Mondaq Business Briefing back issues from January 2007:
Companies Act 2006: Takeovers And Electronic Communications - Update.
Jan 02, 2007; ... On 18 December the Minister for Industry and the Regions, Margaret Hodge, made a statement in Parliament setting out when certain provisions of the Companies Act 2006 will be brought into force. As expected, those that relate to the implementation of the Transparency Directive, including ...
NASD Issues Report on Examination of Member Gift Practices and Additional Guidance on NASD Gift Rule.(Health Opportunity Patient Empowerment Act of 2006)
Jan 02, 2007; ... Contents: Developments of Note Basel IA Comment Period Established NASD Issues Report on Examination of Member Gift Practices and Additional Guidance on NASD Gift Rule Federal Banking Agencies Issue Policy Statement Regarding the Allowance for ...
Doing Business In The USA: Resolving Business Disputes In The U.S. Through Litigation And Alternative Dispute Resolution.
Jan 02, 2007; ... Introduction Any successful business relationship depends on the cooperation of the parties to that relationship. One party's compliance with its contractual obligations will provide the other party with the benefits of its contractual rights. Often, however, even with the ...
Doing Business In The USA: Tax Consequences - Part 1.
Jan 02, 2007 ... Introduction This article discusses the basic framework of the United States income tax law applicable to corporations and, to some extent, limited liability companies, partnerships and individuals. It introduces many of the significant U.S. taxing provisions in the form of an ...
Doing Business In The USA: Tax Consequences - Part 2.
Jan 02, 2007; ... IV. U.S. Taxation of Limited Liability Companies (LLCs) and Partnerships 4.1 LLCs as Conduits LLCs may be treated as either a partnership or a corporation for U.S. tax purposes depending on various factors. Therefore, special care must be taken to ensure ...
Just In Time For The Holidays - Changes In Health Savings Account Rules Under The New Health Opportunity Patient Empowerment Act Of 2006.
Jan 02, 2007; ... On December 20, 2006 President Bush signed into law H.R. 6408, the new Tax Relief and Health Care Act of 2006. Title III of this new law, which focuses on Health Saving Accounts and makes changes that canbe implemented in 2007, has its own short title - the Health Opportunity ...
DOJ Revises Policy On Demanding Waiver Of Attorney-Client Privilege.
Jan 02, 2007; ... On December 12, 2006, the Justice Department announced new guidelines for federal prosecutors to follow in charging business organizations. The new guidelines make significant changes to the circumstances under which the government may demand a waiver of the attorney-client privilege and ...
The Corporate Relocation Quarterly, December 2006.
Jan 03, 2007; ... Edited by Guidy Mamann Contents About The Corporate Relocation Quarterly[TM] Canadians seeking relocation to US through L-1 transfers by Guidy Mamann, LL.B. and Jennifer Nees, B.A., M. Hr., J.D. Work permits for entrepreneurs - a ...
Substantial amendments to the Civil Procedure Law.(Latvia)
Jan 03, 2007; ... The Civil Procedure Law has been subject to several substantial amendments in the second half of 2006. Namely, several changes relating to granting of protective measures and enforcement of foreign judgments were introduced to the Civil Procedure Law by the amendments dated 7 September ...
Amendments to the Civil Law relating to moral damages and payment delays.
Jan 03, 2007; ... On 1 March 2006 amendments to the Civil Law of Latvia came into force changing the statutory remedies available to contracting parties in cases of payment delays and fine-tuning the statutory rights and requirements concerning claims for compensation of moral damages. The new ...
New regulations affecting taxation of real estate transactions by individuals.(Latvia)
Jan 03, 2007; ... On 26 September 2006, the Cabinet of Ministers adopted a new Regulation on Application of the Law on Personal Income Tax. The Regulation entered in force retroactively as of 1 September 2006 and replaced the previously existing Regulation carrying the same name. Among other things, the new ...
Law on Taxes and Duties amended to decrease tax penalties.(Latvia)
Jan 03, 2007; ... On 26 October 2006, the Parliament approved a number of amendments to the law on Taxes and Duties, the most essential of which are liberalization of the tax penalty provisions and changes in the rules concerning cash payments. The amendments will enter into force as of 1 January 2007. ...
New Law on Implementation of Sanctions of International Organizations adopted.(Latvia)
Jan 03, 2007; ... On 5 October 2006, the Latvian Parliament adopted a new Law on Implementation of Sanctions of International Organizations in the Republic of Latvia. The law will enter into force on 1 January 2007 and will replace the existing Law on Regime of Sanctions of International Organizations in ...
Regulation of takeover bids changed.(Latvia)
Jan 03, 2007; ... On 13 July 2006 amendments to the Financial Instruments Market Law came into force. The aim of the amendments is to implement the Takeover Directive (Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids). Amendments also clarify several ...
