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 ...
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 ...
While the initial rush of foreign investors to Myanmar slowed down in 2015, likely due to the November elections, 2016 is predicted to be a year of rapid growth. The almost complete transition of power to Aung San Suu Kyi’s National League for Democracy (NLD), formerly in opposition, represents an impressive step forward to stability for the nation, and to opening up to the world ...
On July 25, 2016, China Food and Drug Administration (“CFDA”) published the latest "Measures for the Administration of Drug Registration (revised draft)” (“Latest Revised Draft”) for public comments1 ...
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
Brexit – what does it involve and when could it happen? In a referendum, held in the United Kingdom on June 23, 2016, a majority of voters decided in favor of the United Kingdom of Great Britain and Northern Ireland (UK) leaving the European Union (EU) (this exit from the EU by the UK is the so-called Brexit). The referendum is not binding ...
The Health Care Arbitral Tribunal (Arbitral Tribunal) has pronounced a decision on a dispute between an independent medical specialist and a Medical Specialist Company (MSC) for the first time since the introduction of the comprehensive rates on 1 January 2015. Although neither party has terminated the existing (membership) agreement between them, the Arbitral Tribunal is of the opinion that termination of membership and deregistration of the specialist from the members' register are justified ...
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 ...
On 30 June 2016, Vietnam’s National Assembly voted to delay implementation of Penal Code No. 100/2015/QH13 dated 27 November 2015 (the “Penal Code”), which was to take effect on 1 July 2016. It is not clear at this time when the Penal Code will be implemented and we understand it will undergo significant revisions prior to being approved for implementation by the National Assembly ...
Recently, public and political commotion has arisen in cases where the remuneration of managing directors increased, while the employees received no or a marginal increase in salary. This public debate was the reason for the government to propose an expansion of powers of the work's council on this subject ...
On June 8, discussion started in the Public Works Commission of the Senate over the law project which creates the state company, “Fondo de Infraestructura S.A.”. The Project shall be approved by a special quorum (quórum calificado) as indicated in article 19 No. 21 of the Political Constitution of the Republic of Chile ...
The June 2016 edition of the Asian Legal Business (ALB) Asia Edition included a regional update article entitled “Philippines’ Economic Prospects Under a Duterte Presidency” by SyCipLaw partner Jose Florante M. Pamfilo. The article is found on page 11.Visit the ALB website to access an e-book copy of the publication ...
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 ...
On May 10, 2016, the Québec Court of Appeal1 confirmed a Superior Court decision allowing an application for authorization of treatment and placement to a patient. The application had been brought by the Douglas Mental Health University Institute, commonly known as the Douglas, or the Douglas hospital ...
In a unanimous decision rendered on May 16, 2016,1 the Québec Court of Appeal confirmed that the delivery of ophthalmic lenses purchased online from suppliers who are not members of the Ordre des optométristes (Order of Optometrists) (?Order?), or the Ordre des opticiens d?ordonnances (Order of Dispensing Opticians), does not violate the Optometry Act 2(?OA?) or, by necessary extension, the Dispensing Opticians Act ...
The venture capital industry has one goal: making startups incredibly lucrative and, thus, maximizing returns to venture capital investors. For the venture capital investor these outstanding returns are generally materialized 5 or 6 years after the Series A investment round, when the investor makes an exit and the startup either performs an initial public offering of its shares (IPO) or is sold to a strategic acquirer or a private equity fund ...
Background The UK referendum held on 23 June 2016 has resulted in a majority voting in favour of the UK leaving the EU. As of now the UK is still a part of the EU notwithstanding the vote on 23 June. It is now up to the UK parliament to decide if, and if so when, to formally start the process to leave the EU. The exit of a member state from the EU is dealt with in Article 50 of the Treaty on European Union (TEU) which has only existed since 1 December 2009 ...
In the short term, the vote to leave the European Union doesn’t signal an immediate change. It’s business as usual for the UK and the EU. The EU Treaties and laws continue to apply without exception in the UK – as does the obligation to comply. The process of the UK exiting from the EU will, however, be the focus over the next few months ...
In a decision issued last May 20,1 the Québec Court of Appeal affirmed a judgment2 of the Superior Court of Québec rendered on October 28, 2013, which dismissed the action in damages for more than $7 million brought by a former representative in insurance of persons and in group savings plan brokerage, Mr. Alan Murphy, against the Autorité des marchés financiers (?AMF?).FactsMr ...
Contrary to Anglo-Saxon and Northern European countries, French financial institutions have not used asset based lending, both because French security law was perceived as debtor friendly in insolvency proceedings and because French banks usually lend against balance sheets.In the context of credit restrictions, the French government was challenged to foster a reform aimed at facilitating the mobilisation of assets, in particularby SMEs, which have no credit rating ...
The Central Bank of Montenegro has recently published a report on foreign direct investments (FDI) that have been made in Montenegro during the first three months of this year. This FDI total has amounted to EUR 223 million, thus presenting proof of noticeable growth in this sense when compared to last year's EUR 100 million over the same period of time ...
According to recent reports, the European Bank for Reconstruction and Development (EBRD) has plans of investing more than EUR 3 billion in the Western Balkans region, of which approximately EUR 300 million is assigned to Serbia ...
