Chapter 43 Philippines Rafael A Morales1 I INTRODUCTION Banks in the Philippines are classified into (1) universal banks, (2) commercial banks, (3) thrift banks, (4) rural banks, (5) cooperative banks, (6) Islamic banks, (7) government-owned banks, and (8) other banks as may be classified by the Bangko Sentral ng Pilipinas (‘BSP’) ...
Regulatory framework- 1 What are the principal governmental and regulatory policies that govern the banking sector? The government recognises the vital role of banks in providing an environment conducive to the sustained development of the country’s economy ...
Traditionally the Spanish business sector has financed its growth primarily through bank loans. However, the current restrictions on credit (derived not only from the crisis but of growing capital constraints of banks themselves) have to seek funding alternative or complementary to the bank ...
On 2 April 2013, data protection authorities across the EU - including the Information Commissioner's Office (ICO) - announced that they are now investigating whether Google's privacy policy complies with national data protection laws.The investigation was prompted by allegations that Google failed to implement recommendations issued to it by the EU Working Party in October 2012 ...
I. Recruitment and Social Media 1. Is there a specific legal framework for the use of social media in the recruitment context? There are no specific laws or regulations dealing with the use of information from social media in the recruitment context. However, the following general laws are relevant: - Article 8, European Convention on Human Rights, 1950; - Articles 23, 24 and 29, Constitution of the Russian Federation; - Federal Law No ...
On February 1, 2013, the Supreme Court overturned a controversial decision of the Ontario Court of Appeal which granted pension beneficiaries priority over dip lenders in the context of a restructuring under the Companies' Creditors Arrangement Act ("CCAA")1. The Court of Appeal's decision led many to worry that lenders would be reticent to advance funds to restructuring debtors for fear of not being able to secure charges which would outrank all other claims ...
When was the last time when you or someone you know shared a bad experience or a complaint about a person in Facebook or Twitter? A good bet is that a longer time has passed than if this question was asked a year ago. The reason for this is probably Republic Act No. 10175, also known as the Cybercrime Prevention Act of 2012, which President Noynoy Aquino signed into law on September 12, 2012. A ...
Recently, the Superior Court rendered a decision 1 which clarifies the extent of the discretion a court has when asked to ratify a hypothecary creditor's recommendation to appoint an employee of its legal counsel to act as the officer of the court entrusted with the sale by judiciary authority of the collateral secured in its favour. CONTEXT The Superior Court had to render judgment in five cases involving very similar facts ...
Gift Tax Return Requirement for 2012 TransactionsDuring 2012, uncertainty about future estate and gift tax exemptions and rates led many of our clients to make substantial gifts during 2012 to their descendants or to trusts for descendants ...
Adopted in 2000, Regulation FD generally prohibits public companies and personnel acting on their behalf from selectively disclosing material, nonpublic information to certain groups, such as brokers, investment advisers, analysts and shareholders who are likely to trade on information, without concurrently making widespread public disclosure ...
On March 26, 2013, the Office of the Superintendent of Financial Institutions (“OSFI”), the Canadian bank regulator, issued an Advisory in which it identified the banks considered to be systematically important for Canada in accordance with the framework set out by the Basel Committee on Banking Supervision. These banks are the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the National Bank of Canada, the Royal Bank of Canada and the Toronto-Dominion Bank ...
The Commodities Futures Trading Commission (the “CFTC”), pursuant to its rulemaking authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”)1, has interpreted guarantees of swap agreements to fall under the definition of a swap,2 which means that any swap guarantor must be an “eligible contract participant” (“ECP”) at the time a swap is entered into (which may occur after the date on which the guarantee and related credit facility documents are entered
Technology-rich South African companies and indeed inventors who have taken the brave step of filing foreign patents -will know that there are two ways of getting patent protection in Europe. The first is the national route, in other words filing a patent directly in the country or countries of interest. The second route is that of the European Patent ...
The BBC recently published a piece called ‘3D Printing Will Be the Next Big Copyright Fight’. It said this: ‘That moment we’ve been hearing about for years – the one where futuristic-sounding 3D printing becomes ubiquitous – is actually upon us.’ It dealt with a topic that’s also referred to as ‘additive manufacturing’ ...
Canadian ratification of the Convention on International Interests in Mobile Equipment and of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment: This Bulletin is intended as a brief overview of the above-mentioned Convention and its Protocol and is not an in depth analysis of each of their provisions ...
According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more than 2.3 million Americans were deployed to military duty in Iraq, Afghanistan or both. Of that total, more than 1 million have since left the military ...
Many banks formed holding companies in the late 1980s and 1990s. They had various reasons for doing this. Some formed a holding company to hold subsidiaries providing nonbank activities. Some used the holding company to reduce state taxes in states where banks are taxed differently. Some were acquisitive, and holding companies gave them more options in acquiring banks. Some thought the holding company would help improve the marketability of the stock ...
For the first time ever, North Carolina’s Business Court and Court of Appeals both upheld fiduciary duty claims against banks in late 2012. Debtors frequently employ such claims in an attempt to shift liability for failed projects to their lenders or to pressure lenders to settle problem loans in the wake of the financial downturn. Despite their ubiquity, breach of fiduciary duty claims had proven elusive for borrowers before October 2012 ...
It appears that the industry is starting to “enjoy” a modest increase in activity as to participations, assignments and syndications. This “enjoyment” is not without more than a fair share of trepidation and reluctance, but the allure of increased revenue is difficult to withstand. Regardless of this trepidation, participations, assignments, syndications and intercreditor agreements can be done safely and profitably ...
Contents Part XII.2 Tax Applicable to Trusts: a Potentially Expensive Tax Which Is Often Overlooked Application of the Anti-avoidance Rule in Subsection 83(2.1): Caution Is Required in the Context of the Acquisition of a Private Corporation Revenu Québec to Scrutinize Trusts Directors’ Liability for the Debts of a Corporation Payable to Employees for Services Rendered During the Directors’ Term of Office PART XII ...
It’s well known that computer programs enjoy copyright protection - many have also been patented, but that’s another story and I’m not going to deal with that here. The South African Copyright Act has protected computer programs as a specific category of works since 1992, although prior to that they were protected as ‘literary works’ ...
There was an interesting decision in the US recently about the intellectual property (IP) implications of posting a photo on Twitter. The facts were that a professional photographer by the name of Daniel Morel – a man who has apparently spent over 25 years in Haiti – posted dramatic photos of the earthquake that struck Haiti in January 2010 shortly after the event ...
The collapse of systems integrator and reseller 2e2 in January has highlighted the danger for clients of companies such as 2e2, and focuses attention on how to deal with this type of situation. At a recent Shoosmiths event, data, IT and banking lawyers shared practical experience of the risks and potential remedies associated with insolvency of IT suppliers ...
On February 26, 2013, the National Institute of Standards and Technology ("NIST") issued a Request for Information ("RFI") to gather comments regarding the development of a framework to reduce cybersecurity risks to critical infrastructure. As we previously reported, the Obama Administration’s executive order, Improving Critical Infrastructure Cybersecurity (the "Executive Order"), released on February 12, 2013, directs NIST to coordinate development of this framework ...
It’s well known that computer programs enjoy copyright protection - many have also been patented, but that’s another story and I’m not going to deal with that here. The South African Copyright Act has protected computer programs as a specific category of works since 1992, although prior to that they were protected as ‘literary works’ ...
