The Canadian Securities Administrators (“CSA”) have announced that, on several fronts, they are implementing amendments to the disclosure requirements for venture issuers, including those listed on the TSX Venture Exchange. These amendments primarily address continuous disclosure and governance obligations, while also implementing changes to disclosure obligations for prospectuses and information circulars ...
Indonesia’s Currency Law came into effect on 28 June 2011 as Law No. 7 of 2011 on Currency (“Currency Law”). The Currency Law is the implementation of Article 23B of the 1945 Constitution which states that the types and value of the currency are to be further regulated under a law. Bank Indonesia issued on 31 March 2015 as an implementing regulation for the Currency Law, Bank Indonesia Regulation No. 17/3/PBI/2015 on the Obligation to Use Rupiah in the Indonesian Territory (“PBI 17/3/2015”) ...
The April issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Anthony W. Dee and associate Ma. Patricia B. Paz entitled “Philippines: Complaints mechanism concerns.”Download a PDF copy of the article or read the article online at the IFLR website ...
In several recent years, Hong Kong’s equity capital market has raised the most new funds from IPOs, in some of those years raising more than London and New York combined. A global finance centre There were a number of massive listings in the market before the financial crisis, notably of state owned Chinese banks. These gave a strong impetus to the emergence of Hong Kong as a key financial centre ...
The Asia Cloud Computing Association (ACCA) has launched its new research report entitled “Asia’s Financial Services: Ready for the Cloud—A Report on FSI Regulations Impacting Cloud in Asia-Pacific Markets.” SyCipLaw Partner Rose Marie M. King-Dominguez with Senior Associate Ruben P. Acebedo II contributed the information on the Philippines ...
There are two reasons why Latin American clients keep coming to US law firms to handle their cross-border M&A deals. The first reason is our execution capabilities: US law firms have been advising on cross-border M&As for more than 100 years. The second reason is the predictability of a tried and tested legal system: US law remains the preeminent choice for large cross-border M&A deals because of the certainties and guarantees it offers to everyone involved ...
As noted in our January 2015 Haynes and Boone Alert on “Stretching Your Borrowing Base,” the spring borrowing base redetermination season is upon us. Borrowing base reductions seem a certainty for many oil and gas producers ...
MMF Regulation: The European Parliament's Committee on Economic and Monetary Affairs (ECON) published its report (which includes the draft regulation) (dated 4 March 2015) on the proposed Regulation on Money Market Funds (MMF Regulation). The EU Parliament is scheduled to consider the legislative proposal on 27 to 30 April 2015. ESMA AIFMD Q&AESMA has published updated AIFMD Q&A with new reporting issues and some additional guidance on marketing ...
This coming Sunday, March 29, CME Group plans to launch the first ever physically-delivered crude oil storage futures contract. CME Group is able to make this contract available having teamed up with LOOP LLC (“LOOP”) (LOOP owns and operates the deepwater port and associated onshore terminal with significant crude oil handling, storage and re-distribution capabilities located in Clovelly, Louisiana, sometimes called the “Clovelly Hub”) and NEO Markets Inc. (“NEO”) ...
The 2015 Mergers Control Survey by Margaret Huang and Victor Chang of LCS & Partners reviewed the merger control regime in Taiwan for IFLR. 1. REGULATORY FRAMEWORK1.1 What is the applicable legislation and who enforces it?The Fair Trade Act (FTA), which entered into force in 1992, is the main legislation governing Taiwanese merger control. Merger control is enforced by the Taiwan Fair Trade Commission (TFTC) ...
On Tuesday, March 24, 2015, the Supreme Court issued its decision inOmnicare Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S. __ (2015). The ruling identifies two avenues by which a company’s statements of opinion in registration statements for initial public offerings can lead to liability under Section 11 of the Securities Act of 1933 ...
In a monumental decision, today the United States Supreme Court ruled that Trademark Trial and Appeal Board (“TTAB”) decisions carry preclusive effect in subsequent federal district court decisions so long as the ordinary elements of issue preclusion are met. The ruling implicates that, where use is the “paramount” issue in a court case, a TTAB decision that at least peripherally contemplates marketplace use will have preclusive effect ...
“Families that play together, stay together”. That’s what my late grandfather always used to say. But what does his message have to do with developing business opportunities in a law firm? In my opinion, everything. Business development is about people. It’s about relationships. Not just momentary relationships, but committed relationships. Relationships one would most likely find in a family. What unites a family and makes it strong? Trust, common values and support ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
As part of our series on legal issues arising out of the plummeting commodity prices, this article looks at one distinct factor in the commodity finance equation: hedging. Hedging is usually thought of in terms of cash-settled derivatives offered by lenders as part of a broader financial relationship tied together by a credit agreement and perhaps collateral documents. But many other transactions blend hedging and finance attributes ...
On January, 22, 2015, in thematter of Betteto Frett v National Bank of the Virgin Islands[i](theBank), the BVIHigh Court reinforced the principle that injunctive relief would not be easilygranted against a bank validly exercising its power to sell real property usedas security for bank loans ...
On December 17, 2014, New York Assembly Bill 9933, which amends the Uniform Commercial Code in effect in the state of New York (the “NYUCC”), was signed into law by Governor Andrew Cuomo, and took effect immediately. This new law (the “UCC Revisions Law”) includes several changes to Article 9 of the NYUCC (“Article 9”), that governs the creation and perfection of security interests in personal property under New York law ...
In an opinion that should give pause to mineral lessors, the Texas Supreme Court revisited the scope of the duty that an executive rights holder owes a non-executive, holding that a lessor’s negotiation of an above-market bonus (for itself) and below-market royalty (shared with the non-executive) may give rise to liability to the non-executive.KCM Financial LLC v. Bradshaw, No. 13-0199, 2015 Tex. LEXIS 220, --- S.W.3d --- (Tex. Mar. 6, 2015) ...
On March 1st, 2015, the federal Minister of Finance, Joe Oliver, and the federal Minister of Natural Resources, Greg Rickford, announced important new measures to support Canada’s mining industry in a speech at the Prospectors and Developers Association of Canada (PDAC) 2015 Convention ...
Goodyear Tire & Rubber Co. recently agreed to pay $16.2 million to settle Foreign Corrupt Practices Act (“FCPA”) charges for conduct related to two subsidiaries in sub-Saharan Africa. Goodyear’s settlement highlights the government’s expansive interpretation of the books and records provision under the FCPA ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
Prior articles in our series demonstratedways to stretch a borrowing base and how to address defaults on oil and gasloans. If a producer ultimately finds itself with a shrunken borrowing base andlimited liquidity, the producer in turn might not be able to pay balances dueto its contractors. An unpaid contractor may be able to file a mechanic’s andmaterialman’s (“M&M”) lien on the producer’s mineral property ...
On 19 February 2015, the Financial Services Commission removed restrictions on the use of the following words in the names of BVI Business Companies – 1.“BVI”;2.“British Virgin Islands”;3.“Council”;4.“Ntl”;5.“Int”;6.“Intl”;7.“VI”; and 8.“Virgin Islands” ...
