2012 was a challenging year for Australia's loan markets. Australian loan markets were affected by continued uncertainty in global markets due to concerns over the Eurozone, the slowdown in China, a weak recovery in the US and, towards the end of the year, concerns around the US "fiscal cliff". Locally, there has been a lack of confidence among corporates, resulting in sluggish M&A activity. Certain sectors of the economy remained relatively soft, such as the retail sector ...
The FCA’s new webpage, published on 24 July 2013, will record permissions and passports granted under the AIFM Directive. The FCA is currently updating the Financial Service Register to include firms which have been granted new permissions under the Directive, as well as any associated management passports. However, in the meantime, information will be published on the webpage. For more information in respect of the Directive, please visit our AIFMD microsite ...
The Court has now issued its written decision. This provides further analysis and confirms the position that we previously reported. Parties represented The Scottish Environment Protection Agency, Scottish Natural Heritage, East Ayrshire and South Lanarkshire Councils and the Lord Advocate on behalf of the Scottish Ministers were all represented at the hearing ...
In 1989 the eminent South African jurist (the late) Prof.Dennis Cowen expressed the view that, by the end of the 1980s, South African environmental law was “a subject struggling to be born”. Nearly a quarter of century later South African environmental law is thriving as a “subject” in a manner that Prof. Cowen is unlikely ever to have anticipated. In addition, the business of environmental law has, in recent years, witnessed a rapid evolution ...
South Africa has a rapidly evolving climate change policy environment, which is in-keeping with the country¡¦s view of itself as a developing country leader in the climate change arena. Part of the policy environment includes attention to financial mechanisms that can be marshaled in support of the response to climate change. Flowing from the notion of using financial mechanisms in this manner, the National Treasury has taken initial steps towards the implementation of carbon taxation ...
The eighteenth United Nations Climate Change Conference took place in Doha, Qatar, from 26 November to 8 December 2012 – the first time that the Conference was held in the Middle East. There is some irony in the choice of location for the reason that Doha is the world’s largest per capita emitter of greenhouse gas. As is usual the Conference was a complex affair, with a plethora of meetings occurring simultaneously viz ...
Regulation No. 4 of 2013 on Guidelines for the Resolution of Environmental Disputes Provides an Additional Step in Dealing with an Environmental Complaint before Going to Court for Settlement or an Out of Court Settlement was issued on 15 March 2013 as further guidelines for the central and regional Governments as well as parties in dispute on settling environmental disputes ...
On July 2, 2013, the U.S. District Court for the District of Columbia1 (the “District Court”) vacated Rule 13q-1 (the “Rule”) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) ...
In May 2013, US store Wal-Mart pleaded guilty to dumping hazardous waste in California and Missouri over a number of years. It has agreed to pay almost $82m (£54m) in civil and criminal charges. As far back as 2003 there were reported incidents where Wal-Mart staff improperly disposed of products such as bleach and fertilizer in waste bins and local sewer systems, when they should have been dealt with as hazardous waste ...
On July 10, 2013, the United States Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 506 of Regulation D under the Securities Act of 1933, as amended, that will lift the ban on general solicitation for certain private offerings, including offerings of private fund interests (“New Rule 506(c)”). New Rule 506(c) will become effective 60 days after publication in the Federal Register ...
On July 10, 2013, the Securities and Exchange Commission (SEC) adopted the new, much-anticipated rules that lift the ban on general solicitation and advertising in connection with certain private offerings of securities ...
Court decisions regarding company names are rare. So the recent decision of the Western Cape High Court in the case of Bloomberg’s Posterity Investments (Pty) Ltd v The Registrar of Companies and Bloomberg LLP is worth discussing. What makes company name cases interesting from an intellectual property (IP) law point of view is that they deal with issues that are very similar to the issues that are dealt with in trade mark infringement and passing-off cases ...
Mining Industry 1. What is the nature and importance of the mining industry in your country?The mining industry accounts for 13 per cent of the GDP and 62.6 per cent of Chile’s total exports (US$49.3 billion). Chile is the largest producer of copper (31.9 per cent) in the world market and also produces other metals, such as silver and gold, and many non-metallic substances. The mining industry is mainly owned by private foreign and national companies ...
After the recent downturn, examiners have been placing more emphasis on reputation risk. This emphasis, however, is being applied paternalistically, in a way that is limiting legitimate transactions. I have heard of examiners advising bankers to terminate relationships with payday lenders because of reputation risk. The examiners are implicitly saying the risk of such association will so damage an institution's reputation as to jeopardize safety and soundness ...
On June 19, 2013, the West Virginia Supreme Court of Appeals (“the Court” or “WVSCA”) issued an important decision that bolsters the ability of financial institutions and other defendants to enforce arbitration agreements. Credit Acceptance Corporation v. Front, Docket Nos. 11-1646, 12-0545 (W. Va. June 19, 2013), Slip Op. Spilman consumer finance attorneys were pleased to obtain this victory on the consolidated appeal of two orders denying arbitration ...
Frequently asked questions on new foreign exchange rules: What currency should be used to pay the salaries of employees in Angola?The salaries of employees who are foreign exchange residents in Angola, irrespective of the sector of activity, must be paid in Kwanzas, the national currency. When Will i start to receive my salary in Kwanzas? As of 1 July 2013, in accordance with the implementation calendar of Law 2/12 of 13 January, defined by Order no ...
The Environmental Protection Agency (EPA) recently announced that it will extend its current set of six National Enforcement Initiatives through fiscal years 2014–2016. EPA’s current list of top priorities includes reducing air emissions from major industrial and utility sources, reducing contamination from mineral processing operations and ensuring that energy extraction activity complies with environmental regulations ...
On June 13, 2013, the West Virginia Supreme Court of Appeals (WVSCA) issued its decision in Faith United Methodist Church & Cemetery of Terra Alta, et al. v. Morgan, No. 12-0080, setting forth a clear definition of the term “surface” when used in deeds and other instruments of conveyance. This definition will weigh importantly on the state's shale gas industry ...
On June 14, 2013, the Act respecting insurance (Quebec) (the "Act") was amended by sections 1 to 5 of An Act to amend various legislative provisions mainly concerning the financial sector. The new sections, 66.1.1 to 66.1 ...
In January 2012, the Electronic Commerce Committee of the Canadian Council of Insurance Regulators (CCIR)1 released an issue paper entitled “Electronic Commerce in Insurance Products”, through which it invited insurers and intermediaries to provide feedback on certain targeted issues respecting online insurance distribution.Many stakeholders responded; 25 submissions were sent to the CCIR ...
Recently, the Court of Québec reminded merchants of their responsibility to ensure that consumers are cognizant of important contractual clauses at the time a contract is entered into. In the case of 159191 Canada inc. (Discount Location d’autos et camions) c. Waddell1, the Court had to decide whether a clause in a two-page vehicle rental contract which excluded insurance coverage in a specific situation was valid under Québec law. FACTSThe facts of the case are as follows ...
Last fall, I wrote an article for Carolina Banker magazine excitingly titled “Bank Liability to Non-Customers in a Ponzi Scheme.” The crux of it concerns the potential liability to banks in Ponzi schemes and the precautions banks should take to mitigate that risk ...
