In a decisive victory for the Plaintiffs in class actions against the three Canadian leading tobacco companies1, the Québec Superior Court ordered the Defendants to pay more than 15 billion dollars in moral damages2 and punitive damages. There were more than 253 hearing days3 and 16 years of proceedings. THE ACTIONS In February 2005, Justice Pierre Jasmin authorized two class actions against JTI-Macdonald (JTM), Imperial Tobacco (ITL) and Rothmans, Benson & Hedges (RBH) ...
Later this month, new rules will make it easier for smaller companies to access capital. The new rules, referred to as “Regulation A+", were adopted earlier this year by the Securities and Exchange Commission (“SEC”). To amend and expand the exemption for public offerings afforded by Regulation A under the Securities Act of 1933, as amended (the “Securities Act”), as mandated by the Jumpstart Our Business Startups Act (the “JOBS Act”) ...
Much has been made of a recent amendment to the Tennessee Business Corporation Act and its impact on the financial liability of corporate directors. Newly added Section 48-24-109 of the Tennessee Code Annotated provides that, in the event a corporation is dissolved, “[d]irectors shall cause a dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims ...
On April 21, 2015, the State Council of China (i.e. the central government) adopted the proposed draft of Administrative Measures on Concession of Infrastructure and Public Utilities Projects (the “Infrastructure Measures”) ...
Merger control in Ukraine: overviewRegulatory framework1. What (if any) merger control rules apply to mergers and acquisitions in your jurisdiction? What is the regulatory authority?Regulatory frameworkMergers and acquisitions, as well as establishment of an undertaking and appointments to corporate positions under certain circumstances, are subject to merger control in Ukraine ...
The Securities and Exchange Commission (“SEC”) touted 2014 as a record year for its enforcement program and noted cases that spanned the spectrum of the securities industry. Actions against municipal securities issuers and underwriters particularly stand out among the many areas of aggressive enforcement in 2014 ...
The Wills and Probate Registry in the Dubai International Financial Centre (the “Registry”) opened in late April of this year. It is now possible to register a will in Dubai, and to have a high degree of confidence that it will be enforced in accordance with its terms. Prior to the establishment of the Registry, it hadn’t been possible to be so confident that foreign wills would be enforced in the United Arab Emirates ...
The Act of 21 December 2013 concerning the financing of small and medium-sized undertakings (the “Act”) was published in the Belgian State Gazette on 31 December 2013. The Act entered into force in 2014 and applies to all Credit Agreements that have been concluded since that date. The Act applies to all Credit Agreements entered into between an Undertaking and an EEA Provider of Credit ...
The SEC’s Division of Investment Management issued a guidance update last week reminding registered investment advisers and registered investment companies of the importance of cybersecurity and providing recommendations on specific measures that advisers and investment companies should consider in addressing their cybersecurity risks. Last week’s guidance update demonstrates the SEC’s continued focus on cybersecurity as part of its compliance initiatives ...
The Securities Exchange Commission (“SEC”) is continuing to promote its whistleblower reward program and recently announced awards to two individuals who provided key information leading to successful SEC enforcement actions. One whistleblower, a compliance officer, will receive an award of approximately $1.5 million. The other whistleblower, a former head trader, will receive a maximum payout of 30 percent of the amounts collected (which totals over $600,000) ...
The Tennessee General Assembly recently passed the Revenue Modernization Act (the “Act”), which imposes broad, sweeping changes by adopting revised nexus standards for Tennessee business tax, franchise and excise tax, and sales and use tax purposes; revising Tennessee apportionment for business tax and franchise and excise tax purposes; and imposing sales tax upon remotely accessed video games as well as online software access ...
Last week the U.S. Department of Justice’s Cybersecurity Unit (“DOJ”) issued guidance to organizations concerning preparing for, responding to, and remediating cyber incidents. DOJ based its publication on lessons learned by federal prosecutors who handle cyber investigations and prosecutions, as well as feedback from private sector victims of cyber attacks and intrusions ...
