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 ...
After 80 years using a very old Dutch trade law (Bedfrijfsreglementerings Ordonnantie 1934, Staatsblad 1938 Number 86), Indonesia has finally introduced its own Bill on Trade. The Bill on Trade was passed by the House of Representatives on 11 February 2014 and will come into effect on 13 March 2014 at the latest ...
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 ...
What to Know When Pursuing Coverage For A Cyber/Privacy Breach During an investor conference call on Wednesday, February 26, Target CFO John Mulligan reported that the highest profile data breach of 2013 cost the retailer $61 million in out-of-pocket expenses during the fourth quarter, of which $44 million was covered by insurance ...
In the last few years, pension deemed trust issues have been a subject of debate before the courts. The Supreme Court of Canada itself addressed some of these issues in the Indalex case ...
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 ...
In addition to being the world’s leading international finance centre in which to set up companies, the British Virgin Islands (‘BVI’) is now regarded as one of the world’s premier trust jurisdictions. The general principles of the trust laws of the BVI are derived from those of English trust law. The principles of English common law and equity apply, as supplemented by BVI statute ...
On March 26, 2014, the Securities and Exchange Commission (“SEC”) hosted a roundtable to discuss cybersecurity. The roundtable focused on how cybersecurity affects markets and how public companies and other businesses should address cybersecurity issues ...
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 ...
Confronted with three different standing tests applied by the Circuit courts to Lanham Act false advertising claims, the Supreme Court has answered the question of which test to apply: “None of the above.” In Lexmark International, Inc. v. Static Control Components, Inc., Slip op. March 25, 2014, Justice Scalia, writing for a unanimous Court, rejected each of the tests employed by the Circuits in favor of a “zone of interests” test ...
Comments on the consequences of failure to observe the required form when selling shares in a limited-liability company and the possibility of correcting this defect. The current Commercial Companies Code went into effect in Poland in 2001, stiffening the requirements with respect to the form for transfer of title to shares in a limited-liability company (sp. z o.o ...
SerbiaIncreased number of applications for industrial property protection It seems that the promotional efforts of the Intellectual Property Office of Serbia have been effective. According to statistics from the IP Office for 2013, the number of trademark applications increased by 40%, the number of patent applications increased by 5% and industrial design applications increased by 42% compared to last year ...
The Competition Commission of India ("CCI") has amended the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations). A notification in respect was issued by the CCI on March 28, 2014 ...
The Firestorm: Civil Litigation and Class Actions Following a Cyber Incident As soon as your company has tangible evidence of a data breach, you must start thinking about what a lawsuit would entail, especially in light of the complexity of electronic evidence. In this installment of our special series, A Desk Guide to Data Protection and Breach Response, we discuss the firestorm of litigation that can arise following a breach and provide practical guidance for preparing for the worst ...
The process of selling a business may pose some risks to the seller, particularly those related to the disclosure to third parties of confidential information concerning the operation of the business ...
Criminal Referrals When a company falls victim to a damaging cyber attack or suffers a theft of sensitive data or intellectual property, the incident very well may fall within the ambit of one or more criminal statutes designed to deter and punish perpetrators with the prospect of jail time, financial penalties and restitution. Under appropriate circumstances, the company should give serious consideration to making a referral to law enforcement as part of its response strategy ...
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 ...
On 14 February 2014 the South African Department of Trade & Industry (DTI) gave notice of its intention to prohibit the use of a large number of European food and drinks names in terms of section 15 of the Merchandise Marks Act (MMA) - confusingly the notice also makes reference to section 13 of the MMA, a section that no longer exists ...
Hunton & Williams is a regional leader in its ability to assist both local and global clients conducting business in Southeast Asia. With an established office in Bangkok, our resident lawyers possess the practical knowledge, global perspective, regional understanding and creative problem solving tools necessary to assist clients in achieving their business objectives in Southeast Asia ...
In an opinion that could substantially affect future controlling-shareholder buyouts, the Delaware Supreme Court on Friday affirmed the Chancery Court’s decision that the business judgment standard of review, rather than entire fairness, should apply to controlling-party takeovers where it is established before trial that certain protections exist. Background The suit stemmed from Ronald Perelman’s going-private buyout of M&F Worldwide Corp. (“MFW”), a company he controlled ...
A new Consumer Protection Act is currently in the process of being adopted in Croatia, and has revamped areas of the Act dealing with the sale of products at reduced prices and obligations for public service providers.The new Act imposes traders the obligation to point out two types of prices – regular and reduced. This obligation is related to seasonal reductions in prices, which may be applied up to three times a year and may last no longer than 60 days under the provisions of new Act ...
On February 20, 2014, the Quebec National Assembly passed Bill 28, An Act to establish the new Code of Civil Procedure. This is a watershed moment in a process that began in 2003 and was the subject of a review by the Minister of Justice in 2006. Notably, promoting cooperation by the parties on the conduct of proceedings and increasing reliance on case management conferences are meant to improve access to justice ...
