Pursuant to the Act on Old-Age Pension Savings, the National Bank of Slovakia issued this Decree stipulating the requirements for the content of an annual and halfyear report on asset management in a pension fund, and annual and half-year report on equity management in a pension asset management company, as well as the content and structure of daily information about each transaction with pension fund assets ...
Pursuant to the Act on Supplementary Pension Savings, the National Bank of Slovakia issued this Decree stipulating the requirements for the content of an annual and halfyear report on asset management in supplementary pension fund and annual and half-year report on equity management of supplementary pension company ...
Pursuant to the Act on Banks, the National Bank of Slovakia issued this Measure defining the content, format, terms, form, method, procedure and place of submitting reports to the National Bank of Slovakia for statistical purposes. This Measure has been published in the Bulletin of the National Bank of Slovakia (Issue No ...
Pursuant to the Act on Budget Rules for Public Administration, the Ministry of Transport, Posts and Telecommunications of the Slovak Republic, by this Ruling, enlarged the scope of persons entitled to subsidies ensuring higher penetration of broadband internet access ...
On 24 August 2006, the China Securities Regulatory Commission ("CSRC"), People's Bank of China ("PBOC") and the State Administration of Foreign Exchange ("SAFE") jointly issued new regulations, the "Measures for the Administration of Investment in Domestic Securities by Qualified Foreign Institutional Investors" (the "New QFII Rules") that govern the regime allowing qualifying foreign institutions approved by the CSRC as Qualified Foreign Institutional Investors ("QFIIs") to invest in China A sh
This article was first published in Invest Romania, October 2006 issue. 1 Common customs policy The enlargement of the European Union automatically triggered the enlargement of the scope and applicability of the common commercial policy promoted by the member states towards the new member states ...
In the recent past, the State Supervision of Financial Organizations (the "SSFO") has published its guidelines on its official website regarding the possibility of providing financial services in the territory of Hungary by credit institutions/financial enterprises with a registered seat in a Member State of the European Union in the form of cross-border services through agencies by means of the Hungarian Bank Act ...
The recently introduced Pension Protection Act 2006 makes two important changes to the definition of the term "plan assets" for the purposes of ERISA. The new legislation continues to provide that the assets of a fund or other entity will not constitute "plan assets" and will therefore not be subject to the fiduciary obligations under ERISA if less than 25% of the value of each class of equity in the entity is held by "benefit plan investors" ...
By January 2007 all EU members are supposed to adopt MiFID, including its implementation measures published in June 2006. Firms carrying out investment services will then have to comply with it by November 2007. MiFID should greatly facilitate EU cross-border activities since passported firms will no longer be subject to prudential regulation in each country where they provide services but only by their home country ...
In the recent Feedback Statement (FS06/2) from the UK's Financial Services Authority (FSA) to its Discussion Paper entitled "Hedge funds: A discussion of risk and regulatory engagement", the FSA identified the use of side letters as an area of concern where a market failure may be present, thus potentially requiring regulatory intervention by the FSA ...
The SFC has recently published a guide to the information required to be submitted to the SFC in relation to risk management and control processes by fund managers seeking approval to use the expanded investment powers under UCITS III (Guide). The Guide sets out the items and areas relating to the risk management and control process that the SFC normally expects to be provided in order to give the SFC an understanding of the risk management processes of the relevant UCITS III funds ...
The main legal acts regulating the registration of seagoing ships in Lithuania are the Law on Merchant Shipping, the Rules for Registration of Seagoing Ships in Lithuania approved on 4 July 2005 by order No. 3-301 of the Minister of Transport and Communications, and the Decision of the Government of Lithuania “On the Register of Seagoing Ships of the Republic of Lithuania”. The following ships can be registered at the Register of Seagoing Ships of the Republic of Lithuania (the Register): 1 ...
