Lenders who take legal charges over real property usually require their interest to be 'noted' on the insurance policy covering the property. However, this may not give them the protection they require, especially in the current economic climate. It is quite appropriate that lenders want to be certain that insurance arrangements covering a property used as security are satisfactory ...
Renewable energy sources, including wind power, represent 40 percent of the total energy production in Sweden. In order to curb climate change the European Union stated, as a part of the so called 2020-decision of the 23 of January 2009, that Sweden should increase its production of renewable energy to 49 percent by the year 2020 ...
A small measure of relief may be coming to some beleaguered Michigan communities that have been struggling recently with the difficult question of what actions they can realistically take to encourage much-needed local economic development while remaining cognizant of the financial limitations associated with lower revenues, higher costs and uncertain economic projections. The answer for some might be found in recovery zone financings ...
On the 1st June 2009, the major parts of the Insolvency Act 2009 (“the Act”) came into operation. The Act has completely revamped the insolvency regime in Mauritius and new provisions now govern “voidable transactions” following a company liquidation. The “ordinary course of business” test, which was prevailing under the former regime, has now been abandoned and replaced by what is known as the “running account principle” ...
The British Property Federation (BPF) has published a guide for landlords and tenants explaining the Government's proposed Carbon Reduction Commitment (CRC), and illustrating how expected additional costs might be shared. Around 5,000 large public and private organisations are likely to be full participants in CRC, and it has been estimated that energy costs will increase between 7% and 15%. The introductory phase is due to start in April 2010 ...
IntroductionAs of 8 January 2009, Belgian listed companies and financial undertakings are required to have an audit committee. The Law of 17 December 2008 on the establishment of an audit committee in listed companies and financial undertakings (the “Law”) then enters into force ...
1. IntroductionThe Royal Decree of 8 October 2008 amending the Belgian Companies Code (“BCC”) has amended the rules on financial assistance. The new rules entered into force on 1 January 2009. The Royal Decree implements European Directive 2006/68/EC amending the Second Company Law Directive. The Belgian rules on financial assistance apply to public limited-liability companies (NV/SA), private limited-liability companies (BVBA/SPRL), partnerships limited by shares (Comm ...
ON MAY 14, 2009, MADAM JUSTICE MARIE-FRANCE BICH OF THE COURT OF APPEAL, PUT AN END TO A CONTROVERSY IN THE CASE LAW ON THE INTERPRETATION BY ARTICLE 216 C.C.P. CONCERNING THE PROCEDURAL MEANS AVAILABLE TO THE INSURER TO PROTECT ITS SUBROGATION RIGHTS ...
On June 17, 2009, the Obama administration issued a "white paper" which proposes a sweeping reorganization of financial-market supervision. The plan would touch almost every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded. The plan will undoubtedly be modified during the Legislative process. Banks in other countries have already objected to the proposed international effects ...
I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama ...
Technical Resolution 26 – FACPCE Dated March 20, 2009 the FACPCE (Argentine Federation of Economic Sciences Professional Boards) approved Technical Resolution No. 26 “Adoption of the International Financial Reporting Standards of the Board” effective as from the years commenced after January 1st, 2011, not admitting an earlier application ...
Environmental laws sweep broadly, regulating a wide range of business activities. Environmental laws create obligations and liabilities that affect not only ongoing businesses, but business transactions as well. They also may form the basis for, or otherwise be relevant to, litigation ...
In the 18th and 19th centuries, the Industrial Revolution produced radical transformations not only in technology, including an ever increasing use of fossil fuels, but also in economic policies and social structure ...
On April 20, 2009, the Court of Appeal issued its judgment in three related cases(1) concerning a defect in a fireplace that caused a fire resulting in the partial loss of the building owned by Alpha’s insureds. Alpha sued the immediate seller to its insureds, Basque, as well as the prior owners, Caron and Pellerin, under the rules governing the warranty against latent defects ...
Insurers have lodged a Judicial Review against The Damages (Asbestos-related conditions) Scotland Act. The Act, which was passed on 17 April 2009, made compensation available for the victims of pleural plaques in Scotland. The insurers are bringing the action in an attempt to avoid having to pay compensation for this condition ...
The property industry will have an opportunity to assess the impact of the Carbon Reduction Commitment (CRC) when a user guide and a consultation paper are issued by the Government, this month. The CRC is a UK-wide, legally binding scheme designed to reduce energy use, and a key component of the Government's strategy to reduce carbon emissions attributable to property ...
Reduction in Income Tax for Publicly Owned Companies The Ministry of Finance recently issued regulation No.238/PMK.03/2008 of 2008 regarding the Procedures for and Supervision of the Granting of Tariff Reductions to Local Entity Tax Payers which are Publicly Owned Companies ...
New Law on Aviation In order to keep up with the development of the aviation industry in Indonesia, on 17 December 2008, the House of Representatives passed the Bill on Aviation. This Bill came in force on 12 January 2009 as Law No 1 of 2009 regarding Aviation (“Law 1”) ...
The liability to remedy contamination is not limited in time but is only limited by the Environmental Code’s transitional rules, where a business operator can be held liable to take remedial actions if the actual operation of the business has been carried out after 30 June 1969. Further, a business operator can be held liable to take remedial actions if the operator has acquired contaminated property after 1 January 1999 ...
ALTIUS contributed to a publication on International Acquisition Finance accross mutiple jurisdictions. The volume provides counsel with a full insight into the law and regulation across numerous jurisdictions. Johan De Bruycker, Caroline Wildemeersch and Kasper Van Landeghem from ALTIUS' Banking & Finance team untangle the complications of debt funding regimes for the Belgian jurisdiction. 1 ...
Best Practices & Standards The hedge fund industry has experienced trying times over the past few months. Year-end redemption requests have flooded the sector. Scandals such as the so-called "ponzi" scheme allegedly carried out by Bernard Madoff resulting in billions of dollars in losses have shaken the industry ...
Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...
In August 2009, the Court of Appeal issued a judgment(1) in which it ruled on the foll owing interesting practical issues relating to liability insurance:1) what is the appropriate procedural vehicle for a liability insurer to exercise recourse against another insurer in situations where there is overlapping insurance?2) does the exception respecting members of the household of the insured (article 2474 C.C.Q ...
On 10 November 2008, BAPEPAM-LK issued Regulation X.E.1 concerning the obligation of securities companies to submit periodic reports. This Regulation X.E.1 replaces a regulation issued in 2006 and is basically intended to improve the provisions of the previous regulation, especially on the procedures for submission ...
Decree of the Minister of Finance No. 424/KMK.06/2003 (as amended) which contains the guidelines on the financial condition of insurance and reassurance companies has been further amended by Regulation of the Ministry of Finance No. 158/PMK.010/2008 ...
