Strategically located between Europe, Africa and Asia, the United Arab Emirates (the “UAE”) has become a hub for trade and commerce throughout the world. In order to further encourage foreign investment, more than 20 free zones have been established across Dubai and focus on a wide range of business sectors, ranging from manufacturing to technology. Free zones offer a number of advantages to foreign businesses, including zero taxation, repatriation of profits and 100% foreign ownership ...
Consumers that filed a class action against Target Corporation following the company’s 2013 payment card breach have survived a motion to dismiss ...
The Philippines section of The International Capital Markets Review 5th Edition contains an introduction to The Securities Regulation Code; The Securities and Exchange Commission; self-regulatory organizations, exchanges, clearing agencies and depositories; recent jurisprudence; developments affecting debt and equity offerings; developments affecting derivatives, securitizations and other structured products; cases and dispute settlement; relevant tax and insolvency law; other relevant laws an
The Brazilian Ministry for Mines and Energy has issued Ordinance No. 653, which outlines the procedures for the A-5 Power Bid to be held on April 30, 2015. The bid will auction Regulated Market Energy Commercialization Contracts (CCEAR) to be negotiated on two fronts: (i) Quantity for hydroelectric power plants, and (ii) Availability for coal-fired plants, natural gas-fired combined cycle plants and biomass ...
A recent decision by a New Jersey bankruptcy court scrambles the law regarding rejected trademark licenses.1 Crumbs was a multi-location bakery that also licensed its trademarks and trade secrets to third parties. In July of 2014 Crumbs filed a Chapter 11 reorganization case and in August of 2014 the court entered an order selling substantially all of the assets of Crumbs to LFAC2 free and clear of liens, claims, encumbrances, and interests ...
Policy & Law: What is the government policy and legislative framework for the electricity sector? Securing energy supply, competitive energy prices and meeting the European Union’s common energy and climate goals are core elements of policy in the Finnish electricity sector ...
Oil markets have fallen significantly since the latest round of borrowing base redeterminations in September and October. The next scheduled round of redeterminations is set for March. Expectations are that there will be substantial downward pressure on producers’ borrowing bases. Some reductions could trigger mandatory principal amortization which would have serious consequences for highly leveraged oil and gas companies ...
In a case that should cause lenders heartburn, the United States District Court for the Western District of North Carolina recently ruled that common provisions in a Chapter 11 plan prevented the debtor’s lender from executing on a judgment against the non-debtor owner of the debtor.1 Biltmore is a corporation2 that operates manufactured home parks and sells and rents manufactured homes. McGee is the president and controlling shareholder of Biltmore ...
New breaches of individuals’ personally identifiable information (“PII”) are announced every week, but so far plaintiffs have had limited success in pursuing class actions against breached companies because they usually cannot plead injury-in-fact sufficient to establish standing ...
As part of the implementation of the Energy Reform, the Mexican Government has selected certain areas and fields out of Round One which will be tendered for private industry participation in hydrocarbon exploration and production projects. Round One comprises 109 blocks for exploration and 60 blocks for production, and includes new areas of different sizes and types of resources, including: (i) deep-water; (ii) shallow-water; and (iii) on-shore fields ...
Three recent Foreign Corrupt Practices Act (“FCPA”) enforcement actions underscore the Department of Justice (“DOJ”) and the Securities and Exchange Commission’s (“SEC”) focus on prosecuting companies and individuals for improper gifts, meals, travel, and entertainment provided to foreign officials. Avon Products, Inc ...
The Parliament of the Republic of Serbia has adopted a Law on the Protection of Whistleblowers (the “Law”). The Law, which was adopted on 25 November 2014, will become applicable on June 5, 2015. This is the first time that Serbia has a law which should systematically and comprehensively provide effective protection to individuals who report suspicions of corruption ...
Two groups of former Sony employees filed putative class actions this week arising from the company’s recent data breach. Two former employees filed a putative class action in California federal court alleging Sony failed to secure the company’s computer network from hackers who were able to access employees’ confidential personal information. (The hackers were confirmed yesterday to be affiliated with the North Korean government ...
