On December 28, 2012, the Standing Committee of the National People’s Congress (“NPC”) of the People’s Republic of China passed the Resolution of the Standing Committee of the NPC Relating to Strengthening the Protection of Information on the Internet (the “Regulations”). The Regulations contain significant and far-reaching requirements applicable to the collection and processing of electronic personal information via the Internet ...
With regard to our In Fact and In Law Express newsletter of July 2012, entitled ‘‘AMF Investigations: The duty to answer an investigator and his jurisdiction to rule on objections’’, please be informed that, on December 20, 2012, the Supreme Court dismissed Fournier’s application for leave1 to appeal a Court of Appeal decision2, which convicted Fournier of an offence under section 195(4) SA because of his refusal to testify whereas lower courts acquitted him ...
On 3 December 2012 Guernsey brought into force its new image rights legislation which allows, for the first time anywhere in the world, for such rights to be registered. Gary Assim, Shoosmiths In essence this law has created a new form of intellectual property right for anyone, anywhere in the world, who is famous, or might be in the future, to protect their image by registering it ...
End users will be relieved to know that compliance dates for business conduct and documentation rules related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which had been driving the request by swap dealers and major swap participants for end users to enter into the ISDA August 2012 DF Protocol or otherwise amend their swap documents by the end of the year, have now been delayed until May 1, 2013 ...
On November 20 and 27, 2012, the International Swaps and Derivatives Association, Inc. (“ISDA”) filed two letters with the Commodity Futures Trading Commission (“CFTC”) requesting an extension of compliance dates for certain new business conduct, portfolio reconciliation and swap trading relationship documentation requirements issued by the CFTC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) ...
In a recent decision1, the Superior Court ruled in favour of GE, Commercial Distribution Finance Canada ("GE") in a dispute against the national Bank of Canada ("NBC"). Both institutions had a common client, New World Zanotti Transblock Inc. ("Zanotti"), which had granted each of them a hypothec specifically charging its receivables. NBC had agreed to grant GE's hypothec a prior rant to its own ...
A sports agent by nature is a mediator or ‘go-between’ between the player, and in most instances, a sports club. In general, the agent provides a service, for example, the recruitment of a player, who will enter into a legal relationship with a club. Often a club will pay a sports agent a recruitment fee, which will normally include a signing-on fee that has to be paid over by the sports agent to the player ...
On November 19, 2012, 40 German advertising associations launched the “German Data Protection Council for Online Advertising,” a new initiative to coordinate and enforce self-regulation in the German online behavioral advertising (“OBA”) sector. The initiative is linked to the European Interactive Digital Advertising Alliance (“EDAA”), which manages the self-regulation efforts of the European online advertising industry ...
Two recent decisions of the Court of Appeal Remind us of the duty on Investment Advisors and Financial Securities Advisors to know their client and the correlative duty of the information. In both cases, the Court of Appeal held that the Advisor has breached his duty to know his client, assess the Client's needs, and inform and advise the Client. Both cases also dealt with the Client's possible contributory negligence ...
On October 24, 2012, the Harper government announced its intentions to enact new regulations to protect consumers who use prepaid credit cards in order to broaden their options regarding the forms of payment that best suit their needs. Such prepaid payment products allow consumers to make purchases or cash withdrawals through a payment network like American Express, MasterCard or Visa, with funds that have been paid in advance to a financial institution ...
North Carolina’s banking laws have been comprehensively updated for the first time in 80 years and provide the state with one of one of the most modern banking systems in the country. Effective October 1, 2012, the bipartisan legislation is a product of compromise and joint effort on the part of legislators, banks and consumer advocates ...
In a time when foreclosures are all too common, many secured lenders end up taking title to the real properties securing their loans. One of the questions, then, is should a lender obtain an owner’s title insurance policy or is the loan title insurance policy sufficient?As we all know, title insurance reduces the risk of the insured owner or lender by insuring one or both against loss or damage arising out of defects to or liens on title ...
