The Bank of Portugal set up a regime to govern the advertising of the banking products and services that come under its supervision in Regulation No. 10/2008, of 9 December, which came into force on 1 January 2009. The Regulation builds on the general regime laid down in Articles 77 and 77-C of the General Credit Institutions and Financial Companies Regime (the RGIC), as most recently amended by Article 2 of Decree-Law 211-A/2008, of 3 November ...
In response to the current global financial crisis, on 9 October 2008, the Chairman of the Capital Markets and Financial Institutions Supervisory Board (BAPEPAM-LK) issued a new regulation on buybacks of shares by public companies (Decree No. Kep-401/BL/2008 or Regulation No. XI.B.3). This new regulation provides fewer requirements than the previous regulation issued in 1998, Regulation No. XI.B.3 which remains valid ...
Government Regulation No. 63 of 2008 on the Implementation of the Law on Foundations (“GR 63/2008”) was issued on 23 September 2008. GR 63/2008 is the implementing regulation of Law No. 16 of 2001 as amended by Law No. 28 of 2004 regarding Foundations (“Foundations Law”). Under GR 63/2008, foundations must have a name and be registered in the register of foundations at the Ministry of Law and Human Rights ...
A new regulation has been issued by the Minister of Health, namely Regulation of the Ministry of Health No. 1010/MENKES/PER/XI/2008 regarding the Registration of Medicines (“Regulation 1010/2008”). Regulation 1010/2008 revokes previous Ministry of Health Regulation No. 949/Menkes/Per/VI/2000. Under Regulation 1010/2008, a medicine to be distributed in Indonesia must first be registered before a Distribution License (Izin Edar) can be applied for ...
The Supreme Court of Canada ended a lengthy legal saga on November 20th(1) when it ordered St. Lawrence Cement Inc. to compensate residents of Beauport living near its cement plant. Comments on prescription, the assessment of damages and the granting of future damages follow. The facts “Dust they are, and unto dust they shall return, yet human beings have difficulty resigning themselves to living in dust ...
This is largely a codification of duties which already existed under previous legislation or the common law. However, the Act does introduce some new duties. With effect from 1 October 2008, every director of a company now has a statutory duty to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company (a ‘situational conflict') ...
On May 22, 2008, the Supreme Court of Canada rendered its decision in a case involving the notion of reasonable foreseeability in negligence actions. This judgment, written by the Chief Justice, confirms that tort law must compensate harm done on the basis of reasonable foresight, and must not be considered as insurance ...
Bank Indonesia issued Regulation No. 10/7/PBI/2008 on 19 February 2008 regarding Offshore Loans of Non-bank Companies. Offshore loans are one of the key factors which may have positive and negative impacts on balance of payments, monetary stabilization and development continuity ...
Government Regulation No. 2 of 2008 regarding the Types and Rates of Non-tax State Revenue Derived from the Utilization of Forest Areas for the Development of Non-forestry Activities Applicable to the Department of Forestry ("GR No. 2/2008") introduces a new scheme of forest exploitation fees for non-forestry companies such as those engaged in mining, oil and gas, geothermal power and telecommunications companies conducting activities in forest areas ...
After lengthy discussion, the Indonesian House of Representatives finally passed the Bill on Limited Liability Companies into law on the 23rd of July 2007 and it was then signed by the President on the 16th of August 2007 and enacted as Law No 40 of 2007 regarding Limited Liability Companies ("Law 40"). Law 40 revokes the previous limited liability companies law, ie Law No. 1 of 1995 regarding Limited Liability Companies ("Law 1") ...
Since 26 April 2007, Indonesia has had a new Investment Law, namely Law No. 25 of 2007 regarding Investment (“New Investment Law”). The New Investment Law replaces two old laws; ie Law No. 1 of 1967 regarding Foreign Investment, and Law No 6 of 1968 regarding Domestic Investment, both as amended. The New Investment Law accommodates both foreign and domestic investment ...
