IntroductionOn November 26, 2014, the United States Bureau of Economic Analysis (“BEA”) retroactively reinstated data collection requirements to measure foreign direct investment into the United States. The BE-13 survey collects data on the acquisition or establishment of U.S. business enterprises by foreign investors and the expansion of existing United States affiliates of foreign companies that establish new facilities where business is conducted ...
The Minister of Communications and Informatics has issued Regulation No. 18 of 2014 on The Certification of Telecommunication Devices and Equipment. This regulation has been in force since 27 June 2014. All telecommunications devices and equipment that are produced, assembled, and imported in and to Indonesia for commercial purposes uses, must satisfy the prevailing technical requirements including a Telecommunications Devices and Equipment certificate ...
The Banking Bill governs commercial (Bank Umum) and rural (Bank Perkreditan Rakyat) banks (Banks), and provides the procedure and requirements for establishing Banks, the restrictions on foreign ownership in Banks, the criteria for being appointed as senior executives or being controlling shareholders of Banks, and requirements regarding Bank soundness levels. The Banking Bill will replace the current Banking Law No. 7 of 1992 (as amended) ...
On 24 July 2014, the Financial Services Authority (OJK) issued Circular Letter No. 12/SEOJK.07/2014 on The Presentation of Information for Marketing Financial Services or Products (Circular Letter 12). Circular Letter 12 has been in force since 6 August 2014. Circular Letter 12 provides marketing conduct guidelines for financial services providers on directly or indirectly offering their services/products (i.e. websites, commercial advertisments, brochures, telemarketing, etc) ...
A Ministerial Order (S.I. 541/2014) has been passed commencing Part 3 of the Criminal Justice (Mutual Assistance) Act 2008 (the Act), from last Monday 1 December, 2014. The Act provides for various forms of mutual legal assistance to foreign law enforcement authorities. Part 3 concerns requests for mutual assistance between Ireland and other Member States of the EU for interception of telecommunications messages for the purposes of criminal investigations ...
Just before Americans sat down to enjoy the Thanksgiving holiday with family and friends, with many of them probably choosing to overlook the total calorie count of those meals, the FDA released the long awaited rule on nutritional labeling applicable to chain restaurants and other venues serving restaurant type food (79 FR 71156). The FDA’s final menu labeling rule implements certain amendments to the Food, Drug & Cosmetic Act ("FD&C Act") that were part of the Affordable Care Act of 2010 ...
On November 12, 2014, the International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA Resolution Stay Protocol (“Protocol”). Eighteen of the world’s largest banks and their affiliates1 (“G-18”) have agreed to sign the Protocol, which is open for adherence and has an effective date of January 1, 2015 ...
On November 6, 2014, Law No. 20,789 was published in the Official Gazette, granting legal status to theConsejo de Estabilidad Financiera (Financial Stability Council or “CEF”). The CEF is part of the Ministry of Finance, and was originally created in 2011 by means of a ministerial decree.
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This article first appeared in the November 2014 issue of Hong Kong Lawyer, the official journal of The Law Society of Hong Kong. In January 2013, Alexa Lam, the Deputy Chief Executive Officer of Hong Kong’s Securities and Futures Commission (SFC), announced that the SFC and the China Securities and Regulatory Commission (CSRC) planned to implement mutual fund recognition between Hong Kong and mainland Chinese fund products ...
Crowdfunding has many faces. Charitable organisations have received support through this route, as have travelers, athletes, scientists and inventors, and the creators of such humble concepts as making potato salad—a project to which the public contributed over USD 55,000. But often crowdfunding is the main source of financing for innovative ideas which in the long run can drive economic development and positive social changes ...
The Federal Communications Commission (“FCC”) is the latest government agency to make a foray into data breach enforcement, proposing a $10 million fine against two telecommunications carriers for failing to protect the personal information of up to 305,000 consumers. In light of this development, companies regulated by the FCC must now be alert to potential liability to the FCC for failing to secure consumers’ “proprietary information” (“PI”) ...
Finding that the taking of photography is entitled to the same First Amendment protection as photographs themselves, the Texas Court of Criminal Appeals struck down the state's "improper photography or visual recording" statute, a statute that made it a crime to photograph or record someone in a place other than a bathroom or private dressing room without their consent and "with the intent to arouse or gratify the sexual desire of any person." Ex Parte Thompson (Tex. Ct. Crim. App. Sept. 17 ...
