The Florida Supreme Court has held that defective work performed by a subcontractor that damages a general contractor’s completed work constitutes “property damage” caused by an “occurrence” under a commercial general liability (CGL) policy. U.S. Fire Ins. Co. v. J.S.U.B., Inc., No. SC05-1295 (Fla. Dec. 20, 2007) ...
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 ...
1. On 31 December 2008, Law 67-A/2007, of 31 December, which enacted the 2008 State Budget, was published. In this booklet, we will discuss the main changes that will take place in our tax laws as a result of this Law, with effect from 1 January 2008. A) PERSONAL INCOME TAX (IRS) i) Capital income – IRS Category E 2 ...
A federal district court judge in Pennsylvania ruled that first-party property claims for damages due to defective stucco arose from a single occurrence and, upon determining the date of loss, held that the coverage claims were barred by the insurance contract’s two-year suit limitations period. Smith, et al. v. Westfield Insurance Co., No. 06-3077; 2007 U.S. Dist. LEXIS 87431 (E.D. Pa. November 27, 2007) Case Background ...
In recent years, Romania witnessed a continuously growing real estate market, along with a sustained rush of investors, including many foreign ones, eager to secure prime locations for their future development projects.On such a rapidly expanding market, it has been difficult at times to implement sophisticated real estate projects, as the country’s legal framework in the area of real estate did not change overnight, despite Romania’s recent accession to the EU ...
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 ...
In response to certified questions from the United States Court of Appeals for the Fifth Circuit, the Texas Supreme Court held that unintended construction defects are an occurrence and that allegations of loss of use or damage to a home may constitute property damage under a commercial general liability (CGL) contract. Lamar Homes, Inc. v. Mid-Continent Cas. Co., No. 05-0832 (Tex. Aug. 31, 2007) ...
It is a given that any human endeavor will have effects that we do not expect. Robert Burns identified the problem with the best-laid schemes of mice and men, and investors in the mortgage banking industry are learning that lesson now. In recent years, many borrowers entered into adjustable-rate mortgages with low initial rates, trusting that rates would stay low or that they could refinance or sell a property before larger payments came due ...
On 16 March 2007, the Standing Committee of the National People’s Congress promulgated the Enterprise Income Tax Law of the People’s Republic of China. The Law harmonises the tax laws applicable to foreign and domestic enterprises. The new law marks a major change in PRC tax policy. Effective 1 January 2008, both domestic enterprises and foreign-invested enterprises (FIEs) will be subject to income tax at the unified rate of 25% ...
On 16 March 2007, the National People’s Congress issued the Property Law of the People’s Republic of China. Effective on 1 October 2007, the Law defines the scope of property and property-related rights, such as use and possession, and sets out the protections afforded to State, collective and private property owners.BackgroundWork on the Property Law first began in 1993 ...
On 31 December 2006, the State Property Management Commission of the State Council and the Ministry of Finance jointly issued the Notice Regarding Relevant Matters in the Assignment of the State-owned Property Rights of Enterprises to further clarify issues arising from the implementation of the Provisional Measures for the Administration of the Assignment of State-owned Property Rights of Enterprises and the Notice on Relevant Issues in the Assignment of State-owned Property
The State Administration of Taxation issued the Measures on the Self- Declaration of Personal Income Tax (Trial Implementation) on 6 November 2006. The Measures cover the filing process for those who satisfy one of the following conditions:1. Annual income of 120,000RMB or more; 2. Wages or stipends earned from two or more sources within China; 3. Income earned outside China; 4. Any acquired taxable income without withholding; 5 ...
On 22 January 2007, the Ministry of Construction and the Ministry of Commerce jointly issued the Regulations for the Administration of Construction Project Service Enterprises with Foreign Investment. Effective 26 March 2007, the Regulations outline the approval process for construction project service enterprises with foreign investment and set out the permissible types of business for these enterprises ...
On 27 November 2006, the Ministry of Finance and State Administration of Taxation jointly issued the Notice Regarding Several Stamp Tax Policies. The Notice states that:1. Stamp tax will be levied on contracts submitted electronically. 2. Stamp tax will be levied on purchase and sale contracts between power plants and power grid networks and on those between two power grid networks ...
Regulation 45-106 respecting prospectus and registration exemptions (“Regulation 45-106”) has caused much concern and plenty of ink to flow since it came into force on September 14, 2005. The purpose of this newsletter is to discuss the modification made by Regulation 45-106 with respect to the restrictions that must be contained in an issuer’s constating documents in order for the issuer to have private issuer status(1) ...
Since we are in the season for the distribution of dividends, it is not without use to review and update, our last charter on this issue. It shall be recalled that in 2005 the Portuguese tax system streamlined its rules for the taxation of dividends, by harmonising rates which previously varied in accordance to the nature of the recipient of the dividends ...
On 11 June 2007, the Securities and Futures Commission (SFC) issued a circular (http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H461) outlining a set of initiatives to streamline and simplify its licensing processes. The circular, which provides practical guidance to fund managers intending to apply to the SFC for a licence, is principally directed at overseas hedge fund managers from the US and the UK ...
On 10 May 2007, the China Banking Regulatory Commission (CBRC) issued its "Notice on the Adjustments to the Overseas Investment Scope of Overseas Wealth Management Business of Commercial Banks on behalf of their Clients". This Notice widens the investment scope permitted under the Qualified Domestic Institutional Investors scheme (QDII) applicable to commercial banks (including Chinese banks and approved foreign banks in China) ...
The SFC's feedback on their recent round of inspections of Investment Advisers (IAs) was shared with members of the Institute of Financial Planners of Hong Kong on 8 May 2007. The SFC reported that the main issues they identified were: insufficient knowledge of clients and lack of justification to illustrate suitability of advice ...
The SFC recently appointed Mr. Mark Steward from the Australian Securities and Investment Commission (ASIC) as Executive Director of Enforcement. While enforcement initiatives of the SFC under his new leadership are still evolving, reference to the past record of ASIC’s enforcement may provide some hints ...
On 7 May 2007, the SFC updated the Licensing Related Frequently Asked Questions (FAQs) on its website under the heading, "Other Topics relating to the Securities and Futures Ordinance (SFO)".The updated FAQs assist licensed corporations or licensed applicants in understanding the SFC's view on factors relating to suitability of business premises ...
