The SFC recently issued a press release and a circular on risk disclosure. The circular reminds issuers of retail investment products, including authorised funds, of their duty to include in offering documents sufficient relevant risk information for investors to make an informed investment decision, and for marketing materials to be "clear, fair and present a balanced picture with adequate and prominent risk disclosure" ...
This legal update follows our September 2008 issue which gave a general overview of the major changes to the High Court and District Court Rules to come into effect on 2 April 2009. This and subsequent issues deal with those changes in more detail. This issue deals with the new "underlying objectives" and active case management by the court ...
For a long time, there have been negotiated general terms and conditions for the purchase of goods for construction businesses. The latest version is called ABM 07.Before I explain the changes these entail in relation to the previously provisions, ABM 92, I will give a summary description of the development, from the mid-1970’s, which has led to the ABM of today ...
The proposed amendments to the Act have now been issued by DBERR. They are due to progress through parliament this session, but the key question is are they as anticipated and do they cover the recommendations made for change? The answer is largely yes. Although some in the industry will argue that they do not go far enough, they are representative of the latest 2007 Consultation ...
The JCT Constructing Excellence Contract 2006 is seen as a radical departure from the JCT's more "traditional" building contracts. However, will it be used used by developers in the private and public sectors? Many of the more "traditional" forms of contract (JCT and ICE in particular) were perceived to encourage an adversarial approach ...
The Scottish Government has recently unveiled its long-awaited proposal for financing and delivering major public projects in Scotland. The initiative, the Scottish Futures Trust (the SFT), will replace the widely-criticised Private Finance Initiative (PFI) and heralds a golden opportunity for the delivery of high quality projects which represent value for money for the taxpayer ...
A few years ago, Rick Rein got a call from a Chicago-area bank that had lost $1 million to a con artist who cashed a fake check that looked so authentic it easily passed through the bank's computer system. The fraudster wired the money to an obscure bank in Florida, then out of the country before the bank realized a month later the check was phony. Mr ...
The Civil Justice Reforms will come into effect on 2 April 2009. The new court rules aim to improve cost-effectiveness and reduce complexity and delays in court proceedings. The purpose of this bulletin is to briefly highlight some of the majorchanges to the High Court and District Court Rules, which will come into effect on 2 April 2009. Subsequent bulletins will deal with these topics in more detail.1 ...
Part I of a III Part Primer: An Introduction This newsletter is the first of a three part report prepared for our public finance clients with respect to “public private partnerships.” Also known as “PPP” or “P3” projects, there is an increasing amount of press regarding these projects, some of which is contradictory and some of which is just plain confusing ...
Japanese knotweed is an extremely invasive plant which is capable of damaging property and can grow through concrete or even the floors of houses. It is difficult to eradicate and its disposal is considered to be "controlled waste" for the purposes of the Environmental Protection Act 1990. Knotweed will often be apparent on inspection but this will not necessarily always be the case. A fragment of root as small as 0 ...
From 1 October 2008, the Companies Act 2006 will repeal the prohibition on private companies providing financial assistance for the purchase of its own shares. This change in law will not apply to public companies which will continue to be prohibited from giving financial assistance ...
The Crossrail Act 2008 (the “Act”) received Royal Assent on 22 July 2008. The Act authorises the works necessary to build Crossrail and the acquisition of land and interests in land necessary for those works. In addition, the Act establishes a planning and heritage regime for the works ...
The Government has announced a new scheme to supplement the existing HomeBuy scheme. The new scheme, known as "Rent to HomeBuy", will allow potential buyers to rent a property for a specified period at a less than market rent, with the option to buy a share of the property at the end of that period. The Government hopes that the new scheme will enable more tenants to buy their own home ...
Decision-making in the planning process continues to be a complex issue. The process has been regularly challenged in the Scottish Courts through statutory appeals and judicial review, and for many years in Scotland there was a very low success rate for parties bringing such proceedings. Courts implied that they did not want to be used as a further appeal mechanism ...
Commercial disputes in the United Arab Emirates (UAE) are generally resolved through litigation in the courts or arbitration. Arbitration is becoming an increasingly popular way to resolve disputes. The UAE recently signed the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention). General overview and court structure The UAE is a federation of seven Emirates established in 1971 ...
As if employers and contractors needed reminding, two recent decisions emphasise the importance of having a contract in place as soon as possible, and the dangers of starting work on a letter of intent ...
Product liability insurance is often offered as an alternative to professional indemnity insurance by sub-contractors but is it really an alternative? The two forms of insurance have some fundamental differences. Professional indemnity insurance covers claims arising out of the professional activities of design consultants, sub-contractors or the contractor ...
Throughout the industry press, the topic of conversation at networking breakfasts, you can’t escape the doom and gloom of the global credit crunch. But what does this really mean for the industry? First and foremost, it means that risk will increase. There is more chance of a party experiencing cash flow difficulties, or even going bust. There will be less work around, resulting in keener prices and greater competition ...
Earlier this month the European Commission closed an investigation into a development in the German City of Flensburg. On the facts which the Commission eventually established it decided to close its file and take no further action, but it is the background which is interesting and provides a pointer to what best practice should be – particularly now that the Public Contracts Regulations 2006 have been in force for a number of years ...
Several years ago the Municipal Council in Alexandroupolis invited tenders for a contract to carry out a project in respect of a town plan. Using the appropriate procedure the Council issued a contract notice identifying the award criteria in order of priority (as was required by the relevant rules) ...
A. INTRODUCTIONThe development of transportation infrastructure in the Lower Mainland depends on expropriation of private property ...
1. This paper will address of a number of issues with respect to the pollution exclusion clauses commonly contained in Commercial General Liability (“CGL”) insurance policies. In particular, this paper considers how Canadian courts have interpreted and applied the standard wording of pollution exclusion clauses, and whether the decision of the Ontario Court of Appeal in Zurich Insurance Co. v. 686234 Ontario Ltd ...
The real estate market in Macedonia has been in a state of transition for the last two decades. This period brought the country from a situation in which such investment was seen as a duty primarily fulfilled by State bodies, institutions and enterprises to one in which the sector was left virtually entirely to the private sector ...
