Under Bolivian law, there is no specific set of regulations or special norm regarding a system of merger control applicable to the different sectors of the economy(1). The antitrust provisions, restrictions and penalties for each particular sector (telecommunications, electricity, hydrocarbons, transport, water, etc.) are established in the “Sectorial” laws, and in general in the Bolivian Constitution, the Criminal Code and Code of Commerce ...
The role and duties of a Chair are not defined and circumscribed in incorporating statutes (federal and Quebec) except in the case of Quebec government-owned corporations and then, only in part. Boards of directors have been at the centre of the public debate on corporate governance in recent years. This heightened focus on boards has provoked questioning and reflection on the role and liability of the Chair ...
Legal system1. What is the legal system (civil law, common law or a mixture of both)?Romania has a civil law system.Foreign investment2. Are there any restrictions on foreign investment (including authorisations required by central or local government)? There are only a few restrictions on foreign investment. For example, foreign persons cannot acquire land, subject to a limited number of conditional exceptions. 3 ...
Companies found guilty of manslaughter under new law could have their finances and reputations ruined. The Corporate Manslaughter and Corporate Homicide Act 2007 comes into force on 6 April 2008. After much controversy and delay the legislation is almost with us. In a nutshell: The Corporate Manslaughter and Corporate Homicide Act 2007 (the “Act”) comes into force in the UK on 6 April 2008 ...
Being the smartest lawyer in the room does not always guarantee success. Rather, success in the field of law almost always results from an attorney’s determination and dedication ...
Over a decade has elapsed since Bosman (a relatively unknown Belgian footballer but now a regular on the Question of Sport picture round) put EC free movement law firmly on the Match of the Day agenda. Over the ensuing years, the European Court of Justice and the European Commission have articulated (sort of…) clearly that sport does not benefit from some "white card" exemption to the application of EC free movement rules ...
A Georgia intermediate appellate court has affirmed summary judgment in favor of an insurer, holding that there can be no “advertising injury” coverage under a commercial general liability insurance contract where an underlying lawsuit concerning division of profits from a joint copyright work fails to allege a misappropriation of advertising ideas. James C. Shafe, et al. v. American States Insurance Co., No. A07A0879, 2007 Ga. App. LEXIS 1193 (Ga ...
The rule that a party receiving documents in litigation holds them subject to an implied undertaking to use them only in the proceedings in which they were produced has been a fixture of practice in British Columbia since 1995. However, while the rule is easy to state, it often proves more difficult to apply in practice and carries with it the potential for very serious sanctions for breach ...
On 18 October 2007, the Securities and Futures Commission (SFC) issued a circular which allows delegation of investment management functions by managers of authorised funds to affiliates not based in an Acceptable Inspection Regime (AIR), subject to certain requirements being met. Previously the fund management company of an SFC authorised fund, and all of its delegates with investment discretion, had to be based in Hong Kong or an AIR ...
This newsletter intends to provide our colleagues and friends with a rapid overview of the reforms that recently occurred in Portugal within commercial and corporate law, in respect of the debureaucratization of the treatment of commercial companies. I. ReformsThus, a substantial range of amendments has been implemented in the last years, with the purpose of simplifying the commercial companies’ incorporation, registration, merger, division, etc. procedures ...
IFLR Taiwan M&A SummaryJuly 20, 2007IntroductionAs Taiwan heads into an election year in 2008 and beyond, market observers may look back at the last 12 months as an important watershed period for the modernization of Taiwan’s financial sector. There is abundant and growing interest from foreign investors, particularly private equity investors, and mergers and acquisitions, together with other domestic and cross-border deal-making, are at an all time high ...
HIGH LIGHTS• the Code also applies to in-house counsel;• non-compliance may result in disciplinary sanctions;• failure to comply with the standards established by the Code could constitute civil wrongs or “faults” resulting in contractual liability (towards the employer) and even extracontractual liability (towards third parties with whom the lawyer negotiates on behalf of the organization);• concept of client: difference between the representative of the client or in-house c
On July 11, 2007 the European Court of First Instance (“CFI”) ruled that Schneider Electric SA should be compensated for some of the losses suffered following the European Commission’s unlawful prohibition of its merger with Legrand SA in 2001.[2] The CFI’s decision is undoubtedly historic. It is the first case in which damages have been awarded against the Commission for getting a merger wrong ...
On May 7th, 2007, the British Columbia Court of Appeal overturned the certification of a major pension class proceeding in Ruddell v. BC Rail Ltd., 2007 BCCA 269. In doing so, the court ruled that BC Rail had properly invoked its right to have the dispute determined by arbitration. The court found that, in the circumstances of this case, arbitration took precedence over the class proceeding, which had to be stayed ...
On 6 February 2007, the State Council promulgated the Regulations for the Administration of Commercial Franchising Operations. Although not stated in the Regulations, the Ministry of Commerce (“MOFCOM”) has indicated that the Measures for the Administration of Commercial Franchising Operations, issued on 30 December 2004 (as discussed in the 2005.1 issue of China Legal Update), will be repealed on the Regulations’ effective date, 1 May 2007 ...
The China Securities Regulatory Commission (“CSRC”) issued the Measures for the Administration of the Takeover of Listed Companies on 17 May 2006. Effective 1 September 2006, the Measures cover both takeovers and significant share acquisition activities in listed companies. The Measures apply to acquisitions by investors of listed companies. They impose disclosure and tender offer obligations upon investors crossing certain shareholding thresholds ...
A director should seriously consider resigning in the following situations:• in the case of a material contravention of the law or violation of the corporation’s by-laws, its shareholders agreement or the corporation’s undertakings, if the contravention is not rectified promptly;• in the case of bankruptcy or insolvency, if the director is unable to obtain adequate protection from the trustee, the corporation’s creditors or other third parties;• if the corporation or the Boar
Private Actions in Competition Law: Effective Redress for Consumers and BusinessResponse by Shepherd and Wedderburn LLP1. Introduction1.1 Shepherd and Wedderburn LLP welcomes the opportunity to comment on the issues raised by the OFT in its April 2007 Discussion Paper: Private Actions in Competition law: Effective Redress for Consumers and Business (the Discussion Paper). 1 ...
Ten years ago, we would not have been discussing this topic with the Chairman of the then Monopolies and Mergers Commission. Ten years ago, the MMC was a very different animal from today's Competition Commission. Ten years ago, the MMC was largely outside of the daily media spotlight, less transparent and much closer to government ...
Romania¡¦s yearly economic growth has triggered in the past few years an increased interest for investment in the existing domestic companies. Most of the financial investors seek to leverage their acquisitions and expect the possibility to use the target companies¡¦ assets to such purpose. This article will briefly review corporate limits and prevailing interpretation.Prohibition of financial assistanceRomania has implemented the provisions of art ...
The purpose of this article is to provide a short update as to the legal and policy developments in the area of private enforcement of competition law. Regulatory scrutiny and judicial developments continue to be principally focussed on the issue of follow-on damages actions for infringements of competition law, especially in the cartel arena. However, as can be seen in the English High Court's recent judgement in SanDisk Corporation vs ...
In a previous article on this site , I suggested that the impact of Placanica was to leave the national courts in a bit of a hole ...
Enforcement of competition law by means of private actions (particularly private damages actions) is a hot topic. The European Commission has a stated policy objective of encouraging private actions and, at the UK level, private actions are becoming more prevalent in both the courts and before the Competition Appeal Tribunal. In particular, the English High Court's decision in Provimi has led to England being seen as an attractive jurisdiction for damages claims ...