Liberalisation Of ECB Guidelines.(India, External Commercial Borrowing)(Brief article)
Jan 03, 2007; ... The Reserve Bank of India ("RBI") has vide its recent notification dated 4th November 2006 liberalized the External Commercial Borrowing (ECB) guidelines enabling corporates to now raise ECB for an additional USD 250 million. Previously, corporates were permitted to avail ECBs ...
No Prior Approval For Remittance To Purchase Trademarks Or Franchise In India.(India)(Brief article)
Jan 03, 2007; ... As provided in Rule 5 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, prior approval of the Reserve Bank of India (RBI) is required for drawing foreign exchange for remittance for purchase of a trademark or franchise in India. With a view to ...
Non Banking Financial Companies Re-Classified.(India)
Jan 03, 2007; ... Initially, there were four different categories of companies for the purpose of acceptance of deposits by Non Banking Financial Companies ("NBFCs") namely: Equipment Leasing company - any financial institution which carried on the activity of leasing equipment, as its principal ...
Settlement Agreements Executed During Mediation are Only Admissible If They Include Clear Language Demonstrating the Parties' Intent to be Bound.
Jan 03, 2007; ... On December 14, 2006, the California Supreme Court ruled in Fair v. Bakhtiari, No. S129220, ___ Cal.4th ___ (Dec. 14, 2006), that under California Evidence Code section 1123(b), parties who mediated their dispute and signed a settlement memorandum did not clearly demonstrate their intent ...
It's On The Internet - Can I Use It?(Finland, employee information protection laws)
Jan 03, 2007; ... The Finnish Data Ombudsman ruled in November that employers can not use information on their current employees or prospective hires which is obtained by using Internet search engines, such as Google or Yahoo. Employers must collect employee's personal information primarily from the ...
SEC OCIE Director Discusses Examinations Of Fund And Adviser CCO Annual Reviews.(Lori A. Richards, Securities and Exchange Commission, Office of Compliance Inspections and Examinations, Chief compliance officers)
Jan 03, 2007 ... Contents: Developments of Note SEC Issues Release Proposing a Modified Accredited Investor Standard for Natural Persons Investing in Certain 3(c)(1) Funds and a New Advisers Act Anti-Fraud Rule SEC Publishes Staff Economic Papers on Fund Governance Issues ...
Department Of Labor Permits Good-Faith Compliance For New Pension Benefit Statement Requirements.
Jan 03, 2007; ... On December 20, 2006, the U.S. Department of Labor issued Field Assistance Bulletin No. 2006-03 permitting temporary good-faith compliance with newly enacted requirements to provide periodic pension benefit statements to participants and beneficiaries of ERISA-covered pension plans. The ...
Germany Introduces Reits - With A Major Defect?(Real estate investment trusts)
Jan 03, 2007 ... By Dr. Florian Schultz and Dr. Herbert Harrer are partners of Linklaters, Frankfurt In Germany, with the largest real estate market in Europe, the introduction of REITs has generated significant controversy. On 2 November 2006 the German government approved the draft law on ...
California Court Of Appeal Requires A Showing Of Discriminatory Intent In Disability Access Cases Under The Unruh Civil Rights Act.
Jan 03, 2007; ... Dealing a rare blow to the disability access plaintiffs' bar in California, the California Court of Appeal (4th District) held recently that the $4,000 minimum statutory damages under section 52 of the California Civil Code to redress violations of the Unruh Civil Rights Act are available ...
Contracting Parties Beware: Court Of Appeal Implies Duty Of Good Faith.(Ontario)
Jan 03, 2007; ... The Ontario Court of Appeal has recently held that, in certain circumstances, contracting parties owe a duty of good faith to one another and, further, that an "entire agreement" clause will not preclude the implication of a duty of good faith as a term of a contract. In ...
In IP Strategy There's An Exception To Every Simple Rule (Lilly Wins Zyprexa On Appeal In The US).
Jan 03, 2007; ... (Eli Lilly and Company v Zenith Goldline and ors (2006), CAFC 05-1396) Take home The Zyprexa case is a timely reminder that in IP Strategy, a simple rule of thumb, though useful, is almost always inadequate. Zyprexa underscores the point that infringement and novelty ...
Liechtenstein And Double Tax Treaties?
Jan 03, 2007; ... Liechtenstein registered Companies with participations in EC countries benefiting from European Court of Justice (ECJ) judgements? Is this the end of dividend withholding taxes, even if Liechtenstein does not have any double tax treaty, apart from that one with Austria? Is this the end of ...
Attorneys Hired By Employers In New Jersey To Investigate Complaints Of Workplace Harassment May Be Sued By Complainant.
Jan 03, 2007; ... In a case of great significance to attorneys hired by employers to investigate claims of workplace harassment and the employers that hire them, the United States District Court for the District of New Jersey has held in Spagnola v. Town of Morristown (Civ. Action No. 05-577, Dec. 7, 2006), ...