Amendments to the Corporate Income Tax Act which went into effect on 1 January 2014 provide an opportunity to revive the practice of subparticipation in lending in Poland. Regulations governing subparticipation have been in force since 2004. For tax reasons, however, subparticipation has remained much less popular in Poland than assignment of receivables, despite certain other advantages, particularly the greater ease of selling participation in loans backed by mortgages ...
The Consumer Financial Protection Bureau (“CFPB”) announced today that it would allow financial institutions to provide their privacy notices to consumers online and would no longer require annual distribution of paper copies, provided that the institutions meet certain requirements. Among other things, companies that rely on this new exemption (1) must not share data in ways that would trigger consumers’ opt-out rights (e.g ...
On September 8, the Canadian Department of Finance announced the signature of a memorandum of agreement (the "Agreement") between the provinces of British Columbia, Ontario, Saskatchewan and New Brunswick, and the federal government (the "Participating Jurisdictions") formalizing the terms and conditions of the Cooperative Capital Markets Regulatory System (the "Cooperative System"), a project to set up a national regulator for the Canadian securities industry ...
The Superior Court considered two interesting issues in the case of Banque Laurentienne du Canada v. Yuan.1 First, it had to determine whether a term loan that was used to payout an existing term loan had resulted in the novation of the first debt. Second, it had to determine what the effect the contract titled (translation) “Credit Facility Secured by Hypothec”2 had on the survival of the disputed hypothec.FACTSThe Court’s decision describes the circumstances of the dispute ...
Earlier this week, on September 29, 2014, the Consumer Financial Protection Bureau (“CFPB”) took action against Michigan-based Flagstar Bank, fining it $10 million and ordering $27.5 million in payments to consumers. Flagstar allegedly “took excessive time to process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications ...
On September 19, 2014, the Supreme Court of Canada issued its ruling in the so called “banks’ cases”1, in the context of which consumers instituted class actions to recover the conversion fees charged on credit card transactions in foreign currencies by many institutions issuing such cards. The plaintiffs were maintaining that these charges were contravening the Consumer Protection Act (Quebec) (the “CPA”) ...
On August 29, 2014, Normative Resolution N. 112 was published, amending Article 4 of Normative Resolution N. 98 of November 14, 2012. Normative Resolution 112/2014 provides that the temporary visa item V can be granted to foreign nationals who will enter Brazil to work exclusively in the preparation, organization, planning and execution of the 2016 Rio Olympic and Paralympic Games and who do not have a Brazilian sponsoring company or any employment relationship with a Brazilian company ...
The Central Bank of Ireland has today issued its feedback statement on Consultation Paper 85 dealing with loan originating qualifying investor alternative investment funds (QIAIFs). In the feedback statement the Central Bank has announced that it will allow for the authorisation of QIAIFs that originate loans from 1 October 2014. The Central Bank's AIF Rulebook is being updated to reflect this change ...
In Belgium, although a sportsman is deemed to accept the normal risks linked to the exercise of his sport, he can claim damages for injuries inflicted on him by another player, to the extent that the perpetrator failed to meet the standard of general due diligence.1 The action of the player causing the injury is measured against the behaviour that would have been displayed by another reasonable sportsman placed under the same conditions ...
Last month a USA court found that a hit song performed and co-written by Shakira was in fact copied from an earlier work. So what happened? Shakira had previously collaborated with Dominican rapper El Cata on the song 'Loca'. The song, which sold over 5,000,000 copies worldwide, also featured on her album 'The Sun Comes Out' ...
In the last week, the Securities and Exchange Commission has announced charges in two separate investigations related to its “Broken Windows” initiative, signaling that the Commission’s focus on what some may characterize as “minor violations” will continue ...
Last month, the North Carolina Supreme Court issued an important opinion for lenders in this state. The opinion reversed the North Carolina Court of Appeals’ decision in RL REGI N.C., LLC v. Lighthouse Cove, LLC, which found that a waiver of claims contained in a forbearance agreement could not waive a guarantor’s affirmative defense that a guaranty was obtained in violation of the Equal Credit Opportunity Act (ECOA). The Lighthouse Cove case involves a familiar story for many lenders ...
GST/QST Election: Get Ready for 2015 Carolyne Corbeil and Emmanuel SalaGenerally, certain corporations or partnerships within a same group who are engaged exclusively in commercial activities, may make intra-group supplies of taxable goods or services without having to collect or remit the GST/QST otherwise applicable to such supplies ...
