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Deacons | November 2006

The Hong Kong Securities and Futures Commission (SFC) has recently updated its Licensing Related Frequently Asked Questions (FAQs) on its website regarding Topic 2 - Competence and Topic 6 - Licensing Conditions ...

Deacons | November 2006

In September 2006, the Securities and Futures Commission (SFC) released the Consultation Conclusions on the draft guidelines on marketing materials for listed structured products (Guidelines). The Guidelines, to be published under section 399 of the SFO, will replace the current guidelines, which take the form of a letter to warrant issuers. The Stock Exchange of Hong Kong will continue to require compliance with the revised Guidelines as a condition to the listing of structured products ...

C.R. & F. Rojas Abogados | November 2006

Bolivia has just culminated the step that will have the greatest impact in the process of creating a new constitution for Bolivia. On Sunday July 2, Bolivia elected the constituents to the assembly that will be in charge with providing structure and substance to the new constitutional norm ...

A&L Goodbody LLP | October 2006

As expected, the latest set of EU regulations regarding collective investment schemes - the undertakings for collective investments in transferable securities (Ucits III) - has opened up an exciting new spectrum of product possibilities for the investment funds industry in Europe. Since December 2004 there has been a new range of creative product offerings being authorised by the Irish financial regulator under the Ucits III banner ...

Cechova & Partners | October 2006

Pursuant to the Act on Supervision of Financial Market, the National Bank of Slovakia has issued this Measure, which defines the content, format, terms, form, method, procedure and place of submitting the reports for statistical purposes by a pension asset management company for the pension asset management company itself and for individual pension funds established and managed by it, and by a supplementary pension company for the supplementary pension company itself and for individual pension f

Cechova & Partners | October 2006

Pursuant to the Act on Supervision of Financial Market, the National Bank of Slovakia has issued this Measure, which defines the content, format, terms, form, manner, procedure and place of submitting the reports to the National Bank of Slovakia by factoring companies, instalment financing companies and leasing companies for statistical purposes. This Measure is published in the Bulletin of the National Bank of Slovakia (Issue No ...

Cechova & Partners | October 2006

The Ministry of Foreign Affairs of the Slovak Republic announced the adoption of the Treaty on Accession of the Czech Republic, Republic of Estonia, Republic of Cyprus, Republic of Latvia, Republic of Lithuania, Republic of Hungary, Republic of Malta, Republic of Poland, Republic of Slovenia and Slovak Republic to the Double Tax Treaty in case of adjustment of profit of associated companies, dated 23 July 1990 as amended by the Treaty of 21 December 1995 and the

Cechova & Partners | October 2006

Pursuant to the Act on Old-Age Pension Savings, the National Bank of Slovakia issued this Decree stipulating the requirements for the content of an annual and halfyear report on asset management in a pension fund, and annual and half-year report on equity management in a pension asset management company, as well as the content and structure of daily information about each transaction with pension fund assets ...

Cechova & Partners | October 2006

Pursuant to the Act on Supplementary Pension Savings, the National Bank of Slovakia issued this Decree stipulating the requirements for the content of an annual and halfyear report on asset management in supplementary pension fund and annual and half-year report on equity management of supplementary pension company ...

Cechova & Partners | October 2006

Pursuant to the Act on Banks, the National Bank of Slovakia issued this Measure defining the content, format, terms, form, method, procedure and place of submitting reports to the National Bank of Slovakia for statistical purposes. This Measure has been published in the Bulletin of the National Bank of Slovakia (Issue No ...

Deacons | October 2006

On 24 August 2006, the China Securities Regulatory Commission ("CSRC"), People's Bank of China ("PBOC") and the State Administration of Foreign Exchange ("SAFE") jointly issued new regulations, the "Measures for the Administration of Investment in Domestic Securities by Qualified Foreign Institutional Investors" (the "New QFII Rules") that govern the regime allowing qualifying foreign institutions approved by the CSRC as Qualified Foreign Institutional Investors ("QFIIs") to invest in China A sh

This article was first published in Invest Romania, October 2006 issue. 1 Common customs policy The enlargement of the European Union automatically triggered the enlargement of the scope and applicability of the common commercial policy promoted by the member states towards the new member states ...

