The recent South African High Court decision in the case of Howden Africa v CFW Industries is extremely interesting. Not so much for what it said (it said very little, comprising no more than two pages of ‘Written Reasons’), but for what it held. What happened here? A company had a registration for the trade mark Fumex Fans covering fire extraction fans ...
Guide to Business Ethics and Anti-CorruptionMacau lawsTransparency International (TI) rankingsMacau is not ranked on the TI CPI 2013. However, it was ranked 46 out of 183 on the TI CPI 2011.Macau is not ranked on the TI BPI 2011.International anti-corruption conventions and inter-governmental organisationsThe Central Government of the People’s Republic of China has declared that the UNCAC shall apply to Macau ...
The question of who actually owns a trade mark in an important one in South African law. That’s because the Trade Marks Act provides that a trade mark cannot be registered by a party who doesn’t have a bona fide (good faith) claim to ownership of that trade mark. It goes on to say that a trade mark cannot be registered if the application is made mala fide (in bad faith) ...
Section 3(e)(i) of the Subdivision of Agricultural Land Act (the Act) provides that agricultural land shall not be sold or advertised unless the Minister has consented to it in writing. There are currently conflicting judgements as to whether this provision applies to an option to purchase agricultural land ...
This Need to Know Express is part of a series of newsletters which each answers one or several questions in a practical and concrete way. These bulletins have been or will be published over the next few weeks. In addition, a consolidated version of all the Need to Know Express newsletters published on this topic will be available upon request ...
The global financial crisis, which originated in the United States, had a major impact on the world economy and the economic recovery prospects of developed countries. As the countries with the most active economic growth in the world, BRICS countries (Brazil, Russia, India, China and South Africa) face a great challenge. They need to adjust their development strategies when facing the new challenge in order to achieve rapid and sustainable economic development ...
1. Introduction In July, 2014 the OECD Secretariat launched a report called “Assessment of Merger Control in Chile”. This report analyzes the Chilean merger control system, identifies its chief problems and makes recommendations in order to overcome such shortcomings. The main conclusion of the report is that the Chilean merger control regime “lacks transparency, legal certainty and predictability”1 ...
Regulators around the world remain focused on the impact of cartels on business, and the Australian Competition and Consumer Commission (ACCC) is no exception. In 2013 the ACCC received 27 approaches in relation to cartels, resulting in 13 in-depth investigations. International cooperation in this area is increasing, due significantly to the work of the International Competition Network, the global organisation of competition regulators ...
On August 1, 2014, certain amendments to the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, et seq. (the “LLC Act”), the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. §§ 17-101, et seq. (the “LP Act”), and the Delaware Revised Uniform Partnership Act, 6 Del. C. §§ 15-101, et seq. (the “GP Act”) became effective ...
On June 10, 2014, the Public Company Accounting Oversight Board (the “PCAOB”) adopted Auditing Standard No. 18 (“Standard No. 18”), which amends and supplements existing auditing standards regarding related party transactions, significant unusual transactions and financial relationships and transactions with executive officers. Standard No. 18 also expands the required communications that an auditor must make to the audit committee related to these areas ...
The standards for Section 11 liability for statements of opinion in registration statements is the subject of a split between the federal circuit courts. The Tenth Circuit joined the split in the recently issued opinion, MHC Mutual Conversion Fund v. Sandler O’Neill & Partners, et al. The Supreme Court is scheduled to resolve this split next term in the Omnicare1 case, which is currently being briefed before the high court ...
Who knows why Luis Suarez bit Giorgio Chiellini at the FIFA World Cup 2014. Perhaps it’s a compliment to great Italian defending? Or something to do with the increasing demands of the modern game? Whatever the answer may be, none of us truly believe that this sort of thing is acceptable. But precisely what are the rules that regulate this sort of conduct? Most of us were told not to bite when we were very young - so that we know ...
A recent report in Fin24 entitled ‘MTN named SA and Africa’s strongest brand’ listed South Africa’s top 50 brands in terms of brand value. It was based on research done by the brand valuation company, BrandFinance. As the title suggests, MTN came out on top, followed by Sasol, Vodacom, Standard Bank, Absa, Nedbank, FNB, Mediclinic, Investec and Woolworths. Of the top 50 brands, 16 are in the food and beverages sector, 13 in financial services, and five in telecoms ...
This is a simplified guide to the process of buying a property in the Turks and Caicos Islands. While all reasonable endeavours are taken to ensure that it is correct at the time of print it does not purport to be an exhaustive analysis of the relevant laws as may be applicable to you ...
On 5 August 2014, the National Assembly of the Republic of Serbia enacted the Law on amendments and additions to the Insolvency Law (“New Law”). The New Law came into force on 13 August 2014. It has been specified that insolvency proceedings that have not been completed on the day the New Law comes into force will be completed in accordance with the previous rules ...
On 5 August 2014, the National Assembly of the Republic of Serbia enacted a new Privatisation Law (“New Law”), which came into force on 13 August 2014. The New Law prescribes for the privatisation process to be completed before 31 December 2015. The four models of privatisation that have been prescribed include sale of capital, sale of assets, transfer of capital without compensation and strategic partnership. It also allows for the possibility to combine these models ...
With the twelfth anniversary of the implementation of the Sarbanes Oxley Act of 2002 (“SOX”) swiftly approaching, it may or may not be coincidental that the SEC has been involved in several SOX-related enforcement actions recently, including (i) bringing charges against the CEO and former CFO of a Florida-based computer equipment company for misrepresenting the state of its internal controls over financial reporting and (ii) awarding more than $400,000 to a whistleblower who reported fra
The Texas Supreme Court denied a petition for review stemming from the Houston Court of Appeals’Barzoukas v. Found. Design, Ltd. decision.1 The case is significant because of its application of the economic loss rule (under Texas law) in the context of an owner-subcontractor dispute ...
Vice Chancellor Laster of the Delaware Court of Chancery recently applied the business judgment standard of review at the pleading stage to dismiss a complaint challenging a cash-out merger involving a controlling stockholder. This is one of the first decisions applying the Delaware Supreme Court’s recent decision in Kahn v. M&F Worldwide Corp ...
On September 3, 2014, the United States Court of Appeals for the Fifth Circuit entered an opinion vacating various orders of the United States Bankruptcy Court and District Court for the Southern District of Texas (the “Bankruptcy Court” and the “District Court”) in the bankruptcy cases of TMT Procurement Corporation and its affiliated debtors (the “Debtors”), including a final order approving the Debtors’ post-petition debtor in possession financing (the “DI
Most commercial leases contain terms that require tenants to pay additional rent. Additional rent is usually a share of the costs and charges incurred to operate the property. These costs can include municipal taxes, insurance premiums, repair and maintenance costs and common area utility charges. In any given year, these charges change and fluctuate. Landlords often provide an annual estimate which tenants pay subject to a year-end reconciliation ...
