by Oleh I. Furmanchuk, Associate with AstersAccording to the 2008 Yearly Report of the Antimonopoly Committee of Ukraine (the "AMCU"), 658 cases regarding anticompetitive actions of bodies of power were investigated by the AMCU and its bodies in 2004-2008. In 2008, the AMCU investigated 215 such cases, demonstrating a 17.5% increase compared to the previous year (there were 183 cases in 2007) ...
Born from the free movement provisions of the EU, and reflecting UK Government efficiency objectives, the procurement rules are aimed at ensuring equal treatment and opportunity when public authorities contract for works, goods and services by requiring, in broad terms, a publicised tender process. However, disgruntled bidders have not had a happy hunting ground when seeking to challenge a suspected defective procurement exercise before the courts ...
Self-regulation of retail banking came to an end on 1 November 2009 with the establishment by the Financial Services Authority (FSA) of a new banking conduct regime. This new regime largely replaces the voluntary Banking Codes and comprises: 1 ...
HIGHLIGHTSThe two duties of the directors: duty of care and fiduciary duty ...
1. Introduction As a reaction to the financial market crisis and the too-high incentives politicians have identified in the area of manager's compensation, the German government has enacted the Law on Equitableness in Executive Compensation (German: Gesetz zur Angemessenheit der Vorstandsvergütung, abbr: VorstAG) ...
On 23 June 2009, Presidential Regulation No. 27 of 2009 on Integrated One-Stop Services in the Capital Investment Sector (“PR 27”) was issued. PR 27 was enacted to implement Article 26(3) of Law No. 25 of 2007 Regarding Capital Investment (“Law 25”), which requires the issuance of a Presidential Regulation for further implementation of the “one gate policy in investment services” ...
The growth in money laundering activities and terrorism financing using financial institutions requires concrete action to eradicate these criminal activities. The diversity of products, activities and information technology available in the banking sector has resulted in an increase in the use of banks for money laundering and terrorism funding ...
Bank Indonesia issued Bank Indonesia Regulation Number 11/26/PBI/2009 dated 1 July 2009 on Prudential Principles in the Implementation of Structured Products Activities for Commercial Banks (“BI Reg.11/26/PBI/2009”) ...
Being involved in finding solutions!Bid-rigging - a Lesser known Offence in Competition LawBREAKDOWN IN NEGOTIATIONS — THE BINDING EFFECT OF A LETTER OF INTENTBy Catherine Rioux and Patrice CaillancourtYou have decided to sell your business or to initiate a business relationship with a partner. You negotiate the main terms and, before going further, you sign a letter of intent. Then, you decide to withdraw from the negotiations ...
BREAKDOWN IN NEGOTIATIONS - THE BINDING EFFECT OF A LETTER OF INTENT Catherine Rioux [email protected] Patrice André Vaillancourt [email protected] You have decided to sell your business or to initiate a business relationship with a partner. You negotiate the main terms and, before going further, you sign a letter of intent. Then, you decide to withdraw from the negotiations. Can you do it? Not necessarily ...
The development of economic ties in the modern world is invariably a driving force in the creation of new legal instruments, the development and improvement of regulatory control, and the establishment of entire institutions and branches of law. Such parallel progress between the economy and the law serves as collateral for the successful development of the state as a whole ...
The “statutory demand procedure” is designed to provide a fast-track method of proceeding to the winding up of a company. It creates a presumption of insolvency. The Statutory Demand is still a basis to issue a winding petition on the ground of “inability to pay debts” as was the case under the 1984 Companies Act ...
This Bill is part of the ongoing measures by the Minister of Justice and the Office de la protection du consommateur (Consumer Protection Bureau) to provide for the comprehensive regulation of commercial practices involving goods and services contracts used by consumers. the Consumer Protection Act (the “CPA”) contains a broad range of content and form requirements affecting the drafting, formation, execution and cancellation of nominate and identified contracts ...
ON JUNE 16, 2009, THE MINISTER OF JUSTICE INTRODUCED BILL 60 ENTITLED AN ACT TO AMEND THE CONSUMER PROTECTION ACT AND OTHER LEGISLATIVE PROVISIONS (THE “BILL”) IN THE NATIONAL ASSEMBLY.This Bill is part of the ongoing measures by the Minister of Justice and the Office de la protection du consommateur (Consumer Protection Bureau) to provide for the comprehensive regulation of commercial practices involving goods and services contracts used by consumers ...
A small measure of relief may be coming to some beleaguered Michigan communities that have been struggling recently with the difficult question of what actions they can realistically take to encourage much-needed local economic development while remaining cognizant of the financial limitations associated with lower revenues, higher costs and uncertain economic projections. The answer for some might be found in recovery zone financings ...
The Commission for the Supervision of Business Competition (Komisi Pengawas Persaingan Usaha/KPPU) has issued Regulation No. 1 of 2009 regarding Pre-Notification on Mergers, Consolidations, and Acquisitions. This regulation has been effective since 13 May 2009 ...
The Commission for the Supervision of Business Competition (Komisi Pengawas Persaingan Usaha/KPPU) has issued Regulation No. 2 of 2009 regarding Guidelines for Intellectual Property Rights and the Application of the Anti Monopoly Law. In general the regulation refers to intellectual property rights and Article 50 (b) of Law No. 5 of 1999 on the Prohibition of Monopolistic and Unfair Business Practices (Anti-Monopoly Law) ...
On the 1st June 2009, the major parts of the Insolvency Act 2009 (“the Act”) came into operation. The Act has completely revamped the insolvency regime in Mauritius and new provisions now govern “voidable transactions” following a company liquidation. The “ordinary course of business” test, which was prevailing under the former regime, has now been abandoned and replaced by what is known as the “running account principle” ...
As more companies feel the effects of the recession, suppliers must ensure they are properly protected should customers struggle to pay their bills, fall into financial decline or, worse, insolvency. A common form of security is a Retention of Title (RoT) clause in the supplier's contract. This aims to afford the seller the ability to recover goods that have not been paid for, and/or to give precedence over other creditors should the worst happen ...
Dear Sirs, let us kindly remind you that on July 01, 2009 amendments to the Federal Law “On Limited Liability Companies” of February 08, 1998 ¹ 14-FZ (hereinafter – the “New Law”) came into force. Pursuant to it, the Articles of Association of limited liabilities companies (hereinafter – the “companies” or the “LLC”) established prior to July 01, 2009 should be brought to compliance with the New Law by January 01, 2010 ...
IntroductionAs of 8 January 2009, Belgian listed companies and financial undertakings are required to have an audit committee. The Law of 17 December 2008 on the establishment of an audit committee in listed companies and financial undertakings (the “Law”) then enters into force ...
1. IntroductionThe Royal Decree of 8 October 2008 amending the Belgian Companies Code (“BCC”) has amended the rules on financial assistance. The new rules entered into force on 1 January 2009. The Royal Decree implements European Directive 2006/68/EC amending the Second Company Law Directive. The Belgian rules on financial assistance apply to public limited-liability companies (NV/SA), private limited-liability companies (BVBA/SPRL), partnerships limited by shares (Comm ...
Indemnity clauses and negligence - a review of the impact of the judgment in the Buncefield disaster case on the effect of indemnity clauses and whether a party can recover under an indemnity clause where it caused the damage by its own negligence ...
On May 6, 2009, the Belgian legislature amended the Belgian Competition Act. Most of the amendments are of a procedural nature and are of minor importance. However, the clarification of the prescription rules and the option of dismissing cases on policy grounds catch the eye. The amendments entered into force on May 29, 2009.The Belgian Competition Act was the subject-matter of a thorough reform in 2006 ...
