Dan Hargreaves and Andrew Millar outline potential joint venture models, the opportunities for both the private and public sector, and key considerations before entering an agreement. Local authorities continue to face significant pressure on budgets, and many are continuing to explore a more entrepreneurial approach to deliver transformational developments or regeneration projects ...
On 18 October 2007, the Securities and Futures Commission (SFC) issued a circular which allows delegation of investment management functions by managers of authorised funds to affiliates not based in an Acceptable Inspection Regime (AIR), subject to certain requirements being met. Previously the fund management company of an SFC authorised fund, and all of its delegates with investment discretion, had to be based in Hong Kong or an AIR ...
An open-ended fund company (OFC) must at all times have an investment manager (Fund Manager) who is responsible for managing the scheme property. To bring in expertise in respect of a specific market or strategy or for other various reasons, Fund Managers may engage sub-managers, advisors or delegates. The delegation of the investment management function by a Fund Manager is permissible under the OFC regime ...
Last week the Delaware Supreme Court held in Pyott v. Louisiana Municipal Police Employees’ Retirement System, ___ A.3d ___, 2013 WL 1364695 (Del. 2013), that a Delaware derivative complaint should have been dismissed after a California federal court entered a judgment dismissing essentially the same complaint brought by different stockholders for failure to plead demand futility ...
Many entities choose to incorporate in Delaware as a result of the abundance of case law on corporate matters and the willingness and ability of the Delaware legislature to adapt to changing times. The ATPdecision is a recent example of the Delaware courts and legislature in considering corporate governance changes in response to stockholder litigation.ATP DecisionIn ATP Tour, Inc. v. Deutscher Tennis Bund, No. 534, 2013 (Del ...
In an opinion that could substantially affect future controlling-shareholder buyouts, the Delaware Supreme Court on Friday affirmed the Chancery Court’s decision that the business judgment standard of review, rather than entire fairness, should apply to controlling-party takeovers where it is established before trial that certain protections exist. Background The suit stemmed from Ronald Perelman’s going-private buyout of M&F Worldwide Corp. (“MFW”), a company he controlled ...
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 ...
We have previously reported on the Order that adopted the extraordinary measures under the COVID-19 health emergency declaration, published on March 31, 2020 (the “Order”), and the subsequent Technical Guidelines regarding certain essential activities described in the Order published on April 6, 2020. (These alerts may be found here and here, respectively ...
Under the Foreign Corrupt Practices Act (the “FCPA”), it is unlawful for companies to bribe or make corrupt payments to officials of foreign governments or of any “instrumentality” thereof. However, what entities are included as instrumentalities of a foreign government is not defined in the FCPA and there has been intense disagreement over the breadth of the term ...
Defined contribution (DC) pension schemes will soon be required to disclose more information than ever before in a bid to assess and improve value for their members. On 16 September 2021, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) published a joint discussion paper on developing a common regulatory framework for measuring value for money (VFM) for DC members. Background VFM has become a key element of DC governance in recent years ...
The Department for Work and Pensions (DWP) has published its combined consultation on draft Regulations designed to improve accessibility of illiquid assets for defined contribution schemes. The Department for Work and Pensions (DWP) has published its combined consultation on draft Regulations designed to improve accessibility of illiquid assets for defined contribution schemes ...
COVID-19 Although the first big wave of requests for repayment deferrals of banking and non-banking loans may seem to be over, a further one is likely just to come once some debtors realise the actual effects of COVID-19 crisis on their economic situation and the pandemic time frame for filing the requests for repayment deferrals will start approaching its end ...
Casa Grüter, a small domestic grocery store chain, created quite a commotion in Paraguay when it accused its distributors into boycotting them. According to publications in local newspapers, the larger supermarkets had supposedly told numerous domestic distributors they would stop doing business with them if they continued doing business with Casa Grüter ...
Scope of Article Declaratory judgment and interpleader actions can be very useful in insurance disputes. Declaratory judgment may be used to resolve issues such as whether a policy was validly issued or otherwise is in effect, the meaning of policy provisions, and the duties of the parties under the policy. See generally Long, Rowland H., The Law of Liability Insurance, Vol. 3, Matthew Bender 1993 ...
The Plurinational State of Bolivia, within the framework of its governmental powers and in accordance with the Declaration of Sanitary Emergency and Quarantine established in recent days, has determined to strengthen the latest measures. The government has conviniently declared that the total quarantine, extends until April 30, 2020, maintaining the suspension of public and private activities ...
In the Official Gazette of the Federation dated June 16, a Decree was published through which several provisions of the Industrial Property Law are amended and added. The object of these modifications is the issuance of a declaration of protection of well-known and famous trademarks in our country. 1 ...
Among many problems facing businesses now is efficient management and decision-making when members of the company’s governing bodies cannot appear in person at headquarters for various reasons. Technology ensures efficient communications, but the possibility for corporate bodies to take resolutions remotely has been debatable in some situations ...
In a judgment decided on the 26th of June 2024 in the names Marcus Scicluna Marshall et vs Michael Borg Cardona, the Court of Appeal in its Inferior Jurisdiction confirmed that no appeal can be filed from the rate established by the Rent Regulation Board to increase the rent for leases predating the year 1995 ...
By Oleksandr I. Vygovskyy, Associate with AstersThe world financial crisis seriously affecting the Ukrainian economy became an "endurance test" for a greater part of Ukrainian companies at various sectors of national economy. Outstanding corporate debts are menacingly zooming up, and many companies, unable to service their debt burden, appeared next door to bankruptcy ...
Introduction The United States Trustee Program is part of the United States Department of Justice and oversees the administration of bankruptcy cases, including oversight of panel trustees. When a bankruptcy court grants a motion to appoint a Chapter 11 trustee, the United States Trustee (“UST”) is responsible for selecting and appointing the individual who will serve in such capacity ...
