On December 30, 2009, the Securities and Exchange Commission (the “SEC”) formally published amendments to Rule 206(4)-2 of the Investment Advisers Act of 1940, as amended (the “Custody Rule”). The Custody Rule is designed to increase protections for clients and investors who turn their assets over to an investment adviser registered with the SEC, and it imposes significant new regulatory requirements on advisers with custody of client assets. Surprise Examination Requirement ...
Buyers and sellers often have different views on how much a target is worth and how its value should best be determined. Normally, the valuation of a company is based on both its past performance and its projected future performance. While the seller may be confident of the company's future growth, the buyer may be reluctant to assume the risk of the company failing to perform as expected by paying the seller the whole purchase price upfront ...
The Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) has determined that the previous regulation regarding affiliated and conflict of interest on particular transactions no longer suits its purpose and through his decision No.KEP-412/BL/2009 he has repealed and replaced the earlier regulation Decision No. Kep-521/BL/2008. The new regulation has been in effect since 25 November 2009 ...
The Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) issued Decree No.KEP-413/BL/2009 on 25 November 2009 to assist issuers and public companies to perform their business activities while simultaneously protecting their investors. The decree updates an earlier decision, No.Kep-02/PM/2002 and its Regulation No.IX.E.2. The decision repeals and replaces the previous decisions and amends Regulation No.IX.E.2 ...
The Business Competition Supervisory Commission (KPPU) has issued Decision No. 57/KPPU/Kep/III/2009, dated 12 March 2009, regarding Guidance to Implement Provisions in Article 50 (b) of Law No. 5 of 1999 regarding Prohibition of Monopoly Practice and Unfair Business Competition Relating to Franchise-Related Agreements (“KPPU Guidance”) ...
THE MEMBER FUNDED PENSION PLAN: A DEFINED BENEFIT PENSION PLAN THAT LIMITS THE EMPLOYER'S FINANCIAL RISKJosée [email protected]çois [email protected] decision by an employer to offer a pension plan to its employees is an important one. Various types of pension plans may be offered, and the financial risk of the employer depends on the type of plan chosen ...
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) ...
In our final procurement update of 2009 we report on two important administrative changes: new advertising thresholds, and new OJEU notices. New advertising thresholds published These will apply for two years from 1 January 2010. As predicted, because Sterling has been so weak against the Euro, the Sterling thresholds have actually gone up significantly (meaning slightly fewer contracts will be caught by the full Regulations) ...
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 ...
On October 7, 2009 the State Duma of the Russian Federation adopted in the first reading the draft of the Federal law on amending legislation regarding land plots ...
HIGHLIGHTSThe two duties of the directors: duty of care and fiduciary duty ...
Introduction On 2 October the UK's Competition Commission re-iterated its recommendation to the Government and the devolved administrations that they should take the necessary steps to introduce a competition test in planning decisions involving large grocery developments ...
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” ...
Whether you are a sceptic, a convert or a believer, there is undoubtedly compelling scientific evidence of global warming, and that climate change is upon us. Legislation enacted by both Westminster and Holyrood sets challenging targets for the reduction of greenhouse gas emissions over the next decades. The carbon footprint of buildings is responsible for around 50% of greenhouse gas emissions in the UK ...
Introduction The term 'climate change' is now common parlance, but what role does green building play within the broader climate change picture? Well, emissions regulations post Kyoto are imminent and buildings are able to offer cost effective emissions cuts – there is therefore a possibility that the building sector may eventually be hit with emissions caps ...
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 ...
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 ...
AS HIGHLIGHTED BY QUÉBEC COURTS, SURETIES ARE KEY PLAYERS IN THE CONSTRUCTION INDUSTRY. IN 2002, THE QUÉBEC COURT OF APPEAL ACKNOWLEDGED THEIR IMPORTANCE IN A DISPUTE BETWEEN A CONSTRUCTION COMPANY AND A SUPPLIER. THE COURT NOTED THAT THE CONSTRUCTION COMPANY’S LOSSES HAD BEEN EXACERBATED BY THE WITHDRAWAL OF ITS SURETY FACILITY ...
Media organisations and journalists will now need to be more cautious when entering into contracts with third parties for interviews and information, following the decision of the High Court in ACCC v Seven Network. The court held that section 65A of the Trade Practices Act (TPA) will not afford protection to a media organisation against section 52 of the TPA when it engages in chequebook journalism ...
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 ...
More recently, the Québec Superior Court established that the active participation of a surety in the restructuring of a company under the Canadian Companies’ Creditors Arrangement Act (“CCAA”) was critical to determining whether a surety’s obligations could be reduced under the terms of an arrangement .2 accordingly, in Charles-Auguste Fortier inc ...