In recent enforcement actions, the Consumer Financial Protection Bureau (CFPB) sued four payment processing companies – not for engaging in illegal debt collection – but rather, for ignoring warning signs in processing payments for debt collectors who were engaged in fraudulent debt collection schemes. The CFPB charged the payment processors with violating 12 U.S.C ...
In Indonesia, domestic and international arbitration falls under the Arbitration Law (Law No. 30 of 1999). The Arbitration Law is not based on the UNCITRAL Model Law. Under the Arbitration Law, any award handed down outside the territory of Indonesia (e.g. in Singapore or London) is classifi ed as an international arbitration award ...
In recent years, representation and warranty insurance has gained popularity as a tool to decrease transaction liability exposure in M&A transactions. These policies can be particularly useful in the context of cross-border transactions, for both financial and strategic parties, to facilitate middle-market transactions involving foreign buyers or sellers of domestic U.S.-based businesses. The product is also beginning to gain traction in transactions outside of the United States ...
Download a free copy of the Philippine section of The Tax Disputes and Litigation Review edition 3, which was contributed by the SyCipLaw Partner Carina C. Laforteza with Associate Mark Xavier D. Oyales ...
Target Corporation recently announced that it entered into a settlement agreement with MasterCard International Incorporated, agreeing to pay up to $19 million to MasterCard for payments to reimburse issuing banks for card-replacement and fraud losses allegedly associated with the 2013 data breach at Target ...
MontenegroThe Montenegrin Parliament recently enacted the new Law on Tax on Coffee and amendments to the Law on Value Added Tax, the Law on Real Estate Tax, the Law on Tax Administration and the Law on Mandatory Social Security. The purpose of these changes is to clarify existing provisions of these tax laws in order to improve their enforcement and to better control the tax liabilities of non-resident taxpayers ...
SyCipLaw Partner Rose Marie M. King-Dominguez and Senior Associate Franco Aristotle G. Larcinacontributed to the Philippine section of the Asia-Pacific Property Investment Guide, a publication produced by Ashurst Australia and Jones Lang LaSalle ...
Significant changes to the tax regulations in the Republic of Srpska (“RS”) are expected in the coming months. On March 6, the National Assembly of RS passed amendments to the Law on Fiscal Cash Registries. In addition, Parliament approved the Government’s proposals on amendments to several important tax laws, including corporate income tax, personal income tax, social security contributions and property tax ...
One of the central functions of a contract is to be able to enforce its obligations. Within the EU, under the new Recast Brussels Regulation (the Regulation), it is now easier, quicker and cheaper to enforce EU judgments within England and Wales. The Regulation applies to all proceedings instituted on or after 10 January 2015 within the EU. This article looks at the key changes introduced and key points to be aware of when seeking to enforce ...
There are two reasons why Latin American clients keep coming to US law firms to handle their cross-border M&A deals. The first reason is our execution capabilities: US law firms have been advising on cross-border M&As for more than 100 years. The second reason is the predictability of a tried and tested legal system: US law remains the preeminent choice for large cross-border M&A deals because of the certainties and guarantees it offers to everyone involved ...
On March 19, 2015, the competition regulator in India – the Competition Commission of India (“CCI”), passed an order rejecting charges that Suzuki Motorcycle India (“Suzuki”) had abused its dominant position in the market for manufacturing and sale of two-wheeler vehicles ...
The 2015 Mergers Control Survey by Margaret Huang and Victor Chang of LCS & Partners reviewed the merger control regime in Taiwan for IFLR. 1. REGULATORY FRAMEWORK1.1 What is the applicable legislation and who enforces it?The Fair Trade Act (FTA), which entered into force in 1992, is the main legislation governing Taiwanese merger control. Merger control is enforced by the Taiwan Fair Trade Commission (TFTC) ...
On Tuesday, March 24, 2015, the Supreme Court issued its decision inOmnicare Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S. __ (2015). The ruling identifies two avenues by which a company’s statements of opinion in registration statements for initial public offerings can lead to liability under Section 11 of the Securities Act of 1933 ...
