Following a year and half long market investigation, the OFT published on 7 December 2006 its report on the commercial use of public sector information (PSI). The report makes a number of recommendations aimed at increasing "fair" access to PSI, particularly where the public sector body holding the information is itself active in providing value added products to end users ...
The CAT has confirmed, with the Court of Appeal's blessing, that it will not only srcutinise a regulator's decision but that it will also, in certain cases, substitute the regulator's decision with that of its own without remitting the case back to the regulator for a second bite at the cherry.The CAT's approach offers possibilities for both a complainant and for those companies subject to regulatory investigation ...
The countdown towards implementation of the Markets in Financial Instruments Directive (MiFID) is well underway. The Directive, which replaces the existing Investment Services Directive, is due to come into force across the European Union by 1 November 2007. Member States are required to have the necessary enabling legislation and regulatory rules in final form by 31 January ...
This paper was presented at The Canadian Institute’s 2nd Annual Oil & Gas Law Summit Overcoming the Regulatory Challenges and Uncertainties to Keep Your Project on Track on January 22 – 23, 2007 in Calgary, Alberta. Oil and gas exploration in Canada’s North has a long history that dates back to the oil well drilled in Norman Wells in 1920. The North is recognized as holding a significant portion of Canada’s potential for undeveloped oil and gas ...
Under UCITS Regulations, UCITS III funds are permitted to use financial derivative instruments (FDIs) not only for hedging but also as part of their general investment policies. The Irish Financial Regulator requires that the risks involved in using FDI are properly managed, measured and monitored in an ongoing basis through designing and implementing a comprehensive risk management process (RMP) ...
In a speech on 20 November 2006, Mrs Alexa Lam, the SFC's Executive Director of Intermediaries and Investment Products, announced that the SFC will continue its focus on ensuring that financial products are not mis-sold in Hong Kong and that investors are provided with appropriate advice from their investment advisers (IAs) ...
In late 2006, China’s National Social Security Fund Council for the first time granted overseas mandates to 10 global investment managers to manage in total USD 1 billion of the National Social Security Fund (“NSSF”). It is reported that the NSSF, China’s national pension fund of last resort, has total assets worth of around USD30 billion.The 10 managers are AllianceBernstein, Allianz, AXA Rosenberg, BlackRock, JanusINTECH, Invesco, PIMCO, State Street Global Advisors, T ...
The China Insurance Regulatory Commission (CIRC) recently issued draft rules namely, Regulatory Measures on Offshore Investment of Insurance Assets, governing China's insurance companies' investment in their assets offshore and the appointment of foreign investment managers ...
The role that Asian banks will play in film financing in Asia is a challenging and necessary one as we continue to see the fast paced growth of the Asian film industries. Asia is, so far, an untapped resource of ideas, stories, shooting locations, skilled crew, talent and effective film making techniques ...
In recent years, we have seen a surge in co-productions in Asia, whether in the form of co-productions between parties from different parts of Asia (which would normally involve both financial and production contribution from all parties), or co-productions between Western and Chinese parties ...
A record number of companies applied for petroleum licences during the latest and 24th Licensing Round. As a result, it is envisaged that the much-awaited announcement of the successful applicants will kick-start the next phase of the development of the already mature UK Continental Shelf (UKCS) sector ...
When the company was purchased, you will have entered into a Share Purchase Agreement. If you think that there might be potential for a warranty claim, you need to revisit the agreement to establish the basis of your claim and the manner in which it requires to be processed. The warranties in your agreement amount to assurances from the seller with regards to the condition of the business and outstanding liabilities at the time the deal was completed ...
Legislation and jurisdiction1. What is the relevant legislation and who enforces it?Competition is regulated under Competition Law no. 21/1996, as subsequently amended andsupplemented (the Competition Law), and under Competition Council regulations andguidelines. The Romanian competition legislation generally follows the provisions of EuropeanCommunity legislation ...
