Seek advice before signing up to the ISDA Resolution Stay Jurisdictional Modular Protocol It is a matter of time before you, as a market participant, are approached by large institutional derivative, securities lending or repo counterparties from the United Kingdom (“UK”) to sign up to the International Swaps and Derivatives Association’s Resolution Stay Jurisdictional Modular Protocol (“ISDA JMP”) and the UK jurisdictional module, or before you are asked t
As a British Overseas Territory with no direct taxes, the Turks and Caicos Islands (TCI) has been an attractive domicile for trust establishment by high-net-worth individuals and their advisers for many years. However, in the recent past, with the Government’s focus firmly on developing TCI’s enormously successful luxury tourism industry, the updating of TCI’s non-regulatory legislation in the field of financial services had been a little neglected ...
The 2017 edition of Getting the Deal Through: Islamic Finance & Markets features SyCipLaw Of Counsel Mia G. Gentugaya as contributing editor. SyCipLaw Partner Amer Hussein N. Mambuay contributed the Philippine section ...
The reform of French law of obligations implemented by the French ordinance No 2016-131 of 10 February 2016 (the “Ordinance”), conducted after public consultations and high quality working papers, constitutes the deepest overhaul of French contract law since the Civil Code of 1804. The Ordinance applies to contracts entered into as from 1st October 20162, including amendment agreements, tacit renewals and novated contracts executed or occurring after such date ...
On October 26th, 2016, Law No. 20,950, otherwise known as the “Law to Boost Productivity” (the “Law”), was published in the Official Gazette, introducing various modifications to different laws and regulations in order to enhance the country’s productivity through the expansion of the financial system and the promotion of the exportation of services. Main measures for the expansion of the financial system: Several legal provisions of Law Decree No ...
Law No 20,590 (the “Law”), that authorizes the issuance and operation of pre-funded payment methods or any other similar system (the “Prepaid Cards”), by non-banking entities, when these systems involve that the issuer or the operator regularly engages in monetary obligations with the general public or to specific sectors or groups thereof, was published and came in force on October 29, 2016 ...
We are pleased to announce that Karanovic & Nikolic team, together with Freshfields Bruckhaus Deringer, has supported UniCredit S.p.A. (Italy) in a recently closed take-over of the CEE business of UniCredit Bank Austria AG including shareholdings in 13 banks in Southern Europe and CEE as well as a relevant loan portfolio ...
The September issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Facilitating Creditor-Debtor Dealings”. The article was contributed by SyCipLaw partner Russel L. Rodriguez, senior associate John Christian Joy A. Regalado, and associate Jo Margarette W. Remollo ...
? The reform of the French law of obligations implemented by the French ordinance No 2016—131 of 10 February 2016 (the Ordinance), conducted after public consultations and high quality working papers, constitutes the deepest overhaul of French contract law since the Civil Code of 1804. The Ordinance applies to contracts entered into as from 1 October 2016,2 including amendment agreements, tacit renewals and novated contracts executed or occurring after that date ...
With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law ...
SyCipLaw partners Jose Florante M. Pamfilo and Franco Aristotle G. Larcina contributed the Philippine chapter of Herbert Smith Freehills’ 1st edition of Guide to Restructuring, Turnaround and Insolvency in Asia Pacific. The Guide is intended to provide an understanding of the legal framework in different jurisdictions, as well as to address key practical issues commonly encountered when dealing with companies in financial difficulties ...
Dangro Invest A/S that has farm land investments in Poland has just been sold to an American pension fund. Plesner has advised Dangro Invest A/S's board of directors with respect to the transaction.Dangro Invest A/S was previously owned by 416 private shareholders, primarily Danish farmers, and over a number of years the company has built up a commercial plant cultivation business in Poland ...
Ever since Serbia’s Stabilisation andAssociation Agreement with the EU (‘SAA’) entered into force in September 2013, Serbian media have paidsignificant attention to the country’s obligations concerning the acquisitionof agricultural land by foreigners. The fear of one part of the public appearsto be that, due to the application of the SAA, large portions of Serbianagricultural land will be sold out to foreigners ...
Farms run as a family business tend to follow a partnership structure. However there is often a reluctance to commit the terms of the partnership to paper or else to keep the terms of an existing agreement up to date. However ensuring that your Partnership Agreement is up to date and reflects your wishes is essential for succession and tax planning purposes.Partnership Agreements Farming businesses can use different business structures ...
Recently, the Emirates Insurance Authority (the “Insurance Authority”) proposed a regulation in draft form concerning marketing of insurance policies by banks (the “Draft Regulation”). It is intended to regulate local insurance companies that market insurance policies through banks in the UAE ...
Darko JovanovićandMarko Ketler, Partners at Karanović Nikolić, recently commented on the state of the regional NPL market in a View More
The Philippine section of Getting the Deal Through: Aviation Finance & Leasing 2015 was contributed by SyCipLaw senior associate Bhong Paulo A. Macasaet with associates Aldous Benjamin C. Camiso, Diana S. Gervacio, and Maricar G. Ramos ...
After more than a four months and a Phase II (in-depth) investigation, the Competition Commission gave conditional approval, to Sunoko's acquisition of the Star Šecer company and its subsidiary Te-To - the owner of the sugar factory in Senta. No divestments have been required from Sunoko. The ruling presents the finale of one of the most complicated merger cases in Serbia thus far and Karanovic & Nikolic is proud to have been advising MK Group throughout the process ...
On 21 July 2016, National Treasury released the third draft of the regulations under the Financial Markets Act, 2012 (the “Third Draft Regulations”). The previous draft of the regulations was released in June 2015. The Third Draft Regulations are, together with pending legislation, aimed at progressing the financial sector reform strategy for South Africa ...
On 11 July 2016, The National Bank of Serbia adopted amendments to three by-laws of the Law on Banks (Risk Management Decision, Decision on the Classification of Bank Balance Sheet Assets and Off-balance Sheet Items and the Decision on Reporting Requirements for Banks), and in doing so, took a significant step towards effectuating the implementation of the strategies on resolving non-performing loans and the action plan rendered by the Government of the Republic of Serbia and the Nation
On Monday, 11 July 2016, the Johannesburg Stock Exchange (“JSE”) launched a T+3 settlement cycle. This is in line with international best practice and moves away from the previous standard T+5 settlement cycle. The result is that settlement, payment and funds release in respect of securities trades will be done in a total of four days, as opposed to six days (as was previously the case). The move is the culmination of a project initiated by the JSE in 2013 ...
One of the significant issues in the past has been that most international banks have not conducted direct banking transactions with Myanmar banks. This was at least partially due to Myanmar being on an international black list that discourages banks from countries that are a “member” from transacting business with banks from countries on the list ...
