Bigger fines predicted for organisations guilty of corporate manslaughter The long awaited definitive guidelines for sentencing organisations guilty of either corporate manslaughter or a health and safety breach which causes death have been published ...
On February 2, 2010, the Securities and Exchange Commission (the “SEC”) announced guidance regarding public companies’ disclosure obligations related to climate change.1 On February 8, 2010, the SEC published that guidance in the Federal Register, at which time it became effective. As a result, calendar year-end companies with upcoming annual reports on Form 10-K should evaluate whether their disclosures concerning climate change are consistent with the new guidance ...
Following the public discussions which took place after the approval of the Decree-Law no. 317/2009 of 30 October (Decree-Law 317/2009)[1], Decree-Law no. 3/2010 of 5 January (Decree-Law 3/2010) was published in the Official Gazette, imposing a prohibition on credit institutions to charge on automated teller machines[2] (ATM) transactions, as well as, a prohibition on beneficiaries to charge payment transactions in automatic payment terminals and devices[3] ...
On January 27, 2010, the Securities and Exchange Commission (the “SEC”) voted to provide interpretive guidance on SEC disclosure requirements as they apply to business or legal developments relating to the issue of climate change ...
Interest rates have remained at an all time low of 0.5% for 10 months in a row and the Bank of England is continuing with its quantitative easing programme. It has been upped to a £200bn asset purchase programme to increase the money in the UK’s financial system and boost bank lending. Meanwhile, total government debt is projected to rise to £1.4 trillion, nearly doubling to 80% of GDP ...
The U.S. Environmental Protection Agency (EPA) has published its proposal to strengthen the national ambient air quality standards (NAAQS) for the main component of smog, ground level ozone. EPA proposed in the Federal Register on Jan. 19, 2010 to set the ozone standard between 60 and 70 parts per billion (ppb). In 2008, the Bush Administration set the standard at 75 ppb ...
January 1, 2010 ¨C GHG Reporting Requirements in Effect As of January 1, 2010, "single facility operations" and "linear facilities operations", located in British Columbia and emitting 10,000 tonnes or more of greenhouse gases (GHGs) per year will be required to register with the Ministry of Environment (MOE), collect emissions data, and report their GHG emissions ...
On Jan. 6, Environmental Protection Agency Administrator Lisa Jackson announced that the EPA is proposing to revise downward the primary National Ambient Air Quality Standard (NAAQS) for ozone. The primary standard was established to protect human health. The agency also proposes to develop a new secondary standard, established to protect public welfare ...
As an initiative to develop Islamic finance and Islamic fund management in Hong Kong, the SFC signed a Declaration on Mutual Cooperation on Development of Islamic Capital Market and Islamic Collective Investment Schemes (Declaration) with the Securities Commission of Malaysia (MSC) on 9 November 2009, which provides a framework for the mutual recognition of Islamic funds (excluding hedge funds, wholesale funds and real estate investment trusts as defined in the
Chapter 10.2 of the SFC's Code on Unit Trusts and Mutual Funds (Code) requires that pricing errors for SFC authorised funds should be corrected as soon as possible and all necessary action should be taken to avoid errors occurring in the future. If the pricing error results in an incorrect price of 0 ...
As a consequence of the recent wave of successful SFC insider dealing criminal prosecutions, responsible officers (ROs) are asking what they need to do to protect their companies and themselves. ROs are obliged to take all reasonable measures to ensure that proper safeguards exist to prevent the licensed corporation and its employees from insider dealing ...
Following the public consultation early this year on proposals for a legislative framework to upgrade the current anti-money laundering (AML) regime in the financial sector, Hong Kong's Financial Services and Treasury Bureau (FSTB) has launched a second-round consultation ...
The SFC has banned a former licensee from acting as a responsible officer (RO) for life and prohibited him from being licensed for three years. The licensee provided false evidence of his academic qualifications in support of his licence applications ...
On Dec. 16, 2009, U.S. Attorney General Eric Holder announced the terms of a deferred prosecution agreement reached with Credit Suisse AG to address prolonged and systematic violations of federal and state criminal law ...
On October 7, 2009 the State Duma of the Russian Federation adopted in the first reading the draft of the Federal law on amending legislation regarding land plots ...
Self-regulation of retail banking came to an end on 1 November 2009 with the establishment by the Financial Services Authority (FSA) of a new banking conduct regime. This new regime largely replaces the voluntary Banking Codes and comprises: 1 ...
Introduction On 2 October the UK's Competition Commission re-iterated its recommendation to the Government and the devolved administrations that they should take the necessary steps to introduce a competition test in planning decisions involving large grocery developments ...
I. Introductory Note Exploitation of forest resources plays an important role in Mozambique’s economy. In fact, Mozambique has some 57 million hectares of native forests, 36% of which show great potential for the wood industry, while the remainder has great social and ecological value, supplying food, medicinal products and building and energy materials ...
The growth in money laundering activities and terrorism financing using financial institutions requires concrete action to eradicate these criminal activities. The diversity of products, activities and information technology available in the banking sector has resulted in an increase in the use of banks for money laundering and terrorism funding ...
Bank Indonesia issued Bank Indonesia Regulation Number 11/26/PBI/2009 dated 1 July 2009 on Prudential Principles in the Implementation of Structured Products Activities for Commercial Banks (“BI Reg.11/26/PBI/2009”) ...
Whether you are a sceptic, a convert or a believer, there is undoubtedly compelling scientific evidence of global warming, and that climate change is upon us. Legislation enacted by both Westminster and Holyrood sets challenging targets for the reduction of greenhouse gas emissions over the next decades. The carbon footprint of buildings is responsible for around 50% of greenhouse gas emissions in the UK ...
Introduction The term 'climate change' is now common parlance, but what role does green building play within the broader climate change picture? Well, emissions regulations post Kyoto are imminent and buildings are able to offer cost effective emissions cuts – there is therefore a possibility that the building sector may eventually be hit with emissions caps ...
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 ...
AS HIGHLIGHTED BY QUÉBEC COURTS, SURETIES ARE KEY PLAYERS IN THE CONSTRUCTION INDUSTRY. IN 2002, THE QUÉBEC COURT OF APPEAL ACKNOWLEDGED THEIR IMPORTANCE IN A DISPUTE BETWEEN A CONSTRUCTION COMPANY AND A SUPPLIER. THE COURT NOTED THAT THE CONSTRUCTION COMPANY’S LOSSES HAD BEEN EXACERBATED BY THE WITHDRAWAL OF ITS SURETY FACILITY ...
