Tomasz Wardynski, Sabina Famirska and Antoni Bolecki of Wardynski & Partners co-authored the chapter on cartel regulation under the Polish law in this year’s report of Getting the Deal Through. The 2012 edition of Getting the Deal Through – Cartel Regulation provides information on application of competition regulation in 46 jurisdictions worldwide ...
The 2012 edition of Getting the Deal Through - Restructuring & Insolvency provides information on restructuring and insolvency law in 53 jurisdictions, including entities excluded from general bankruptcy proceedings, types of security on moveable and immoveable property, types of bankruptcy and insolvency proceedings, possibilities of doing business after declaring bankruptcy, bankruptcy estate liquidation rules, the effects of declaring bankruptcy, creditors’ r
Since 2010, foreign investors are allowed to sell their own goods and products through direct online distribution in China, while direct online distribution of goods of third parties is still subject to approval. Other value-added telecommunications services ("VATS") are still limited to foreign investment and subject to approval ...
You are the general counsel of a public company. The CEO walks into your office one day and says that the board of directors has identified a merger target for the company, a public company incorporated in Delaware, but time is of the essence. The CEO asks you what the differences are between one-step and two-step mergers ...
In Securities and Exchange Commission v. Bartek, the Fifth Circuit held that the federal “catch all” statute of limitations for government enforcement actions - 28 U.S.C. § 2462 - begins to run when the violation occurs, not when the government discovered the violation.1 The court also held that the statute, which bars actions seeking a “civil fine, penalty or forfeiture,” covers injunctions under certain circumstances ...
In a recent decision, the Second Circuit Court of Appeals considered the issue of stock price rebounds in reviving a securities fraud class action suit that had been dismissed by the district court for failure to adequately allege an economic loss as a matter of law. In Rosado v. China North East Petroleum Holdings Ltd., No. 11-4554-cv (2d Cir. Aug ...
The Bankruptcy Code provides a number of “safe harbors” for forward contracts and other derivatives. These provisions exempt derivatives from a number of Bankruptcy Code provisions, including portions of the automatic stay,1 restrictions on terminating executory contracts,2 and the method for calculating rejection damages ...
The Closer Economic Partnership Arrangement ("CEPA") is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China's WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
There have been two important developments in British Columbia’s wind energy sector in June. The first was the release of BC Hydro’s Draft Integrated Resource Plan (Draft IRP) for public consultation. The Draft IRP recommends building new clean generation resources to ensure sufficient future capacity within the system ...
Between 22 May 2012 and 4 June 2012, staff teams from the European Commission, European Central Bank and International Monetary Fund (“IMF”) visited Lisbon to conduct the fourth review (the “Review”) of Portugal’s economic programme (the “Programme”). A copy of the initial statement can be downloaded here:http://ec.europa.eu/economy_finance/articles/financial_operations/2012-06-04-portugal_en.htm And a copy of the full report can be downloaded here: http://ec.europa ...
This week, the Eleventh Circuit Court of Appeals rejected an expert witness’ event study as insufficient to demonstrate loss causation at trial in a securities fraud class action. In Hubbard v. BankAtlantic Bancorp, Inc., No. 11-12410 (11th Cir. July 23, 2012), the court affirmed the trial court’s decision in favor of the defendants because the plaintiffs’ expert testimony did not sufficiently isolate the effects of the alleged fraud on the company’s stock price ...
Pursuant to statutory changes enacted in its 2011 Sunset Review, the TCEQ has created a website that allows companies and persons subject to its regulations to review the agency’s proposed compliance history rating, for a 30-day period prior to that rating being made available to the public ...
The Personal Data (Privacy) (Amendment) Ordinance 2012 was formally adopted on 6 July 2012. The text of the Amendment Ordinance has undergone a number of changes since it was first introduced as the Personal Data (Privacy) (Amendment) Bill 2011 one year ago. One major change is the requirement to obtain express responses (as opposed to deemed consent) from the data subject for the use of personal data in direct marketing ...
You are the general counsel of a public company. One day, the CEO asks you how the “HSR Act” affects the company ...
Lionsteel Limited has been fined £480,000 and ordered to pay £84,000 costs by HHJ Gilbart at Manchester Crown Court after pleading guilty to a single charge of corporate manslaughter during trial.The case relates to the death of employee Stephen Berry, who died from injuries sustained following a fall from height at Lionsteel's premises in Hyde, in 2008. The guilty plea was agreed by all parties at trial in June 2012, following the conclusion of the prosecution case ...
On July 9, 2012, the Seventh Circuit decided in Sunbeam1 that the rejection of a trademark license by a bankrupt trademark licensor does not deprive the trademark licensee of its right to continue to use the trademark, and disagreed with the 1985 Fourth Circuit decision in Lubrizol2 that held to the contrary ...
In what has been described as a “sweeping victory” for the U.S. Environmental Protection Agency the United States Court of Appeals for the District of Columbia Circuit issued a decision on June 26, 2012 in lawsuits that challenged various aspects of the Agency’s regulatory scheme for greenhouse gases (GHGs). EPA’s challenged actions stem from a decision by the U. S. Supreme Court in 2007 in the case of Massachusetts v ...
The highly anticipated law setting out the foreign exchange rules applicable to the petroleum sector was enacted through Law No. 2/12 of 13 January 2012 (PFEL). The new framework came into force on 12 May 2012 and will prove to be a game changer in Angolan petroleum and banking sectors. Thus far the foreign exchange rules vis-à-vis petroleum concessions were mainly set forth in foreign exchange annexes D and C to Concession Decrees ...
The Companies (Amendment) Act 2012 has been signed into law by the President. The Act provides for the extension of the exemption for the use of US GAAP by US entities migrating to Ireland. It amends the provisions of the Companies (Miscellaneous Provisions) Act 2009 (the 2009 Act), which first introduced the exemption, in two ways: The 2012 Act provides that the exemption may continue to be used for financial years up to and ending at the latest on 31 December 2020 ...
On Friday, June 29, 2012, the Texas Supreme Court denied a petition for mandamus relief in In re XL Specialty Insurance Company and Cambridge Integrated Services, Group, Inc., No. 10-0960 (Tex. June 29, 2012), clarifying the scope of the joint defense and common interest privilege doctrines under Texas law. (The opinion is available here ...
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 allowed to enter the country. Since becoming a member of the World Trade Organisation, China has gradually opened up its distribution sector to foreign investment ...
Company Recovery Fund aimed at Small and Medium CompaniesIn partnership with the five main Portuguese banks1, the State has created the Company Recovery Fund which targets the recovery of small and medium companies (SMCs)2. The name of the fund in Portuguese is FUNDO RECUPERAÇÃO, FCR ...
As required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), on June 20, 2012, the U.S. Securities and Exchange Commission (SEC) approved a rule that directs national securities exchanges to adopt listing standards for public company boards of directors and compensation advisers. See Release Nos. 33-9330 and 34-67220 ...
On June 13, 2012, the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”) published an opinion ruling on whether the Mexican Plan of Reorganization (the “Concurso Plan”) of the Mexican glass-manufacturing company, Vitro, S.A.B. de C.V., approved by the Federal District Court in Mexico, should be enforced under Chapter 15 of United States Bankruptcy Code ...
The Supreme Court makes clear that a party that has started to clean up contamination caused by another party is also deemed to be a business operator. This gives rise to joint and several liability for the original contamination. The fact that remedial work was intended to reduce the environmental impact is of no importance. Background A company which was later incorporated into JM Värmdöstrand (“JM”) operated a casting works from the 1940s to the 1980s on a site in Oxelösund ...