Is your community bank or holding company still a public company? Are you making periodic filings — 10-K's, 10-Q's, 8-K's, Proxy Statements — to the SEC or your primary federal bank regulator? Are you still subject to Sarbannes-Oxley (SOX)? Why? A large number of community bank holding companies have filed to deregister from reporting to the Securities and Exchange Commission (SEC) ...
A federal court recently held that two investment funds are not jointly and severally liable for a bankrupt portfolio company’s withdrawal liability to a multiemployer pension plan disagreeing with a 2007 opinion by the Appeals Board of the Pension Benefit Guaranty Corporation (the “PBGC”). The Massachusetts U.S. District Court ruled there was no liability because the investment funds are not “trades or businesses” for purposes of ERISA’s joint and several liability rules ...
If you a trader, financial analyst or other financial technocrat and are thinking of setting up a fund, then the British Virgins Islands is probably your best bet. In today’s financial environment, investor capital for a start up fund can be hard to come by ...
On May 14, 2012, the Honourable Normand Gosselin, J.S.C., ruled on an amended motion seeking the sanction of a plan of arrangement concerning a debtor, Norgate Metal Inc. ("Norgate").1 The judgment is special in that Norgate asked the court to annul some of the votes that had been cast against the plan of arrangement. Norgate submitted that the only reason why the creditors who cast those votes had voted against the plan was that they wished to eliminate a competitor from their industry ...
On August 30, 2011, Hart Stores Inc./Magasins Hart inc. ( hereinafter “Hart”), filed for protection under the Companies’ Creditors Arrangement Act (hereinafter the “CCAA”). As part of the restructuring, Hart closed down 32 out of 92 points of sale and laid off 640 out of 1,600 employees. Included in the lay off are five executives, who are the subject of this bulletin.The executives were all laid off by means of a simple notice of termination ...
According to a group of women who filed a lawsuit last week, Maybelline should pay up for making false claims about its “Super Stay” lipstick products. Filed in federal court in Manhattan, the complaint seeks declaratory relief and damages under several states’ consumer protection laws. From the defense perspective, this is the latest attempt at a “no injury” class action where no actual injuries or damages exist ...
In an increasingly online world, international businesses can no longer rely on discrete legal advice relevant to only one jurisdiction. It is crucial to know where best to bring (or threaten) legal proceedings to achieve maximum impact globally. Two recent, high profile cases have thrown the spotlight on what can be achieved by courts of different jurisdictions to defend online reputations ...
On October 17, 2012, there was published in the Federal Official Gazette an executive order issuing the Federal Act to Prevent and Identify Illegally-Funded Transactions. The purpose of the Act is to track and investigate activities and transactions involving resources illegally obtained ...
The Information Commissioner's Office (ICO) recently fined an organisation £250,000 fter its outsourcing vendor carelessly dumped confidential financial data in ublic recycling bins. This incident provides a stark reminder to organisationsthat they remain legally responsible for personal data, even where they utsource data processing activities to third parties ...
Quebec Law has for a long time distinguished the personal guarantor from the real guarantor: a personal guanrantor is personally bound to repay a creditor should the principal debtor fail to perform its obligations; a real guarantor does no more than give some of its assets as collateral to a creditor, and unlike a personal guarantor, is not personally bound to repay the loan granted to the principal debtor ...
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or the "Act") attempts to sort through the energy trading and hedging market to protect "commercial end users" from new regulatory burdens intended for trading firms and financial institutions ...
The papers are reporting that Northhampton rugby player, Brett Sharman, is subject to a disciplinary enquiry from his racist tweet abou Mo Farah ...
Contents: The Application for Rectification by the Court Is Not a Cure for all Ills: Prevention is Better than (Attempting!) a CureRegister your Trade-marks!; The Importance of Having a Detailed Power of Attorney in the Event of a Person’s IncapacityEffect of a Unanimous Shareholders’ Agreement on CCPC Status THE APPLICATION FOR RECTIFICATION BY THE COURT IS NOT A CURE FOR ALL ILLS: PREVENTION IS BETTER THAN (ATTEMPTING!) A CURELast June 19, the Superio
