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
This year marks the 30th anniversary of the passage of the Hatch-Waxman Amendments to the Federal Food, Drug and Cosmetic Act (FD&C Act). Considered to be one of the most successful pieces of legislation ever enacted, the Hatch-Waxman Amendments created the modern generic drug industry, which is responsible for dramatically increasing the availabilty of low-cost generic drugs and saving the U.S. healthcare system billions of dollars ...
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) ...
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”) ...
LabMD, Inc. renewed its argument that the FTC lacks authority to regulate the data security practices of HIPAA covered entities by appealing the dismissal of its case for lack of jurisdiction (see our coverage here) to the Eleventh Circuit. LabMD also filed an emergency motion seeking expedited briefing and requesting an order enjoining the administrative proceedings until the appellate court rules on the merits of its argument ...
The healthcare industry will have to wait for a court to answer the question of whether the United States Federal Trade Commission (the “FTC”) has authority to regulate data security practices of entities covered by the Health Insurance Portability and Accountability Act (“HIPAA”). On Monday, a federal district judge dismissed LabMD, Inc.’s case without reaching the merits, declining to disrupt the underlying administrative proceeding ...
Regional governments in Sweden are increasingly looking to leverage their purchasing power in order to secure discounts and rebates on the list prices of branded drugs. However, as noted by Elizabeth Eklund, Partner at leading commercial law firm Delphi, such agreements risk running foul of both Swedish and European Union (EU) law ...
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 ...
On April 1, 2014, the Superior Court issued an interesting decision respecting consent to care1. The Quebec City CHU petitioned the Superior Court in order to be authorized to provide care for a 60‑day period to a patient despite the refusal of her parents. On March 14, the 22 years old patient suffered cardiac arrest following an intravenous drug overdose ...
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 ...
FATCA is a United States Act that requires US persons, including individuals who live outside the United States, to report their financial accounts held outside of the US, and requires foreign financial institutions (“FFIs“) to report information regarding their US clients to the US Internal Revenue Service (“US IRS”). FATCA was meant to combat offshore tax evasion and to recoup federal tax revenues ...
The Government has announced radical changes which are likely to significantly affect the way in which people access and use their pension savings in the UK ...
CONTENTS The 2014 Federal Budget Plan sounds the death knell for two family tax planning measures much appreciated by entrepreneurs and some professionalsThe Expert and the CourtYou signed a contract for services... with an employee? How to properly identify the relationship between the parties and what are the consequences of a wrong categorization ?Application of GAAR to a cross-border debt “clean-up” transaction: The Pièces Automobiles Lecavalier Inc ...