The People's Bank of China, the Chinese central bank, recently announced principle policies for the financial services sector on outbound investments in overseas markets by Chinese nationals and corporations. These policies are generally regarded as the Qualified Domestic Institutional Investors (QDII) program in the market ...
On 1 March 2004, the Provisional Administrative Rules Governing Derivative Activities of Financial Institutions were implemented by the China Banking Regulatory Commission (the "CBRC") and constituted the first set of substantive regulations governing the derivatives business in China ...
Shareholders with a substantial interest in a listed company are required to disclose their shareholdings in order to improve market transparency, prevent insider trading, and facilitate informed investment decisions. In most countries in Asia, initial disclosure is required once a shareholder acquires an interest in 5% of a listed company’s voting shares. In Taiwan and Sri Lanka it is 10% ...
Further to the recent amends to the Portuguese Securities Code arising from the implementation of the EU Directives on the prospectus to be published when securities are offered to the public or admitted to trading and on insider dealing and market manipulation, the Portuguese Securities Exchange Commission (“CMVM”) approved a set of rulings and guidelines1 now creating an overall framework on the new Inside Information regime. I ...
Purchasing a yacht should be a pleasurable experience given that the craft in question is most likely to be used for the owner’s leisure pursuits. Yachts, however, whether they are second-hand, new, large or small, have one thing in common. They are expensive. However, many purchasers whether they are paying £10,000 or £1,000,000 are sometimes less cautious than perhaps they should be when buying what is in effect a “toy” ...
The Bangko Sentral ng Pilipinas (BSP, the Philippine Central Bank) recently issued Circular No. 518, s. 2006, which authorizes banks to enter into joint venture agreements (JVA) with real estate development companies for the development of properties acquired by banks in settlement of loans and other advances, either through foreclosure or dacion en pago (ROPAs) ...
features 1. Modification of the Requirements for banks'shareholders. 2. Fiscal incentives for the development of the Forest Sector. 3. The unconstitutionality of the Bankcruptcy process in Nicaragua. 4. Right of priority. 5. Modernizing Legal procedures in Real Estate transactions. 6. Closing activities in the acquisition of properties. 7 ...
The considerable publicity surrounding the new Bankruptcy Act has focused on the impact of the legislation on individuals seeking bankruptcy relief under Chapter 7 of the Bankruptcy Code.1 There are also important changes that will have a significant impact on business bankruptcy cases. The new provisions will require suppliers, lenders, debtors, landlords and other constituents to rethink strategies that have previously been routinely employed in business bankruptcy cases ...
Recently, in Clark v. DaimlerChrysler Corp., the Michigan Court of Appeals ruled that an employee’s lawsuit for age discrimination under the Elliott-Larsen Civil Rights Act (ELCRA) was timebarred because of the six-month limitations period contained in the employee’s job application. The court upheld the contractual limitations period at issue even though the ELCRA explicitly provided that an individual has three years to bring a claim under that statute ...
The 'moral hazard' provisions introduced by the Pensions Act 2004 could cause extra headaches for many corporate transactions unless steps are taken early to avoid potential pitfalls. Parties involved in corporate mergers, takeovers or even group restructurings may now need prior clearance from the Pensions Regulator to avoid being potentially liable for contributing towards a deficit in the defined benefit pension scheme of the target or investee company ...
Captains of private and commercial yachts (and owners) have civil and criminal law duties most of which are concerned with the safe operation of the vessel. As the captain is regarded in law as being the owner’s agent, he is the person unfortunately on the spot. It is the captain who becomes personally liable in the first instance for any fine imposed on the vessel. Owners or charterers have no legal obligation to compensate him even though the offence may have occurred due to their fault ...
The legal concept that one can arrest a vessel and prevent it moving is unusual to say the least. An arrest in the UK (and other jurisdictions) is practically undertaken by serving upon the vessel a “Warrant of Arrest”, a very similar concept to criminal proceedings albeit this form of arrest is a civil law admiralty procedure and for very different reasons ...
