Recently, the Federal Reserve Bank of New York announced a new program to facilitate the issuance of shortterm commercial paper (“CP”) by eligible issuers. The program was launched on Monday, October 27, 2008. The program is being administered by a new special purpose financing vehicle (“SPV”) that is referred to as the Commercial Paper Financing Facility, or “CPFF ...
The SFC recently issued a press release and a circular on risk disclosure. The circular reminds issuers of retail investment products, including authorised funds, of their duty to include in offering documents sufficient relevant risk information for investors to make an informed investment decision, and for marketing materials to be "clear, fair and present a balanced picture with adequate and prominent risk disclosure" ...
A new Swedish Competition Act will enter into force on 1 November 2008. The Act was passed by parliament on 11 June 2008. The new legislation means further harmonisation with EC competition rules and it also introduces a number of new features in order to enhance cartel enforcement. One of the new features is the introduction of trading prohibitions. The rules regarding fines will become both clearer and stricter in an aim to enhance legal certainty ...
A few years ago, Rick Rein got a call from a Chicago-area bank that had lost $1 million to a con artist who cashed a fake check that looked so authentic it easily passed through the bank's computer system. The fraudster wired the money to an obscure bank in Florida, then out of the country before the bank realized a month later the check was phony. Mr ...
From 1 October 2008, the Companies Act 2006 will repeal the prohibition on private companies providing financial assistance for the purchase of its own shares. This change in law will not apply to public companies which will continue to be prohibited from giving financial assistance ...
On November 18, 2004, the Supreme Court of Canada released its decisions in Haida Nation v. British Columbia (Minister of Forests) and Weyerhaeuser, 2004 S.C.C. 73 (“Haida”) and Taku River Tlingit First Nation v. British Columbia (Project Assessment Director), 2004 S.C.C. 74 (“Taku”) ...
A number of leveraged funds, futures and options funds and market neutral funds seeking absolute returns were authorised by the Securities and Futures Commission in Hong Kong (SFC) during the 1990s, although most have since been wound up or deauthorised ...
The Asian hedge fund industry is comparatively new and small. However, the industry has witnessed phenomenal growth since 2002. The purpose of this book is to assist start-up managers to establish a hedge fund business. To date, a majority of the newly-established funds in Asia have been set up by fund managers or proprietary traders setting up their own business, after a successful career at one of the larger investment houses ...
The United States Supreme Court's recent decision in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. et al. is one of the most important securities law decisions handed down by the Supreme Court in many years. It establishes new guidelines in cases where investors seek to hold third parties (such as vendors, as well as attorneys or accountants) liable for participating in securities fraud ...
Are Municipality has been ordered by the European Commission to reclaim the unlawful state aid which the municipality paid to Konsum in Jämtland? The Commission’s decision underlines the importance of governmental authorities, municipalities and county councils monitoring the provisions on state aid in business transactions involving private players ...
The last years have revealed significant divergences between the Romanian Competition Council and the High Court of Cassation and Justice regarding certain merger notification aspects. A recent High Court of Cassation and Justice decision seems however to indicate a potential reconciliation of the positions of the two authorities.The Competition Law no ...
Three separate bids are expected to be submitted to rescue Northern Rock ahead of today's government-imposed deadline.Following a series of government interventions, the chancellor is keen on a private sector rescue for the bank, which has already received £25 billion worth of loans from the Bank of England ...
DALLAS – The Texas Court of Criminal Appeals has reversed and vacated the convictions of two indigent Mexican nationals who have spent the last 12 years in prison on life sentences for the Aug. 6, 1996 killing of a convenience store clerk in the Texas Panhandle ...
Real estate 1. Please briefly state what is considered real estate in your jurisdiction. What are the most common forms of security granted over it? How are they created and how are they perfected (that is, made valid and enforceable)?Under Romanian law, real estate (generally known as immovable property) covers land, buildings and those movable assets attached to land or buildings as fixtures ...
What It Means: After 339 days of hearings over five years, and at a cost of almost $30 million, a court in British Columbia has expressed its opinion that the Tsilhqot'in Nation has aboriginal title to approximately 2,000 square kilometres of land, but stopped short of making that opinion legally binding by granting a declaration of aboriginal title ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
With China’s accession to WTO in December 2001, China presents enormous opportunities for the international asset management industry, as the domestic financial market and players develop increasing sophistication ...
Deacons Financial Services Practice Group recently assisted an international fund manager in obtaining SFC approval for the first retail 130/30 fund to be authorised in Hong Kong ...
On 31 August 2007, the Monetary Authority of Singapore (MAS) issued a circular which removed the so-called 80/20 rule. The 80/20 rule was one of the conditions for a non-resident fund to qualify for tax exemption under section 13C of the Singapore Income Tax Act ...
At long last, the Government's proposals in relation to the development of a Single Equality Bill have been released for consultation. The proposals stem from the work of the Discrimination Law Review that was established in February 2005 to consider the existing framework of discrimination legislation and to develop proposals aimed at harmonising and simplifying the current law ...
Regulation 45-106 respecting prospectus and registration exemptions (“Regulation 45-106”) has caused much concern and plenty of ink to flow since it came into force on September 14, 2005. The purpose of this newsletter is to discuss the modification made by Regulation 45-106 with respect to the restrictions that must be contained in an issuer’s constating documents in order for the issuer to have private issuer status(1) ...
On 11 June 2007, the Securities and Futures Commission (SFC) issued a circular (http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H461) outlining a set of initiatives to streamline and simplify its licensing processes. The circular, which provides practical guidance to fund managers intending to apply to the SFC for a licence, is principally directed at overseas hedge fund managers from the US and the UK ...
On 10 May 2007, the China Banking Regulatory Commission (CBRC) issued its "Notice on the Adjustments to the Overseas Investment Scope of Overseas Wealth Management Business of Commercial Banks on behalf of their Clients". This Notice widens the investment scope permitted under the Qualified Domestic Institutional Investors scheme (QDII) applicable to commercial banks (including Chinese banks and approved foreign banks in China) ...
The SFC's feedback on their recent round of inspections of Investment Advisers (IAs) was shared with members of the Institute of Financial Planners of Hong Kong on 8 May 2007. The SFC reported that the main issues they identified were: insufficient knowledge of clients and lack of justification to illustrate suitability of advice ...
Section 135 of the Securities and Futures Ordinance (SFO) sets out various events to be reported by licensed persons to the SFC and by registered institutions to the HKMA and gives timelines for making these filings ...
