The simplest way of achieving your objective might be to consider the introduction of a share option scheme – this would enable your company to grant its employees rights to acquire shares at a pre-determined point in the future (i.e. on the occurrence of a flotation), but at a price which is fixed when the options are awarded ...
Businesses in the UK are often willing to spend substantial sums of money on acquiring robust protection for their patents, trade marks and other intellectual property. Assets such as these help to set apart one business from its competitors. However, businesses have traditionally been less inclined to spend money on taking court action against competitors that infringe their intellectual property ...
A new regime for prospectus and registration exemptions for private placements is now in effect in Quebec. It was developed by the Canadian Securities Administrators (“CSA”) and affects both private and public companies. In Quebec, the new regime has been implemented in the form of a regulation (“Regulation 45-106”), which has brought about significant changes to both prospectus and registration exemptions under the Securities Act (Quebec) (the “Act”) ...
The State Administration of Foreign Exchange ("SAFE") issued the Notice on Relevant Issues in Perfecting Foreign Exchange Control in Mergers and Acquisitions by Foreign Investors ("Notice 1") on 24 January 2005 and the Notice on Relevant Issues in the Registration of the Offshore Investments of Individual Domestic Residents and Foreign Exchange Registration of Mergers and Acquisitions by Foreign Investors ("Notice 2") on 21 April 2005 ...
The Ministry of Commerce ("MOFCOM") promulgated the Measures for the Administration of Foreign Investment in the Leasing Industry on 21 January 2005. The Measures superseded the 2001 Provisional Measures for the Administration of the Examination and Approval of Leasing Companies with Foreign Investment when they entered into effect on 5 March 2005 ...
The Ministry of Commerce, the National Development and Reform Commission and the State Administration for Industry and Commerce jointly promulgated the Implementing Measures for the Administration of Branded Automobile Sales on 21 February 2005. The Measures, which entered into effect on 1 April 2005, are aimed at bringing more order in the Chinese automobile market ...
The General Office of the Ministry of Commerce issued the Notice on Transmitting and Issuing the Letter of Reply of the General Office of the State Council on the Issue of the Detailed Applicability of the Capital Contributions of Investors in, and the Liquidation of, Foreign Investment Enterprises ("the Reply") on 18 March 2005 ...
The China International Economic and Trade Arbitration Commission ("CIETAC") has recently updated the Arbitration Rules of CIETAC 中国国际经济贸易仲裁委员会仲裁规则 ("Rules"). The revised Rules came into effect on 1 May 2005. Specialist arbitration rules The revised Rules provide for the possibility of using rules, which have been tailor-made for specific industries ...
The China International Economic and Trade Arbitration Commission ("CIETAC") also updated its financial arbitration rules, the Arbitration Rules for Financial Disputes of CIETAC. The revised Financial Arbitration Rules replace the 2003 rules (as discussed in the July 2003 Issue of China Legal Update - http://www.deacons.com.hk/eng/knowledge/knowledge_156.htm) and took effect on 1 May 2005 ...
The Ministry of Finance and the State Administration of Taxation jointly issued the Notice on the Issue of the Levy of Individual Income Tax on Income Derived by Individuals from Stock Options on 31 March 2005 ("Notice"). The Notice, which entered into effect on 1 July 2005, provides a number of guidelines regarding the taxability of such schemes. Taxable event The Notice applies to stock options granted to employees of listed companies or their holding companies ...
The State Administration of Taxation ("SAT") issued the Notice on Relevant Issues in Adjusting the Method for Calculation of Individual Income Tax Annual Lump Sum Bonus Etc. Received by Individuals on 21 January 2005. The Notice, which took effect on 1 January 2005, repeals two SAT Notices issued in 1996 and addresses the issue of the calculation of individual income tax ("IIT") on annual bonuses ...
The Taiwan Financial Supervisory Commission ("FSC") on 2 August 2005 promulgated new rules governing the offering of overseas funds in Taiwan ("the New Rules"). The New Rules take immediate effect and significantly change the existing rules and landscape for overseas funds being offered in Taiwan ...
