Here are select March 2013 rulings of the Supreme Court of the Philippines on commercial law:Corporation; separate personality. A corporation is an artificial entity created by operation of law. It possesses the right of succession and such powers, attributes, and properties expressly authorized by law or incident to its existence. It has a personality separate and distinct from that of its stockholders and from that of other corporations to which it may be connected ...
Here are select March 2013 rulings of the Supreme Court of the Philippines on civil law:Civil CodeContracts; contract of sale; perfection; essential elements; stages. A contract of sale is perfected at the moment there is a meeting of minds upon the thing which is the object of the contract and upon the price ...
I. Background: 2010-2011 and the “First Wave” of Say-on-Pay SuitsIn 2010 and 2011, after the enactment of federal “say-on-pay” legislation in the Dodd-Frank Wall Street Reform and Consumer Protection Act,1 shareholder plaintiff firms filed several actions alleging breaches of fiduciary duties by directors of companies experiencing unfavorable say-on-pay votes during proxy season ...
On May 30, 2013, as had long been expected, the staff in the Division of Corporation Finance of the Securities and Exchange Commission released Frequently Asked Questions concerning the SEC’s conflict minerals rules.1 The FAQs do not address some of the thorniest interpretive issues under the conflict minerals rules, but they do reinforce a number of developing practices and provide helpful guidance on a number of topics for SEC reporting companies.2 We summarize some of the key FAQs below ...
The First Circuit recently held that complaints filed first under the False Claims Act’s first-to-file rule do not need to satisfy Federal Rule of Civil Procedure 9(b)’s particularity requirement. See United States ex rel. Heineman-Guta v. Guidant Corp., 2013 WL 2364172 (1st Cir. May 31, 2013) ...
Attorney; a lawyer shall not assist in the unauthorized practice of law. Atty. Bancolo admitted that the Complaint he filed for a former client before the Office of the Ombudsman was signed in his name by a secretary of his by Text-Enhance" href="http://lexoterica.wordpress ...
On May 28, 2013, the US Food and Drug Administration (FDA) published a draft guidance entitled "Contract Manufacturing Arrangements for Drugs: Quality Agreements."1 The draft guidance describes FDA’s views on defining, establishing and documenting the responsibilities of parties that are involved in the contract manufacturing of drugs that are subject to current good manufacturing practice (cGMP) requirements ...
Dear Reader, We have the pleasure to present the new edition of Doing Business in the Baltics. We hope that the information presented in this publication will provide businesses, investors and their advisers a better understanding of the advantages that the Baltic States have to offer ...
As previously described, in the fall of 2012 the NYSE and NASDAQ markets previously issued rules concerning the independence of compensation committee members and advisers as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules were approved by the Securities and Exchange Commission in January 2013 ...
On April 11 2013, the Philippine Bureau of Internal Revenue issued Revenue Regulations No 6-2013 (RR 6-2013) amending certain provisions of Revenue Regulations No 6- 2008, which provides for, among other things, therules involving the determination of the fair market value of shares of stock not listed and traded in the local stock exchanges ...
After the Netherlands, Slovakia, and the UK, it is now France’s turn to impose Sunshine-like obligations on the pharmaceutical industry. Soon, similar obligations will apply to all EU countries, after EFPIA, the European trade association for the pharmaceutical industry, adopts a code of conduct on disclosure of transfers of value between pharmaceutical companies and health care professionals or institutions ...
As of 15 May 2013, the most clicked legal resources from the SyCipLaw e-bulletins are:The International Comparative Legal Guide to: Telecoms, Media and Internet Laws 2013, Legal Bulletin: Technology, Media & Telecoms (Jan. 2013)The 2013 Foreign Investors' Guide to Real Estate Transactions in the Philippines ...
The Turks & Caicos Islands (TCI) has recently introduced a raft of legislation to enhance its existing comprehensive anti-money laundering regime. The provisions largely follow the “Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda” recently conducted for the British Government by KPMG (generally known as “the KPMG Report”) ...
Canada’s new anti-spam law (the CASL) is expected to come into force later this year. This Act is designed to create a safer online environment for individuals and businesses in Canada. From a business perspective, it will change how some routine daily activities – such as distributing commercial electronic messages (CEM) to customers – are executed. Currently, a majority of businesses rely on implied consent when they send CEM to customers ...
Last week, a federal jury in South Carolina found that Tuomey Healthcare System, Inc. violated the Stark Law and the False Claims Act by submitting false claims for reimbursement to the United States, resulting in $39 million in damages to the government. United States ex rel. Drakeford v. Tuomey Healthcare Sys., Inc., No. 3:05-2858-MBS (D.S.C. May 8, 2013) ...
It is expected that Canada's new Anti-Spam Legislation (CASL) will come into force later this year, and with it will come significant changes for how businesses and individuals may send people "commercial electronic messages" (CEM), including emails or text messages.CASL aims to create a safer online environment by targeting issues relating to spam, such as unsolicited commercial messages, phishing and unauthorized installation of software ...
It is undeniable that technology and globalization are changing the way lawyers practice law. Technology has not just made people, places, and things much more accessible to us – it has impacted the way we store information and documents, the way we communicate with and advise clients, how we conduct investigations, and how we participate in discovery ...
Here are select February 2013 rulings of the Supreme Court of the Philippines on civil law: Civil Code-Common Carrier; requisite before presumption of negligence arises; bill of lading; interpretation thereof; inherent nature of the subject shipment or its packaging as ground for exempting common carrier from liability; failure to prove negligence does not entitle claimant for damages ...
A jury in the Northern District of California has convicted David Nosal of violating the Computer Fraud and Abuse Act (“CFAA”) by accessing his former employer’s computer network without authorization to obtain confidential information for use in a competing business. The business community has followed this case closely because it has far-reaching implications for the future application of the CFAA and, more importantly, for companies’ ability to protect their sensitive proprietary data ...
This week, the Ralph Lauren Corporation became the first company to obtain a non-prosecution agreement from the Securities and Exchange Commission in connection with a Foreign Corrupt Practices Act (“FCPA”) investigation. Ralph Lauren also obtained a non-prosecution agreement from the Department of Justice in connection with its investigation of the same FCPA violations ...
On April 17, 2013, the Health and Human Services Office of Inspector General (OIG) released an Updated Provider Self-Disclosure Protocol (SDP), which replaces the original SDP published in 1998. The SDP is used by providers and suppliers to voluntarily disclose violations of the fraud and abuse laws. According to the OIG, it has received more than 800 disclosures since the SDP’s inception, resulting in more than $280 million in recoveries ...
