Here are select February 2013 rulings of the Supreme Court of the Philippines on commercial law:Corporation; liability of officers and directors. Basic is the rule in corporation law that a corporation is a juridical entity which is vested with a legal personality separate and distinct from those acting for and in its behalf and, in general, from the people comprising it ...
Last February 15, 2013, the President signed into law Republic Act No. 10365 or the “Act Further Strengthening the Anti-Money Laundering Law.” True to its name, the third amending law to the Anti-Money Laundering Act (“AMLA”) gave it more teeth and strengthened the government’s ability to prevent and prosecute money laundering. The following discusses the new amendments to the AMLA ...
The Seventh Circuit recently reversed a $2.7 million damages award against a mortgage company accused of lying in applications for federal loan guarantees. See United States v. Anchor Mortg. Corp., 2013 WL 1150213 (7th Cir. Mar. 21, 2013) ...
SyCip Salazar Hernandez & Gatmaitan's new website went live on 1 March 2013. As a result, previously sent links to downloadable publications are no longer accessible. Below are a few updated links: Client Alert: SEC requires tax identification number for foreign investorsLegal Bulletin: Technology, Media & Telecoms (Jan ...
According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more than 2.3 million Americans were deployed to military duty in Iraq, Afghanistan or both. Of that total, more than 1 million have since left the military ...
Canadian ratification of the Convention on International Interests in Mobile Equipment and of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment: This Bulletin is intended as a brief overview of the above-mentioned Convention and its Protocol and is not an in depth analysis of each of their provisions ...
CONTENTS Some practical advice on the recording of customer phone calls in QuebecEmployment placement agencies : who is responsible for the source deductions?What are your recourses if you believe a contract is about to be, or has been, awarded to another bidder? SOME PRACTICAL ADVICE ON THE RECORDING OF CUSTOMER PHONE CALLS IN QUEBECGuillaume LabergeMany businesses engage in the practice of recording customer calls ...
Information is often the most valuable asset that a business has. Businesses that think strategically about how they create and develop their information assets are able to increase their value, frequently by substantial amounts. For example, data analytics can help a business understand its clients, what they are likely to buy - when and how. Cloud computing offers efficiencies and cost savings ...
The Florida Supreme Court issued an opinion on March 7, 2013 that eliminated an oft-used tool in the defense arsenal by limiting application of the economic loss rule to products liability cases. The DecisionIn a 5-2 decision authored by Justice Jorge Labarga, the court held unequivocally that "the application of the economic loss rule is limited to products liability cases." Tiara Condo. Ass’n, Inc. v. Marsh & McLennan Cos., Inc., __ So.3d __, 2013 WL 828003, *8 (Fla. Mar. 7, 2013) ...
The U.S. Director of National Intelligence, James Clapper, advised the Senate Intelligence Committee this week that cyber attacks are the number one threat to national security. “Increasingly, state and non-state actors are gaining and using cyber expertise,” Clapper stated in his remarks to the Committee. “These capabilities put all sectors of our country at risk, from government and private networks to critical infrastructure ...
An increasing number of public companies – particularly banks and financial institutions – are disclosing cybersecurity incidents in their filings with the Securities and Exchange Commission. Companies are also replacing boilerplate cyber risk disclosures with more detailed disclosures of specific events or threats ...
Many banks formed holding companies in the late 1980s and 1990s. They had various reasons for doing this. Some formed a holding company to hold subsidiaries providing nonbank activities. Some used the holding company to reduce state taxes in states where banks are taxed differently. Some were acquisitive, and holding companies gave them more options in acquiring banks. Some thought the holding company would help improve the marketability of the stock ...
For the first time ever, North Carolina’s Business Court and Court of Appeals both upheld fiduciary duty claims against banks in late 2012. Debtors frequently employ such claims in an attempt to shift liability for failed projects to their lenders or to pressure lenders to settle problem loans in the wake of the financial downturn. Despite their ubiquity, breach of fiduciary duty claims had proven elusive for borrowers before October 2012 ...
It appears that the industry is starting to “enjoy” a modest increase in activity as to participations, assignments and syndications. This “enjoyment” is not without more than a fair share of trepidation and reluctance, but the allure of increased revenue is difficult to withstand. Regardless of this trepidation, participations, assignments, syndications and intercreditor agreements can be done safely and profitably ...
Bankruptcy Code § 1129(a)(10) provides that in order for a plan proponent to “cram down” - i.e., force acceptance of - a plan of reorganization on a dissenting class of creditors, at least one impaired class of creditors must vote in favor of the plan. Because a plan is often not accepted by all classes entitled to vote, the ability to procure at least one impaired, accepting class in order to cram down a dissenting class is essential in achieving plan confirmation ...
On February 27, 2013, the Supreme Court held in a 6-3 opinion in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, 568 U.S. ___ (2013), that securities fraud class action plaintiffs need not prove materiality at the class certification stage to invoke the fraud-on-the-market presumption of class-wide reliance ...
A recent ruling by the Court of Justice of the European Union (CJEU) could mean trouble for many Community trade marks. There is now a heightened risk that national courts will invalidate these trade marks if they have not been used extensively enough in the European Union. Is broader protection better?A Community trade mark (CTM) confers protection in all 27 EU member states ...
The United States Supreme Court yesterday significantly limited the federal government’s ability to bring an action for civil penalties more than five years after the alleged misconduct occurred. In Gabelli v. Securities and Exchange Commission, the Court held that the five-year limitations period governing most enforcement actions begins to run when the underlying violation occurred – not when the government discovered the violation ...
On February 13, 2013, the Financial Consumer Agency of Canada (the “Agency”) issued a new guidance (the “Guidance”) to clarify the interpretation that must be given to the Code of Conduct for the Credit and Debit Card Industry in Canada (the “Code”) with regard to three issues within the Canadian payment card industry (credit or debit cards) that, according to the Agency, are not in line with some of the key principles set out in the Code ...
Shipment in Indonesia is regulated by the Indonesian Commercial Code (“ICC”) and Law No. 17 of 2008 (the “Shipping Act”), which spawned a variety of implementing regulations. After 2008 a package of new implementing regulations to the Shipping Act sought to regulate a broad spectrum of water transportation aspects, including: • Port Affairs (Government Regulation No ...
There are several TCI legal entities regularly established for carrying out business either internationally or domestically. The registration process of these entities is comparatively straightforward and can usually be completed for a fixed cost and within a short timeframe and are often attractive options in TCI as an offshore financial centre with no corporate or personal income tax ...
Outside the work permit regime, there are two possible types of residency in TCI-a. Permanent residency (which frequently comes with the right to work); b. Shorter term residency. Permanent residency is now available only to those who have lived and worked in TCI for a stipulated period. Previously such residency was available to individuals who made a specific level of investment in TCI: since September 2012, that is no longer the case ...
Pursuant to new rules and interpretations issued by the U.S. Commodity Futures Trading Commission (the “CFTC”) and the Securities Exchange Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act1(together with related rules, regulations and interpretations, the “Dodd-Frank Act”), a “swap” has been interpreted to include any guarantee of a swap ...