SyCip Salazar Hernandez & Gatmaitan contributed the Philippine section of Deacons’ Marketing Private Funds and Discretionary Account Services: Asia and Beyond. The Philippine section was contributed by SyCipLaw’s senior partner Rafael A. Morales.The publication aims to assist asset managers in capital-raising and marketing activities ...
In Commission des normes du travail v. Compagnie d'assurances Standard Life du Canada,1 (the “Standard Life of Canada case”), the Court of Québec allowed an employer to file a counterclaim against an employee in the context of proceedings instituted by the Commission des normes du travail (“CNT”) on behalf of that same employee ...
In a unanimous decision dated November 17, 2014,1 the Court of Appeal of Québec held that the procedural fairness rules applicable in administrative and public law do not apply in the context of a psychological harassment investigation conducted by an employer. As a result, the Court set aside the judgment of the Court of Québec ordering the lawyer who conducted the investigation to pay $3,000 in damages ...
Download a free copy of the Philippine section of The International Capital Markets Review2015, which was contributed by the SyCipLaw partner Maria Teresa D. Mercado-Ferrer with associatesJoan Mae S. To and Earla Kahlila Mikhaila C. Langit.Reproduced with permission from Law Business Research Ltd. This article was first published in The International Capital Markets Review – Edition 4 (published in November 2014 – editor Jeffrey Golden) ...
On 25 August 2014, BKPM issued Circular Letter No. 252/A.8/2014 on Company Folders. This new system is known as the Electronic Investment Service and Investment Licensing System (Sistem Pelayanan Informasi dan Perizinan Investasi Secara Elektronik or SPIPISE). BKPM aimed to introduce the SPIPISE system on 1 October 2014. A company must have a “Right to Access” to create a “Company Folder” ...
On 16 September 2014, the House of Representatives finally passed the Bill on Copyright (Copyright Bill). The Copyright Bill repeals and replaces the current copyright law, Law No. 19 of 2002 on Copyright. The Copyright Bill regulates various new topics which were not discussed in the current Copyright Law, among others as below. Copyright as a form of movable intangible property may be encumbered and registered as collateral under fiduciary security, pursuant to Law No ...
In a recent Foreign Corrupt Practices Act (“FCPA”) Opinion Procedure Release, the U.S. Department of Justice (“DOJ”) provided guidance on the scope of successor liability in international M&A transactions ...
Action: The Bureau of Ocean Energy Management has issued a final rule increasing the limit of liability for damages under the Oil Pollution Act to $133.65 million. BOEM’s Final Rule: On December 12, 2014, the Bureau of Ocean Energy Management (BOEM) issued a final rule that, effective January 12, 2015, will increase from $75 million to $133 ...
On September 19, 2014, British pharmaceutical giant GlaxoSmithKline (“GSK”) announced that the Chinese Hunan Province Changsha Intermediate Court found its Chinese subsidiary (“GSK China”) guilty of bribing doctors and governmental officials in China. GSK China as a legal entity was sentenced a record-breaking monetary penalty of RMB 3 billion (approx. US$490 million) ...
On 19 June 2014, The Directorate General of Immigration issued Circular Letter No. IMI-1118.GR.01.11 of 2014 on Granting Re-entry Permits for New or Renewal Applications for Temporary Residence Permits and Permanent Residence Permits ...
In a landmark opinion released on December 10, 2014, the Second Circuit clarified the scope of tippee liability for insider trading in that circuit by requiring a tippee to have knowledge that a tipper gained a personal benefit from the disclosure of material nonpublic information ...
California Paid Sick Leave is Here This term, the California Legislature enacted the Healthy Workplaces/Healthy Families Act of 2014 (AB 1522), which requires employers to provide paid sick leave at a rate of one hour for every 30 hours worked starting on July 1, 2015 ...