Latest Developments Although we have not witnessed any major legislative or policy changes during the last year, these seem to be forthcoming in 2009 as the Antimonopoly Committee of Ukraine (AMCU) developed draft amendment to the Competition Act 2001 introducing fundamental changes into national merger control regime ...
On June 17, 2008, the Supreme Court of Lithuania rendered a decision restricting the rights of the trademark owner to revoke his consent to use a trademark as a company name. In UAB Solvex Baltic v. UAB Scandihouse (Case No 3K-3-335/2008 (S)), the owner of the trademark SCANDIHOUSE petitioned the defendant to change its company name ...
A new Act which comes into force on 16 January 2009 imposes serious new penalties for directors, employers and employees who are convicted of a health and safety offence. The Bill received Royal Assent on 16 October 2008 and unlike the Corporate Manslaughter and Corporate Homicide Act, this has had a relatively easy journey through the parliamentary stages ...
Summary The Court of Appeal held that administrators were personally liable in costs for litigation in circumstances where a creditor challenged whether the purpose of administration could be achieved. The case highlights a number of important points for administrators and in particular the high standards expected of them following an appointment. Facts Joint administrators were appointed to Ulva Limited ("Ulva") by the sole director on 14 August 2007 ...
On September 23, 2008, the Western Climate Initiative (“WCI”) released its Design Recommendations for the WCI Regional Cap-and-Trade Program (the “Program”) ...
Act No. 125/2008, Coll., on Transformations of Commercial Companies and Cooperatives, taking effect 1 July 2008, supersedes the existing regulation of intra-state transformations in the Commercial Code and newly regulates certain transformations with foreign elements, i.e. cross border mergers and transfer of assets to a foreign participant ...
Concerns over global climate change have sparked a series of legislative and policy responses on the provincial, federal, regional, and international levels. The challenge of complying with climate change policy is that different governments have invoked a number of different policy tools to respond and adapt ...
On 22 May 2008, the Court of Appeal handed down its judgment in Dŵr Cymru's appeal against part of the CAT's judgement in the long running Albion Water case [FOOTNOTE: Dŵr Cymru Cyfyngedig v Albion Water Limited [2008] EWCA Civ 536 and [2006] CAT 23 and [2006] CAT 36]. The main subject of that appeal was the correct interpretation of the law on the abuse of margin squeeze ...
A new Swedish Competition Act will enter into force on 1 November 2008. The Act was passed by parliament on 11 June 2008. The new legislation means further harmonisation with EC competition rules and it also introduces a number of new features in order to enhance cartel enforcement. One of the new features is the introduction of trading prohibitions. The rules regarding fines will become both clearer and stricter in an aim to enhance legal certainty ...
On May 27, 2008, Line Beauchamp, Minister of Sustainable Development, Environment and Parks, announced an envelope of $60 million under the Assistance program to reduce or avoid greenhouse gas emissions by implementation of intermodal projects in freight transportation, to fund new projects aimed at reducing greenhouse gas emissions ...
On May 9, 2008, the Ministère du Développement durable, de l’Environnement et des Parcs (MDDEP) presented its new pricing system for applications for environmental authorizations. The Order-in-Council provides for a rate grid based on the nature of the work covered by the application for authorization. The base rate is $500, unless another rate is stipulated in the rate grid ...
On April 29, 2008, the Minister of Sustainable Development, Environment and Parks, Line Beauchamp, announced the adoption of new measures to improve water quality and reduce greenhouse gas emissions. An amount of $16.4 million has been allocated to enable agricultural operations to intensify their actions favouring the preservation and improvement of water quality ...
Prohibition of Certain Toxic Substances Regulations 2008 - Environment Canada Consultation DocumentEnvironment Canada hold consultations in January 2008 on modifications to the Prohibition of Certain Toxic Substances Regulations, 2005 that would prohibit the manufacture, use, sale, offer for sale and importation of certain toxic substances. The modified regulations would replace the Prohibition of Certain Toxic Substances Regulations, 2005 ...