The revelations of the intercepted phone messages from Prince Harry and Prince William earlier this year are a reminder of how vulnerable personal data can be. Proposed changes to the law will mean that those who hold confidential personal information must be even more vigilant about what they do with that data. Most businesses will be familiar with the Data Protection legislation but it is important not to be complacent ...

Shepherd and Wedderburn LLP | September 2006

There has been a great deal of interest generated by the Bankruptcy and Diligence etc (Scotland) Bill on its passage through the Scottish Parliament ...

Szecskay Attorneys at Law | September 2006

In the recent past, the State Supervision of Financial Organizations (the "SSFO") has published its guidelines on its official website regarding the possibility of providing financial services in the territory of Hungary by credit institutions/financial enterprises with a registered seat in a Member State of the European Union in the form of cross-border services through agencies by means of the Hungarian Bank Act ...

Deacons | September 2006

The recently introduced Pension Protection Act 2006 makes two important changes to the definition of the term "plan assets" for the purposes of ERISA. The new legislation continues to provide that the assets of a fund or other entity will not constitute "plan assets" and will therefore not be subject to the fiduciary obligations under ERISA if less than 25% of the value of each class of equity in the entity is held by "benefit plan investors" ...

Deacons | September 2006

Phasing out of the International Business Companies Act, 1984 (the IBC Act) On 1 January 2005, the BVI Business Companies Act 2004 (the New Act) was introduced ...

Deacons | September 2006

By January 2007 all EU members are supposed to adopt MiFID, including its implementation measures published in June 2006. Firms carrying out investment services will then have to comply with it by November 2007. MiFID should greatly facilitate EU cross-border activities since passported firms will no longer be subject to prudential regulation in each country where they provide services but only by their home country ...

Deacons | September 2006

In the recent Feedback Statement (FS06/2) from the UK's Financial Services Authority (FSA) to its Discussion Paper entitled "Hedge funds: A discussion of risk and regulatory engagement", the FSA identified the use of side letters as an area of concern where a market failure may be present, thus potentially requiring regulatory intervention by the FSA ...

Deacons | September 2006

The SFC has recently published a guide to the information required to be submitted to the SFC in relation to risk management and control processes by fund managers seeking approval to use the expanded investment powers under UCITS III (Guide). The Guide sets out the items and areas relating to the risk management and control process that the SFC normally expects to be provided in order to give the SFC an understanding of the risk management processes of the relevant UCITS III funds ...

Lavery Lawyers | September 2006

• Directors of NPOs are subject to substantially the same duties and liabilities as directors of for-rofit companies • Being a director of an NPO is not merely an honorary role • The corporate governance rules recommended for or imposed on reporting issuers are examples of best practices for NPOs; however, like for small businesses, they should be adapted, depending on the situation, to avoid unduly complicating the NPO’s processes • Special attention should be paid to certain differenc

State Aid is something of a European hot potato as the European Commission is currently in the process of reforming the rules surrounding State Aid. This reform process is the key priority for Robert Hankin, head of the Regional Aid Unit at the European Commission. State Aid involves support given by a member state to businesses, in the form of subsidies or tax breaks for example, and has a wide-ranging impact throughout Europe ...

Deacons | July 2006

The People's Bank of China, the Chinese central bank, recently announced principle policies for the financial services sector on outbound investments in overseas markets by Chinese nationals and corporations. These policies are generally regarded as the Qualified Domestic Institutional Investors (QDII) program in the market ...

Deacons | July 2006

On 1 March 2004, the Provisional Administrative Rules Governing Derivative Activities of Financial Institutions were implemented by the China Banking Regulatory Commission (the "CBRC") and constituted the first set of substantive regulations governing the derivatives business in China ...

Deacons | July 2006

Shareholders with a substantial interest in a listed company are required to disclose their shareholdings in order to improve market transparency, prevent insider trading, and facilitate informed investment decisions. In most countries in Asia, initial disclosure is required once a shareholder acquires an interest in 5% of a listed company’s voting shares. In Taiwan and Sri Lanka it is 10% ...

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