) ...
