Last week FINRA released Regulatory Notice 11-39, Social Media Websites and the Use of Personal Devices for Business Communications, to supplement its previous Regulatory Notice 10-06, Social Media Web Sites, issued in January 2010. Since January 2010, firms have revisited their policies on social media and in light of improved technology, firms are increasingly allowing use ...
On August 17, 2011, the U.S. Court of Appeals for the Seventh Circuit affirmed a district court’s denial of class certification on the basis that the company’s process for reimbursing purchasers of a defective toy more efficiently distributed refunds to putative class members than a class action lawsuit would ...
Your CEO calls you, as the general counsel of a public company, to tell you that a third party has made an unsolicited offer for the company. What are the first steps you should take? Types of Unsolicited Proposals. An unsolicited proposal may be a casual pass, where a third party informally approaches the company to discuss an acquisition proposal, or may be a bear hug letter, which will contain a formal proposal to buy the company and may include a price ...
The sustained growth in China’s primary sector[1] means for many international companies it is no longer a question of “should we go to China?” but rather “how to face the Chinese market?” This newsletter provides a brief outline of China’s primary sector and relevant regulations, as well as highlighting important risks and opportunities. 1. China’s primary sectorThe potential for further growth in China’s primary sector is immense: of China’s 1 ...
The Bribery Act 2010 came into force on 1st July 2011, which sets out four new bribery offences which can be committed by corporations and individuals. The Act assumes wide territorial jurisdiction and imposes severe sanctions. The Act is not retrospective. A bribe is defined as “a financial or other advantage”. All the old UK law, both common law and statute, is to be replaced by this legislation ...
Bankruptcy Judge Michael Lynn of the Northern District of Texas recently issued a noteworthy opinion in In re Village at Camp Bowie I, L.P. that addresses two important Chapter 11 confirmation issues. Judge Lynn determined that a plan that artificially impaired a class of claims in order to meet the requirements of section 1129(a)(10) had not been proposed in bad faith and did not violate the requirements of section 1129(a) ...
Acting as an escrow agent is a common task of lawyers in British Columbia, especially, the solicitor, as a component of transactions. The duties of an escrow agent are primarily contractual and the escrow agent must carry out the duties accordingly, in a non-negligent fashion and without misconduct. Lawyers must take care not to agree as escrow agent to duties that are in conflict with their duties as counsel, but there are additional considerations ...
As many creditors have unfortunately discovered, the Bankruptcy Code allows a debtor to sue the creditor for certain payments – called preferences – that the creditor received from the debtor prior to the bankruptcy ...
The U.S. Patent and Trademark Office (“PTO”) has proposed changes to two rules that are designed to streamline the obligations of innovators and their patent practitioners to disclose information to the PTO in patent applications and reexamination proceedings. The proposed rules would modify the standard used to determine what information is material to patentability and therefore must be provided to the PTO to satisfy the duty of disclosure ...
International trade sanctions are becoming an increasingly high profile issue for both practitioners and clients in Australia. Major reforms to Australia's sanctions system will have implications for global companies with any Australian connections ...
On June 28, 2011, in In re Enron Creditors Recovery Corp. v. Alfa,1 the Second Circuit Court of Appeals held that Enron’s redemption of its commercial paper prior to maturity fell within the definition of a “settlement payment” and was protected from avoidance under § 546(e)’s safe harbor provision in Title 11 of the United States Code ...
Armor Holdings, Inc., recently resolved allegations that it violated both the anti-bribery and accounting provisions of the Foreign Corrupt Practices Act. Because of Armor’s extensive cooperation with the government, it was able to obtain a non-prosecution agreement from the Department of Justice and a settlement from the Securities and Exchange Commission ...
On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules implementing new exemptions from registration as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) ...
On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules and amendments under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), designed to implement various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) ...
As the general counsel of a company, you are busy working one day and the CEO walks into your office and says, "In the board meeting this morning, one of our directors asked me if a special committee was needed for a new issue that has come up. How do we know when a special committee is needed?" The following summary can be used as a starting point in determining your answer ...
WellPoint, Inc. recently reached a settlement with the Indiana Attorney General following its failure to disclose a security breach involving consumers’ personal information. WellPoint is the latest in a string of companies that have run afoul of the evolving disclosure rules which may be triggered when a company’s data is hacked or otherwise accessed without authorization ...
On July 7, 2011, the Federal Trade Commission (“FTC”) announced that it had finalized changes proposed in August 2010 to the Hart-Scott Rodino Antitrust Improvements Act (“HSR”) and to the Premerger Notification and Report Form (“Form”) required to be filed by companies with the FTC and Antitrust Division of the U.S. Department of Justice (collectively, the “Agencies”) in connection with certain acquisitions that meet the requisite thresholds and are not exempt ...
On June 22, 2011, the Securities and Exchange Commission (“SEC”) adopted a final rule defining “family offices” that will be excluded from the definition of “investment adviser” under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and thus exempt from registration. Background Family offices are entities established by wealthy families to manage the wealth of, direct the investments of and provide various other services to family members ...
In conjunction with the Bribery Act 2010 coming into force on 1 July 2011 the Scottish Crown Office has now issued Guidance confirming that it will trial (up to 30 June 2012) a self-reporting mechanism for business in relation to incidents of corruption. In broad terms, the initiative allows companies to self-report incidents of bribery to the authorities with the possibility of obtaining leniency in terms of penalties ...
Asters Law Associates Oles Kvyat and Oleksandr Mozheiko talk today about the terms and procedures of the Initial Public Offering on the Ukrainian Stock Exchange The Ukrainian market grows in line with global markets. When global markets decline, the Ukrainian equity market suffers correction as well. The recent financial turmoil experienced by the world in 2009 - 2010 adversely affected the Ukrainian equity market ...
On April 28, 2011, the Mexican Senate approved a draft of “Federal Law on the Prevention and Identification of Operations from Illicit Sources” (the “Law”), which has since then been referred to the Mexican Chamber of Representatives for consideration. This initiative is intended to implement a system to combat organized crime by preventing the financing of its activities through money laundering ...
The Ministerial Decree of the Italian Minister for the Economic Development dated May 11, 2011 (the “Decree”) has at long last implemented in Italy the administrative procedure for opposition against Italian and International trademark applications ...
OVERVIEW OF GOVERNANCE REGIME In Ukraine the primary law making body is the Ukrainian Parliament (‘the Parliament’). The power to make laws may be delegated to lower governments or specific bodies of Ukraine but only for prescribed purposes. The State Stock Market Securities Commission of Ukraine (‘the SSMSC’) is the regulator for the securities market ...
On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules and amendments under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that are designed to implement various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) ...
Chinese authorities may soon make another significant step in China’s shift from being the global manufacturing hub to becoming the world’s biggest consumers market. During a press conference held in Beijing last 15 June, Yao Jian, the spokesperson of China’s Ministry of Commerce (MOFCOM) announced the upcoming reduction of import duties on luxury goods ...