Comprehensive regulation of antitrust and unfair competition activities was established in Taiwan when the Fair Trade Act came into effect in 1992 (as amended, the ¡§Fair Trade Act¡¨). The regulatory framework is similar to civil law systems such as those used in Germany and Japan. Over the past 12 years, the Fair Trade Act has been amended three times, the most recent amendments being made after Taiwan¡¦s accession to the World Trade Organization in 2002 and taking effect in 2003 ...
The Jebel Ali Free Zone (the "Free Zone") has authorized for the first time the incorporation of a commercial entity in the Free Zone owned by multiple parties. Dubai Implementing Regulation No. 1/99 (the "Implementing Regulation"), permits the incorporation in the Free Zone of "free zone companies" (a "FZCO") to be regulated by a new FZCO Department, which will have the responsibility for the formation, registration and regulation of FZCOs ...
The Emirates’ first stock exchange, the Dubai Financial Market, has been trading since mid 2000. A stock exchange was subsequently established in Abu Dhabi. Although the two markets are not presently linked, they are both subject to regulation under the UAE Securities & Commodities Exchange Law (the “Law”), which is a Federal legislation ...
Pursuant to the Act on Supervision of Financial Market, the National Bank of Slovakia has issued this Measure, which defines the content, format, terms, form, method, procedure and place of submitting the reports of the allotment funds, which issue allotment fund certificates in the Slovak Republic, by asset management companies and branches of foreign asset management companies for statistical purposes. This Measure is published in the Bulletin of the National Bank of Slovakia (Issue No ...
On 8 September 2006, the Competition Appeal Tribunal (‘the CAT’) gave judgment in favour of London Metal Exchange (‘LME’) to recover costs in respect of its appeal against an interim measures direction (‘IMD’) issued (and then withdrawn) by the Office of Fair Trading (‘the OFT’). The OFT’s first IMD(FN1) arose from a complaint against, inter alia, LME’s plan to extend its opening hours for its non-ferrous base metals trading platform, LME Select, to capture the Asian markets ...
The United Arab Emirates (UAE) is a federation of seven Emirates that was formed by Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah and Umm Al Quwain following the end of the British protectorate over the ‘Trucial States’ in 1971. The Emirate of Ras Al Khaimah joined the federation the following year ...
The European Regional Development Fund (“ERDF”) appears to be one of theappropriate means allowing Romania to reach, within the following years, the level of economicand social cohesion requested within the European Union (ERDF representing along with theEuropean Social Fund the new generation of Structural Funds)1 ...
On 8 September 2006, the Competition Appeal Tribunal (‘the CAT’) gave judgment in favour of London Metal Exchange (‘LME’) to recover costs in respect of its appeal against an interim measures direction (‘IMD’) issued (and then withdrawn) by the Office of Fair Trading (‘the OFT’). The OFT’s first IMD arose from a complaint against, inter alia, LME’s plan to extend its opening hours for its non-ferrous base metals trading platform, LME Select, to capture the Asian markets ...
In short, yes! The Companies Bill is due to come into force in 2007 and contains the most drastic changes that company law has seen in the last ten years. Once implemented it is intended to simplify and improve the existing regulations. The Bill is designed to try and reduce the regulatory burden on businesses and in particular small enterprises ...
After nearly eight years in the offing, the Companies Bill looks likely to become law in November of this year, although it is likely that most of its provisions will not take effect until autumn 2007.Despite being a massive piece of legislation, for the most parts its provisions have not been controversial and have generally been welcomed ...
The article was first published in Invest Romania, November 2006 issue.The Bill for amending Company Law no. 31/1990 as subsequently modified,supplemented and republished (the “Company Law Bill”) was approved by the Senate on 30August 2006 and is currently at the Chamber of Deputies commissions undergoing a fast-trackapproval process ...
Under the Companies Act a company is prohibited (subject to certain exceptions) from making loans to its directors. A recent case highlighted the dangers to a director who is aware that his company has made loans in breach of that prohibition. The case involved a father and son who were the directors of a company. Over time, the father had become less involved in the day-to-day management of the company in question ...
