The Federal Trade Commission (FTC) recently announced its annual revisions to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) jurisdictional thresholds. The revised thresholds will become effective 30 days after publication in the Federal Register and will apply to all transactions closing on or after such date. The new thresholds will remain in effect until the next annual adjustment, expected in the first quarter of 2013 ...
You’re the general counsel of a public company and your CEO calls you to tell you that he is interested in acquiring another public company. He’s already asking you how quickly this can get done and what the company needs to do. What are the first steps you should take? Board of Directors Generally, the CEO should call each of your board members individually to gauge their initial reaction toward the acquisition and schedule a special board meeting to discuss a potential transaction ...
Over the course of a few months spanning June to September 2011, a number of regulations were issued by the Business Competition Supervisory Commission (Komisi Pengawas Persaingan Usaha – “KPPU”) as implementing guidelines to several pertinent Articles in Law No. 5 of 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition (“Anti-Monopoly Law”). These guidelines are: Guidelines for Monopolistic Practices (Regulation No ...
In order to provide extensive protection, especially for the distribution of drugs in Indonesia, BPOM has issued a new regulation which sets out the criteria and procedure for drug registration, ie BPOM Regulation No. HK.03.1.23.10.11.08481 of 2011 regarding The Criteria and Procedure For Drug Registration ...
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On Monday December 19, 2011, the Department of Justice announced year-end results for False Claims Act (“FCA”) cases in fiscal year 2011. The results, summarized below, demonstrate a dramatic increase in FCA cases brought by the government and private whistleblowers. The pharmaceutical industry is the prime target at the moment, but companies with defense contracts, federal subsidies and loans, and government contracts more generally are on the enforcement radar ...
The role, and especially the liability, of corporate directors have evolved considerably over the last few decades. Obviously, the financial scandals of the 1990s are largely responsible for this change that began in the United Stated with the enactment of the Sarbanes-Oxley Act of 200, prompting Canadian authorities to follow suit with the adoption of more stringent securities regulations ...
TO REMEMBER •The establishment of good governance practices is useful if not essential for SMEs, their directors, shareholders and managers. •Good governance practices can protect directors against their risks of liability.•Governance must be adapted to the realities of SMEs* This adaptation is achieved by a combination of informal measures and a few formal measures ...
TO REMEMBER - The establishment of good governance practices is useful if not essential for SMEs, their directors, shareholders and managers. Good governance practices can protect directors against their risks of liability. Governance must be adapted to the realities of SMEs. This adaptation is achieved by a combination of informal measures and a few formal measures ...
The Regulations on Contracting the Provision of Foreign Technical Assistance and Management Services, as provided for in Presidential Decree 273/11 of 27 October (the “Decree”), were published recently. This legislation has great relevance, on the one hand, because it aims to cover contracts for the provision of services made with non-resident entities and, on the other hand, because it introduces a number of new obligations for the parties involved in these contracts ...
The Breach of a Promise to Purchase – Liability of the Third Party Purchaser - The sale of real estate assets usually starts with a preliminary contract, more specifically, a promise to purchase signed by the seller and the purchaser, which sets out most of the terms and conditions of the deed of sale to be entered into. However, it may happen that an owner will go back on his word and choose to sell to a third party whose offer for the assets is more favourable ...
You are the general counsel of a public company and your company is entering into a transaction to be acquired by another company. Your board and your stockholders want you to make sure the transaction is consummated but they also want you to make sure the company gets the best deal for its stockholders. The acquiror is also going to demand a certain level of deal security ...
The United States Court of Appeals for the D.C. Circuit recently held that a complaint does not need to meet the heightened pleading standards for fraud claims in order to satisfy the first-to-file rule under the False Claims Act (“FCA”). The first-to-file rule provides that, once a private plaintiff brings suit under the FCA, no one other than the government may intervene or bring a related suit “based on the facts underlying the pending action.” 31 U.S.C. § 3730(b)(5) ...
Under the Hungarian Civil Code, neighbours are required to refrain from any conduct that would needlessly disturb others, especially their neighbours, or jeopardize the exercise of their rights. Well-established judicial practice lies behind the above-cited provision of the Civil Code, the most important features of which we briefly summarize in the following ...
On October 28, 2011, the United States Bankruptcy Court for the Eastern District of Virginia issued an opinion in the Chapter 15 case of Qimonda AG (“Qimonda”).1 The bankruptcy court held that the application of § 365(n) to executory licenses to U.S. patents was required to sufficiently protect the interests of U.S ...
Rejection of a contract in bankruptcy may not always accomplish a debtor’s goal to shed ongoing contractual obligations and liabilities, especially when dealing with employee benefit plans. On October 13, 2011, the Fifth Circuit Court of Appeals highlighted this issue in its opinion in Evans v. Sterling Chemicals, Inc ...
After a public consultation phase initiated at the end of 2010, the Portuguese Competition Authority (“PCA”) made available, at the end of July 2011, the final version of its “Guidelines on the Adoption of Remedies in the Control of Concentrations” (“Guidelines”). As clarified by the PCA, the Guidelines are “a set of de indications pertaining to the selection, design, execution and monitoring of remedies, within the procedure of previous control of concentrations between undertakings” ...
You’re the general counsel of a public company and you find out that one of your company’s stockholders intends to wage a proxy contest. Your board of directors and CEO are going to want some answers right away. How prepared are you and how do you respond? The average annual number of proxy contests has nearly doubled from 60 in 2001-2005 to 112 in 2006-2010. In 2009, activist shareholders were able to successfully gain board seats approximately 43 percent of the time ...
Although the currently effective Hungarian Civil Code does not name a call option as security, it does not prohibit the use of a call option as security either. The first question this raises, therefore, is whether Hungarian law permits the use of a call option as security? Naturally, this then creates more questions ...