Infiniteland Limited v Artisan Contracting [2005] EWCA Civ 758 This English case highlights some vital principles to be considered when drafting share purchase agreements, carrying out and reviewing due diligence and disclosing against warranties ...
Hidden Ireland Heritage Holidays Ltd. (t/a The Hidden Ireland Association) v Indigo Services Ltd. and Colclough and Gardner, Supreme Court, 7th June 2005 Facts: The plaintiff’s business consisted of booking country homes for its members. The second defendant, Colcough, acted as secretary to the plaintiff from 1986 to 1996. The plaintiff’s principal claim was that the second defendant diverted business to his own competing business with the assistance of the first defendant, Indigo Services ...
On 27 April 2005, the People’s Bank of China ("PBOC") promulgated the Measures Governing the Issuance of Financial Bonds on the National Inter-bank Bond Market ("the Measures"). The Measures entered into force as of 1 June 2005 and represent an attempt by China’s central bank to standardise the activities of issuing financial bonds on the national inter-bank bond market ...
In 2005, China’s State Administration of Foreign Exchange ("SAFE") released the Circular on Verification of Quotas for 2005 on Short-term Foreign Loans of Overseas-funded Banks ("Circular") and its Supplementary Circular on Questions Related to Renminbi Loans with Guarantees in Foreign Exchange ("Supplementary Circular", and together the "Circulars"). The Circulars are intended to facilitate the enforcement of loan registration requirements on renminbi loans with guarantees in foreign exchange ...
News that London had won the race to host the Olympic and Paralympic Games in 2012 was greeted with delight not only in sporting circles, but also in many commercial ones. Businesses up and down the country rubbed their hands with glee at the thought of a raft of new and exciting commercial opportunities. Importantly, these opportunities are not just the preserve of businesses south of the border, but are also available to Scottish businesses ...
One of the functions of Companies House is to make information filed with it available to the public. Staff at Companies House do not question the validity or accuracy of the documents filed and this combined with the ability to freely obtain company details from Companies House can lead to potential fraudsters "stealing" or hijacking a company's identity. Such a fraud took place in 2004 when Companies House forms were, without the company in question's knowledge, lodged by X, a fraudster ...
As mentioned in our information bulletin of June 8, on June 7, 2005 the Federal Official Gazette published an “Executive Order to Amend the Value Added Tax Law” which altered the procedure for calculating the crediting of valued added tax by removing operations not taxable ...
In the Official Gazette of the Federation dated June 16, a Decree was published through which several provisions of the Industrial Property Law are amended and added. The object of these modifications is the issuance of a declaration of protection of well-known and famous trademarks in our country. 1 ...
GoodCorporation, the standards organisation for responsible business practice, today officially announced the launch of its service in Ireland. The first organisation of its kind to operate in Ireland, GoodCorporation audits companies for corporate social responsibility practices and provides benchmarking against which member companies can measure their performance ...
It is quite common in Hong Kong for employers to arrange an employee's employment by using dual contracts to take advantage of the tax position. Under Hong Kong law, only income derived from Hong Kong is taxable and earnings under a foreign employment contract with non-Hong Kong entity in respect of duties carried out outside Hong Kong are not taxable. However, the benefits under this arrangement may reduce following a recent UK guideline ...
On 20 April 2005, the People’s Bank of China (“PBOC”) and China Banking Regulatory Commission (“CBRC”) promulgated the Administration of Pilot Projects for Securitisation of Credit Assets Procedures (“the Procedures”). The enactment of the Procedures has received widespread support since they reflect one of the first attempts at regulating securitisation in China ...
The Securities and Futures Commission (SFC) proposes to amend Chapter 8.7 of the Code of Unit Trusts and Mutual Funds (Code). To date, a total of 13 hedge funds have been authorised by the SFC pursuant to the existing hedge fund guidelines. The SFC has indicated that some applications for authorisation have failed because of the failure of the applicant hedge fund manager to comply with the experience requirements. The revised Chapter 8 ...
