Current economic competition legislation has imposed new rules on economic agents that operate in the national market. These rules have changed the nature of the relationships which business may have with competitors, suppliers, distributors, and customers ...
China has traditionally restricted foreign investment in the retail and wholesale sectors with the aim of nurturing strong domestic players before their foreign counterparts would be let into the country. However, in order to become a member of the World Trade Organisation, China has committed itself to gradually opening up its distribution sector to foreign investment ...
Kochhar & Co- India- The Reserve Bank of India Simplifies Procedures in respect of Transfer of Shares/ Convertible Debentures by way of sale by a resident to a non-resident Under Indian exchange control laws, the transfer of shares, by way of sale, by a resident to a non-resident (i.e ...
On 1 October 2004, two new sets of regulations became effective under PRC Law: • Regulations on Securities Investment Fund Management Companies (FMC Regulations); and • Regulations on Senior Management Personnel of Securities Investment Fund Management Companies (Senior Management Regulations). The China Securities Regulatory Commission (CSRC) also issued two related notices, one in respect of the application of each of the Regulations ...
Prior to 4 November 2004, a Hong Kong authorised scheme could invest up to 10% of its total net asset value in other collective investment schemes (CIS) under the Code on Unit Trusts and Mutual Funds (Code), but it could not invest in any type of real estate or interests in real estate (except shares in real estate companies) ...
Based on the statistics prepared by the Securities and Futures Commission (SFC), as of early November 2004, there are approximately 280 SFC authorised guaranteed funds. This number has continued to grow throughout 2004. Background The early guaranteed funds introduced to the Hong Kong market in late 1999 offered simple investment strategies securing a capital guarantee with a potential up-side linked to the performance of underlying assets ...
In order to reduce the risks imposed on investors and the market by the excessive re-pledging and imprudent lending of securities margin financing (SMF) providers, the Securities and Futures Commission (SFC) has issued a Consultation Paper on the Proposed Measures to Address Risks Arising from Securities Margin Financing ...
Disclosure of Interests Recently, the SFC has successfully prosecuted a number of breaches of the duty to disclose securities interests, among which the most widely reported in the news was that of the prosecution of Mr. William Mong Man-wai. Mr. Mong was charged with failure to declare his interest in nearly 3 million shares of Bank of East Asia in contravention of section 28(1)(b) of the Securities (Disclosure of Interests) Ordinance. Mr ...
Proposed guidelines have been formulated to prevent analysts’ trading activities or financial interests from prejudicing their investment research and recommendations. The guidelines are scheduled to come into effect on 1 April 2005 and are to form part of the Code of Conduct for Persons Licensed by or Registered with the SFC. The guidelines cover only shares, stock warrants or stock options listed in Hong Kong or investment research that has an influence on such securities ...
The Ministry of Commerce (“MOFCOM”) issued the Measures for Registration for the Record of Foreign Trade Operators on 25 June 2004. The Measures, which entered into effect on 1 July 2004, are based on the revised Foreign Trade Law and specify registration rules applicable to operators of commodity or technology import-export business (“foreign trade operators”) ...
1. Overview of recent corporate governance reforms a. Recent initiatives There have been numerous recent changes in Hong Kong in relation to corporate governance matters, extending well beyond legislation and nonbinding codes. The roles of relevant regulators have also been examined and proposed changes made. As far as legislation is concerned, the most significant change is the introduction of the Securities and Futures Ordinance, which came into force on April 1 2003 ...
Murray Campbell Lawson Lundell Craig Ferris Lawson Lundell This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information provided and related topics, please contact your legal counsel. Copyright © 2004, Lawson Lundell All Rights Reserved INTRODUCTION Since the mid-1980s litigation has been a fact of life for pension and employee benefit plan administrators and sponsors ...
On October 29, 2004, the Supreme Court of Canada issued its much anticipated decision in the case of Peoples Department Stores (Trustee of) vs. Wise ...
The State Council issued the Decision of the State Council on the Reform of the Investment System on 17 July 2004. The Decision introduces a number of significant changes to the regulatory system applicable to investments in China. The key changes are set forth below. Approval and recordal system The Decision abolishes the government examination and approval system for domestic projects which do not require government investment ...
The State Administration for Industry and Commerce issued the Regulations for the Administration of the Registration of the Business Scope of Enterprises on 14 June 2004. The Regulations, which entered into effect on 1 July 2004, are applicable to enterprises registered inside China. Business scope The Regulations define the term ¡®business scope as the scope of the business activities in which an enterprise engages ...
The State Council promulgated the Regulations of the People's Republic of China on Road Transportation on 30 April 2004. The Regulations, which entered into effect on 1 July 2004, are applicable to the road transportation of goods, the road transportation of persons, the operation of road intervals, the repairing of motor vehicles, and the training of motor vehicle drivers. They are not, however, applicable to the urban transportation of persons by bus or taxi ...
The Central Government of the People’s Republic of China (“the Mainland”) and the Government of the Hong Kong Special Administrative Region (“Hong Kong”) reached a further understanding regarding the Closer Economic Partnership Arrangement between the Mainland and Hong Kong (“CEPA”) on 27 August 2004 ...
The Ministry of Security and the Ministry of Foreign Affairs jointly promulgated the Measures for the Administration of the Examination and Approval of the Permanent Residence in China of Foreigners on 15 August 2004. The Regulations, which entered into effect on the date of promulgation, set forth the conditions upon which foreigners can obtain permanent residence in China. The Measures define permanent residence for foreigners as residence in China that is not subject to a time limit ...
The State Development and Reform Commission issued the Policies for the Automobile Industry on 21 May 2004. The Policies, which entered into force on 21 May, replace the Policies for the Automobile Industry issued in 1994. The Policies aim to restructure and strengthen the automobile industry in China and also provide guidelines for foreign investment in the industry ...
HOUSTON (Reuters) - Fears that contracts signed with Iraq's interim government could be voided by a new elected leadership have made oil companies wary of entering into deals with the energy-rich country, experts said on Tuesday. "We're seeing some reticence from major oil companies in dealing with the interim government," Lori Feathers, a lawyer with Haynes & Boone, LLP told an energy industry gathering ...
This Newsletter describes the latest developments in Trade and Regulation in the South American region. There is an entire write up on the resolution of controversies within MERCOSUR. Bolivia & Peru have signed a General Agreement of Economic & Social Cooperation & Integration, the details of which are included in the newsletter ...
