In the history of the Eurozone crisis, Spain has been a special case. It was always the "teachers pet" when it came to sovereign debt, that is, until recently. On 9 June 2012, Spain received an offer of up to EUR 100 bn in financial support from the EU for its ailing banking sector. What does that mean for Spain and the rest of the Eurozone and how did Europe’s fourth-largest economy find itself in this state? BACKGROUND Spain has been unlucky in many respects ...
China has traditionally restricted foreign investment in the retail and wholesale sectors with the aim of nurturing strong domestic players before their foreign counterparts would be allowed to enter the country. Since becoming a member of the World Trade Organisation, China has gradually opened up its distribution sector to foreign investment ...
The usual restrictions on Sunday trading hours have been suspended during the London 2012 Olympic and Paralympic Games ...
Between 22 May 2012 and 4 June 2012, staff teams from the European Commission, European Central Bank and International Monetary Fund (“IMF”) visited Lisbon to conduct the fourth review (the “Review”) of Portugal’s economic programme (the “Programme”). A copy of the initial statement can be downloaded here:http://ec.europa.eu/economy_finance/articles/financial_operations/2012-06-04-portugal_en.htm And a copy of the full report can be downloaded here: http://ec.europa ...
A Ruling setting forth the Guidelines to Analyze and Verify Consumer Information and Advertising Material was published in the Federal Official Gazette on July 24, 2012 to become effective on August 23, 2012 ...
The Closer Economic Partnership Arrangement ("CEPA") is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China's WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
Long gone are the days when discussions about customs and foreign trade in Mexico was always in reference to opening borders and policies to promote the development of local industries in a global economy. Today we find that the focus is more on new topics concerning security of the supply chain and compliance with customs regulations, as the key elements that determine the success of a business ...
This article will discuss a type of international audit intended on verifying compliance with international trade rules that indicate when a good is made in a specific country or region. These rules are called “Rules of Origin” and the type of audit is generally called “Origin Verification” ...
A Bill to amend the Retail Leases Act 2003 (Vic) (the Act) has been introduced into the Victorian Parliament. When the Bill becomes law, it will remove the requirement to notify the Small Business Commissioner of new leases under section 25 of the Act ...
The much anticipated Trade Marks Bill (“the Bill”) was recently circulated to the industry for comments. The Bill, which when enacted will be known as the Trade Marks Act, 2012, promises to introduce much needed change to the trademark industry in the British Virgin Islands and place the jurisdiction in line with other modern jurisdictions ...
The High Court has held that a tenant's short-term storage of documents using just 0.2% of a warehouse's floor space enabled the owner to successfully claim a period of rates relief once the property became vacant again. Under current legislation empty retail property enjoys 100% rates relief for a three month continuous period. Industrial and warehouse property enjoys the same relief for a six month continuous period ...
The law holds trustees, like any other fiduciary, to a particularly stringent standard of care. As the famed Judge Benjamin Cardozo wrote in 1928, “A trustee is held to something stricter than the morals of the market place. Not honestly alone, but the punctilio of an honor the most sensitive . . ...
Traditionally investors have looked towards developed countries for investment opportunities and, more often than not, investment decisions have been based on the economic development and growth of such countries. However, recently investment strategies have shifted towards emerging markets rather than established markets and for this reason an ever increasing number of investors are turning their attention to the African market ...
On 14 August 2012, the Minister of Industry of the Republic of Indonesia issued Ministerial Regulation Number 81/M-IND/PER/8/2012 of 2012 on The Registration of Cellular Phones and Handheld Computers (“Regulation 81/2012”) ...
On 27 July 2012, the Minister of Industry Regulation No. 71/M-IND/PER/7/2012 on Oversight and Control of the Alcoholic Beverages Industry (“Regulation 71”) was issued. Alcohol beverages are now divided into the following 3 categories, namely Class A – 1% to 5% ethyl alcohol; Class B – 5% to 10% ethyl alcohol; and Class C – 20% to 55% ethyl alcohol. Regulation 71 requires all alcoholic beverage industrial entities to obtain a Business License called an IUI ...
The Directorate General of Customs and Excise issued Regulation No. 39/BC/2012 on Determining Special Relationships for Tobacco Products on 12 July 2012 in order to prevent manufacturers spreading their production among their subsidiaries to avoid moving up into a higher-duty paying class. A “special relationship” is established when the result of one of three tests is positive ...
Importers are likely to welcome the Minister of Trade’s (MOT) latest move in the import license saga which commenced with a Supreme Court decision of June 2011 striking down MOT Regulation No. 39 of 2010 regarding the import of finished goods by producers. Following the issuance of MOT Regulation 27/2012 (“Reg 27”), and in response to the several concerns which ensued, the MOT recently issued MOT Regulation No. 59/2012 (“Reg 59”) ...
On 24 August 2012, the Minister of Trade (“MOT”) issued Regulation No. 53/M-DAG/PER/8/2012 on Organizing a Franchise Business (“Regulation 53”). Regulation 53 revokes Regulation No. 31/M-DAG/PER/2008 (“Regulation 31”). Direct or Indirect control of Franchise Regulation 53 prohibits franchisors to appoint franchisees with which they have a direct or indirect control relationship ...
Burma’s Union Parliament has finally passed a much awaited foreign investment law, which has now been signed into law by President Thein Sein (the “MFI Law”) and published in local newspapers on November 3, 2012. The review of the MFI Law by parliament has drawn to the fore a number of issues in particular in respect of the share in a venture that can be held by foreigners ...
A recent Supreme Court of Canada decision addressed a number of thorny issues relevant to commercial real estate disputes including whether a Plaintiff must mitigate its damages where it has made a claim for specific performance of a real estate contract. The decision has wide-ranging implications for commercial real estate developers ...
A client asks, "Can I say ‘Made in USA’ for my product if it has some imported content"? While the question seems simple enough, the proper response requires the advisor to inquire into the reason for the question and the company’s specific objective. Depending on the client’s response and the pertinent facts, the resulting analysis and legal conclusion may differ considerably. If the company wants to assert a "Made in USA" or other U.S ...
After lengthy discussions among regulators and politicians on ownership of commercial banks, Bank Indonesia issued its Regulation No. 14/8/PBI/2012 regarding Ownership of Shares in Commercial Banks (“BI Regulation No. 14”) which came into effect on 13 July 2012.In general, BI Regulation No. 14 provides rules that restrict ownership of commercial banks by individuals or corporations either on an individual or joint basis. BI Regulation No ...
The Philippine Supreme Court has issued a decision that may have a significant impact on how local nationality requirements (i.e., constitutional and statutory provisions requiring minimum Filipino ownership in certain industries) must be construed and applied. Enterprises such as telecommunications, media, advertising and land ownership are subject to such nationality requirements.The case of Gamboa v. Teves, et al. (G.R. No ...
The Committee on Foreign Investment in the United States The Exon-Florio Amendment to the 1988 U.S. Defense Production Act established the Committee on Foreign Investment in the United States ("CFIUS"). CFIUS is composed of representatives of several U.S. Government agencies, including the Departments of Treasury, State, Defense, Homeland Security, Labor and Commerce ...
