Disclosure of Interests Recently, the SFC has successfully prosecuted a number of breaches of the duty to disclose securities interests, among which the most widely reported in the news was that of the prosecution of Mr. William Mong Man-wai. Mr. Mong was charged with failure to declare his interest in nearly 3 million shares of Bank of East Asia in contravention of section 28(1)(b) of the Securities (Disclosure of Interests) Ordinance. Mr ...
Proposed guidelines have been formulated to prevent analysts’ trading activities or financial interests from prejudicing their investment research and recommendations. The guidelines are scheduled to come into effect on 1 April 2005 and are to form part of the Code of Conduct for Persons Licensed by or Registered with the SFC. The guidelines cover only shares, stock warrants or stock options listed in Hong Kong or investment research that has an influence on such securities ...
The Ministry of Commerce (“MOFCOM”) issued the Measures for Registration for the Record of Foreign Trade Operators on 25 June 2004. The Measures, which entered into effect on 1 July 2004, are based on the revised Foreign Trade Law and specify registration rules applicable to operators of commodity or technology import-export business (“foreign trade operators”) ...
The State Administration of Taxation issued the Notice on Several Issues in the Implementation of Tax Agreements and the Individual Income Tax Law on Individuals With No Domicile in China on 23 July 2004. The Notice, which entered into effect on 1 July 2004, clarifies a number of issues related to the levy of PRC individual income tax ("IIT") on expatriate employees ...
1. Overview of recent corporate governance reforms a. Recent initiatives There have been numerous recent changes in Hong Kong in relation to corporate governance matters, extending well beyond legislation and nonbinding codes. The roles of relevant regulators have also been examined and proposed changes made. As far as legislation is concerned, the most significant change is the introduction of the Securities and Futures Ordinance, which came into force on April 1 2003 ...
On October 29, 2004, the Supreme Court of Canada issued its much anticipated decision in the case of Peoples Department Stores (Trustee of) vs. Wise ...
The State Council issued the Decision of the State Council on the Reform of the Investment System on 17 July 2004. The Decision introduces a number of significant changes to the regulatory system applicable to investments in China. The key changes are set forth below. Approval and recordal system The Decision abolishes the government examination and approval system for domestic projects which do not require government investment ...
The State Administration for Industry and Commerce issued the Regulations for the Administration of the Registration of the Business Scope of Enterprises on 14 June 2004. The Regulations, which entered into effect on 1 July 2004, are applicable to enterprises registered inside China. Business scope The Regulations define the term ¡®business scope as the scope of the business activities in which an enterprise engages ...
The State Council promulgated the Regulations of the People's Republic of China on Road Transportation on 30 April 2004. The Regulations, which entered into effect on 1 July 2004, are applicable to the road transportation of goods, the road transportation of persons, the operation of road intervals, the repairing of motor vehicles, and the training of motor vehicle drivers. They are not, however, applicable to the urban transportation of persons by bus or taxi ...
The Central Government of the People’s Republic of China (“the Mainland”) and the Government of the Hong Kong Special Administrative Region (“Hong Kong”) reached a further understanding regarding the Closer Economic Partnership Arrangement between the Mainland and Hong Kong (“CEPA”) on 27 August 2004 ...
The Ministry of Security and the Ministry of Foreign Affairs jointly promulgated the Measures for the Administration of the Examination and Approval of the Permanent Residence in China of Foreigners on 15 August 2004. The Regulations, which entered into effect on the date of promulgation, set forth the conditions upon which foreigners can obtain permanent residence in China. The Measures define permanent residence for foreigners as residence in China that is not subject to a time limit ...
The State Development and Reform Commission issued the Policies for the Automobile Industry on 21 May 2004. The Policies, which entered into force on 21 May, replace the Policies for the Automobile Industry issued in 1994. The Policies aim to restructure and strengthen the automobile industry in China and also provide guidelines for foreign investment in the industry ...
HOUSTON (Reuters) - Fears that contracts signed with Iraq's interim government could be voided by a new elected leadership have made oil companies wary of entering into deals with the energy-rich country, experts said on Tuesday. "We're seeing some reticence from major oil companies in dealing with the interim government," Lori Feathers, a lawyer with Haynes & Boone, LLP told an energy industry gathering ...
This Newsletter describes the latest developments in Trade and Regulation in the South American region. There is an entire write up on the resolution of controversies within MERCOSUR. Bolivia & Peru have signed a General Agreement of Economic & Social Cooperation & Integration, the details of which are included in the newsletter ...
This issue has new developments about the Currency Board, savings & loans associations and the Customs Directorate
This report provides a comprehensive account of the Government’s Public Capital Program and contains a detailed list of contacts responsible for planning and procuring major infrastructure projects. This report aims to inform the reader about the future opportunities which will flow under the Irish Government’s infrastructure investment program ...
This publication includes the latest developments in Trade for the European Union. This issue contains information on takeover bids under company law, abridged registration of pharmaceuticals, fine for cartel of steel producers, free movement of biocides, labeling of foodstuffs, compensation to crime victims and restriction on alcohol advertising for sports events ...
Today, it is easy to find examples where individuals’ assets are threatened due to their professional activities or personal situation. Our governments have also given themselves effective means of tapping into the personal assets of individuals, mainly through the imposition of various directors’ liabilities. Personal liability is also a major concern for anyone who practises a profession where such liability cannot be limited ...
For years now, Canadian residents who own a secondary residence in the United States have been concerned with American estate taxes. This concern comes from the fact that property located in the United States and owned by Canadian residents is subject to American estate taxes upon the owner’s death, taxes which can sometimes reach significant amounts ...
by Igor Shevchenko and Michael Kharenko, Shevchenko Didkovskiy & Partners The need for corporate governance regulation evolved as Ukraine gained its independence and began its transformation to a market economy. Privatisation of state companies has led to their reorganisation into joint stock companies with a diverse ownership base ...
In the commercial scope, the legal representation of limited liability companies is usually exercised by the President of the Board of Directors ...
The Income Tax is one of the most important taxes within the national taxation system because the subjects and activities that are affected by it are very wide. The Income Tax is regulated by the Fiscal Equity Law, which is published in the Daily Official Gazette Num. 82, on May 6, 2003. This Law establishes that the tax base to calculate the annual income is the net rent, which is the gross income obtained by the taxpayer minus the deductions authorized by law ...
