On September 9, 2014, the Commodity Futures Trading Commission (the “CFTC”) issued CFTC Letter No. 14-116 (the “CFTC Letter”) providing exemptive relief allowing commodity pools to use general solicitation in certain types of private offerings, including offerings of private fund interests. The CFTC Letter is available here ...
The Securities and Exchange Commission (the “SEC”) recently published six new Compliance and Disclosure Interpretations (“C&DIs”) related to the verification process for accredited investors under Rule 506(c) of Regulation D. The C&DIs indicate that the SEC is strictly construing the income and net worth safe harbors for verification of a purchaser’s status as an accredited investor ...
Who knows why Luis Suarez bit Giorgio Chiellini at the FIFA World Cup 2014. Perhaps it’s a compliment to great Italian defending? Or something to do with the increasing demands of the modern game? Whatever the answer may be, none of us truly believe that this sort of thing is acceptable. But precisely what are the rules that regulate this sort of conduct? Most of us were told not to bite when we were very young - so that we know ...
Launch of South African City Domain Name Extensions Three South African city domain names extensions have recently been launched, namely .Joburg, .Durban and .Capetown. It is very important for clients that own co.za domain names, or South African trade marks, to register the matching city domain name extensions. The launch of the city domain name extensions commenced with the Sunrise and land rush phases running concurrently ...
SOMMAIRE Nominee in the context of litigationUse of a nominee by limited partnershi8ps and trusts for holding immovablesVoluntary registration for GST and QST purposes by a nomineeImmovables held by a nominee: issues with respect to consumption taxes NOMINEES IN THE CONTEXT OF LITIGATION Léa Maalouf In commercial matters, it frequently happens that two persons agree to hide their true intent from third parties and express such intent in a secret contract (or counter letter), while
As of 23 May 2014, the usage fee for the radio frequency spectrum was increased for Croatian operators. As a result of this increase, three of Croatia's largest operators have announced an increase in the price of their mobile network services, as well as the introduction of additional fees for recipients of public communication services. The announced price increase will range from between 10 and 15% ...
As more states adopt anti-SLAPP legislation (i.e., Oklahoma’s passage this Spring and Nevada’s expansion of its anti-SLAPP statute last year), more federal courts must decide whether such laws create a substantive right which should be applied by the federal judiciary ...
The Supreme Court today ruled that Aereo’s system for transmitting over-the-air television broadcasts through the Internet violates copyright law. In a 6-3 decision, with Justice Breyer writing for the majority, the Court ruled that Aereo both “performs” the television broadcasts at issue and does so “publicly.” With these key issues decided, the Court essentially sounded a death knell for Aereo and a similar but unrelated company, FilmOn X ...
The International Swaps and Derivatives Association, Inc. (“ISDA”) has published a form of amendment to the 1992 and 2002 ISDA Master Agreements intended to address continuing uncertainty regarding the condition precedent set forth in Section 2(a)(iii) of both such Master Agreements (“Section 2(a)(iii)”) ...
The Financial Services Authority (“OJK”) recently issued Circular Letter No. 2/SEOJK.07/2014 on Services and the Settlement of Complaints from Consumers of Financial Service Businesses (“Circular Letter”) to implement OJK Regulation No. 1/POJK.07/2013 on Consumer Protection in the Financial Services Sector (“Regulation”) ...
The Financial Services Authority (“OJK”) issued Regulation No.3/POJK.02/2014 on the Procedure for Collecting Fees charged by the Financial Service Authority (“OJK Regulation”) on 1 April 2014. The OJK Regulation provides guidelines for the OJK’s collection of fees from financial services institutions and financial services industry support professionals and their firms (Public Accounts, Public Assessors, Legal Consultants, Notaries, Actuaries) ...
In December 2010, the federal Parliament passed the Act to Promote the Efficiency and Adaptability of the Canadian Economy by Regulating Certain Activities1 that Discourage Reliance on Electronic Means of Carrying out Commercial Activities, better known as the “Canada’s Anti Spam Legislation” (the “Act”) ...
The Sound Commercial Practices Guideline (the “Guideline”) published by the Autorité des marchés financiers (the “AMF”) in June 2013 and intended for insurers of persons or damages, holding companies controlled by an insurer, trust and savings companies or financial services cooperatives that are authorized by the AMF to conduct business in Quebec, including in particular those financial institutions governed by the statues of another province or country (collectively referred to hereaft
A. Legal Framework. In the Republic of Panama, the operation of investment funds and the securities market in general is regulated by Decree-Law No. 1 of 8 of July of 1999 (as amended to date, the “Securities Act”) and the regulations issued by the SSM (the “Regulations”). The government entity that is in charge of the regulation and supervision of the securities market in Panama is the Superintendency of the Securities Market (the “SSM”) ...
In a commentary piece published in Australia’s leading online media law publication, partner and head of our media practice Peter Bartlett argues that Australia already has laws to protect serious invasions of privacy and warns against the effect on reporting that a statutory right to privacy would have. He writes: The reality is that Australia has many laws that already protect an individual’s right to privacy ...
On 1 January 2015, an amendment to the VAT Act is to become valid. Its main objective is to implement EU regulations. The main change concerns the place of performance in the case of telecommunication services, TV and radio broadcasting services and services electronically provided to persons who are not obliged to pay the tax. All these services will be taxed in the country of the recipient of the relevant service ...
The Nils Svensson v Retriever Sverige AB decision addresses fundamental questions of copyright and Internet use. In essence, the case addresses the question of whether hyperlinking to freely accessible content requires authorization. The original plaintiffs of the Svensson case were Swedish journalists who wrote press articles that were published in the Goteborge-Posten newspaper and on its website, where they were freely accessible ...
In recent years, one clause of the ISDA Master Agreement has been the source of a great deal of consternation among derivatives lawyers: the condition precedent set forth in Section 2(a)(iii), which purports to suspend a party’s payment obligations in the event of a continuing default by the other party ...
In an attempt to improve the quality of Listed Companies and the liquidity of Public Company shares, the Director of the Indonesian Stock Exchange amended Regulation Number I-A on the Listing of Shares and Equity Securities other than Shares Issued by Listed Companies (No. KEP-00001/BEI/01-2014). The main issues regulated under this amended Regulation relate to the term of office of the independent commissioner and independent director in a listed company and free float shares ...
In an attempt to increase a bank’s ability to absorb risks, the improvement of a bank’s capital quality and quantity to be in accordance with international standards is deemed necessary. In order to increase a bank’s capital quality, it is also considered necessary for the bank to have additional capital which will have the function as a buffer in the event of a financial and economic crisis which may negatively affect the stability of the financial system ...
Currently, provisions on fit and proper tests for non-banking financial services are provided separately in several regulations and they apply different standards of fit and proper test procedures and materials. In an attempt to unify the fit and proper test requirements for non-banking financial services, the Financial Services Authority (“OJK”) issued Regulation No. 4/POJK ...
As a newly established authority pursuant to Law No. 21 of 2011 on the OJK (“OJK Law”), the OJK requires proper financing to support its operations so that it can carry on its duties and functions independently and professionally, and in accordance with good corporate governance principles. One of the OJK’s financing sources is from charges obtained from financial services institutions and/or individuals or entities engaging in financial services ...
On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”),1 to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 Letter, without counting such swaps towards the “sub-limit” threshold for swap dealer registration with regard to such swaps ...
