Reduction in Income Tax for Publicly Owned Companies The Ministry of Finance recently issued regulation No.238/PMK.03/2008 of 2008 regarding the Procedures for and Supervision of the Granting of Tariff Reductions to Local Entity Tax Payers which are Publicly Owned Companies ...
New Law on Aviation In order to keep up with the development of the aviation industry in Indonesia, on 17 December 2008, the House of Representatives passed the Bill on Aviation. This Bill came in force on 12 January 2009 as Law No 1 of 2009 regarding Aviation (“Law 1”) ...
ALTIUS contributed to a publication on International Acquisition Finance accross mutiple jurisdictions. The volume provides counsel with a full insight into the law and regulation across numerous jurisdictions. Johan De Bruycker, Caroline Wildemeersch and Kasper Van Landeghem from ALTIUS' Banking & Finance team untangle the complications of debt funding regimes for the Belgian jurisdiction. 1 ...
Best Practices & Standards The hedge fund industry has experienced trying times over the past few months. Year-end redemption requests have flooded the sector. Scandals such as the so-called "ponzi" scheme allegedly carried out by Bernard Madoff resulting in billions of dollars in losses have shaken the industry ...
Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...
1. What types of collateral are available? Real estate, operating and other licence rights or concessions, leaseholds, buildings, moveable property, contractual lights, receivables, shares, securities, onshore and offshore bank accounts, entire enterprises, after-acquired property, proceeds from investments and the sale of collateral are all available ...
As a consequence of the complexity of Hong Kong’s disclosure of interests regime, local substantial shareholders and global investment houses alike frequently fall foul of its provisions. Even robust monitoring and reporting systems can fail to cater to idiosyncrasies of the Hong Kong regime ...
Bolivian law contemplates two procedures by which local companies with financial difficulties, are ultimately obliged to sell their assets in order to satisfy existing payment obligations, be it through a mandatory dissolution and liquidation or through a judicial bankruptcy procedure. I ...
Recently, the Federal Reserve Bank of New York announced a new program to facilitate the issuance of shortterm commercial paper (“CP”) by eligible issuers. The program was launched on Monday, October 27, 2008. The program is being administered by a new special purpose financing vehicle (“SPV”) that is referred to as the Commercial Paper Financing Facility, or “CPFF ...
The SFC recently issued a press release and a circular on risk disclosure. The circular reminds issuers of retail investment products, including authorised funds, of their duty to include in offering documents sufficient relevant risk information for investors to make an informed investment decision, and for marketing materials to be "clear, fair and present a balanced picture with adequate and prominent risk disclosure" ...
On 1 July 2008 a new Marketing Practices Act entered into force. The new act implements Directive 2005/29/EC on unfair commercial practices and implies some new aspects for Swedish companies to take into consideration. These include a new way of qualifying commercial practices and the fact that marketing statements can, in the final instance, be subject to assessment by the European Court of Justice ...
The US judge who presided over the nation's only successful copyright infringement case for file-sharing by an individual, has declared it a mistrial. He said he had committed a "manifest error" in his instructions to the jury and the award of damages of $222,000 was "unprecedented and oppressive" ...
A few years ago, Rick Rein got a call from a Chicago-area bank that had lost $1 million to a con artist who cashed a fake check that looked so authentic it easily passed through the bank's computer system. The fraudster wired the money to an obscure bank in Florida, then out of the country before the bank realized a month later the check was phony. Mr ...
From 1 October 2008, the Companies Act 2006 will repeal the prohibition on private companies providing financial assistance for the purchase of its own shares. This change in law will not apply to public companies which will continue to be prohibited from giving financial assistance ...
The controversial Indian Premier League (IPL) is now underway, with English cricket stars conspicuous by their absence. They have been banned from both the IPL and its rival tournament, the Indian Cricket League (ICL), by the England and Wales Cricket Board (ECB). Players competing in the ICL will receive a 12 month ECB ban, from all forms of English Country cricket ...
The Asian hedge fund industry is comparatively new and small. However, the industry has witnessed phenomenal growth since 2002. The purpose of this book is to assist start-up managers to establish a hedge fund business. To date, a majority of the newly-established funds in Asia have been set up by fund managers or proprietary traders setting up their own business, after a successful career at one of the larger investment houses ...
1 Framework 1.1 When did Germany first liberalise telecommunications networks and/or services? In 1989 the markets for telecommunications end-user devices, data and value added services, satellite and mobile communications were liberalised. The first mobile communications licence was awarded to a private entity in 1989 (Mannesmann Mobilfunk, now Vodafone) ...
Real estate 1. Please briefly state what is considered real estate in your jurisdiction. What are the most common forms of security granted over it? How are they created and how are they perfected (that is, made valid and enforceable)?Under Romanian law, real estate (generally known as immovable property) covers land, buildings and those movable assets attached to land or buildings as fixtures ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