Thelen Reid Brown Raysman & Steiner Adds Five Attorneys To Technology And Outsourcing Practice.(Richard Green, Craig Conte, Betsy Golden, Kasia Lessard, Ieuan Jolly)
Jan 03, 2007 ... Hartford and New York (January 3, 2007)-Thelen Reid Brown Raysman & Steiner LLP continues its post-merger expansion with the addition of five new attorneys in the firm's Technology, Media, and Communications (TMC) Department. Richard Green, formerly of Connecticut's Wiggin and ...
The Pilot Scheme For Voluntary Mediation In The Construction and Arbitration List High Court of Hong Kong.
Jan 04, 2007; ... Leading the way in the civil justice reforms in Hong Kong is the Construction and Arbitration List High Court with the recent implementation of a pilot scheme for voluntary mediation for cases in the Construction and Arbitration List (the scheme). The scheme is scheduled to run from 1 ...
Recommending Retail Prices: How Far Can You Go Now? Part 2.
Jan 04, 2007; ... This briefing updates a note produced in May 2005 in the light of the Court of Appeal's judgment in the JJB, Argos and Littlewoods appeals. The Court of Appeal on 19 October 2006 upheld two decisions by the UK's Competition Appeal Tribunal (CAT) confirming the Office of Fair ...
OFT Issues Framework To Prioritise Cases.(Office of Fair Trading )
Jan 04, 2007 ... The Office of Fair Trading (OFT) has released prioritisation criteria aimed at making sure that it concentrates its resources on work that will have the highest impact. The OFT receives around 1,200 complaints each year alleging that there has been a breach of UK or EC ...
Executive Compensation And Related Person Disclosure.
Jan 04, 2007; ... Originally published November 8, 2006 Summary of Changes to Form 8-K Regarding Executive Compensation Disclosure Questions and Answers This legal alert is intended to provide general information regarding the new executive compensation disclosure rules ....
Non-Authorised GMOs: Operation Of The Precautionary Principle.(genetically modified organism )
Jan 04, 2007; ... By Rob Greenhalf, Science Unit, London Commission Decision on emergency measures regarding the non-authorised genetically modified organism LL RICE 601 in rice products1 INTRODUCTION In August 2006, the European Commission issued a provisional Decision ...
EU Nutrition And Health Claims Regulation Adopted.
Jan 04, 2007; ... BACKGROUND After a lengthy process spanning over three years, the European Council of Ministers (the "Council") finally voted, on 12 October 2006, to adopt a new Regulation setting out rules governing the use of nutrition and health claims made on food (the "Regulation"). The ...
European Council Adopts Regulation On The Fortificaton Of Foods.
Jan 04, 2007; ... On 12 October 2006, a new EU Regulation setting out harmonised rules on the addition of vitamins, minerals and other substances to foods (the "Regulation") was finally agreed by the Council following a legislative process initiated in November 2003. Although the Regulation was ...
Guarantees: The Risks Of Unclear Documents And "Entire Agreement" Clauses.(Brief article)
Jan 04, 2007; ... In a recent judgment, the court decided that an assurance by the director of a company that he would pay the fees it owed was not a guarantee of those fees. This was in spite of a letter he signed at the same time, which included a term stating that the directors would be directly liable ...
BP Alaska Derivative Claim.(accused for Directors' and officers' liability insurance)
Jan 04, 2007; ... Originally published in BLG's Directors' and Officers' Liability Review, Winter 2006 What happens when the US Plaintiff's Bar seeks to deploy tactics in reliance on English laws on directors' duties? The derivative action filed in October in the Alaska State Court ...
CMS Clarifies Certain Compliance Mandates In The Deficit Reduction Act Of 2005.(Centers for Medicare and Medicaid Services)
Jan 04, 2007; ... On February 8, 2006, President Bush signed the Deficit Reduction Act of 2005 (the "DRA"). Certain provisions of the DRA are intended to reduce and control federal spending on Medicaid program benefits. Section 6032 of the DRA sets forth new conditions that will require certain entities ...
U.S. Supreme Court Hears Argument On Test For Obviousness.(KSR International v. Teleflex Inc.)
Jan 04, 2007 ... On Tuesday, November 28, 2006, the U.S. Supreme Court heard oral arguments regarding the Federal Circuit's "teaching-suggestion-motivation" (TSM) test for obviousness. Several justices voiced concern over the Federal Circuit's obviousness test; Justice Scalia calling it "legal ...
A New Liability Regime For Corporate Reporting.
Jan 04, 2007; ... Originally published in BLG's Directors' and Officers' Liability Review, Winter 2006 Now that the Companies Act has received Royal Assent, we look afresh at the corporate reporting requirements for listed companies and consider to what extent these new requirements give effect ...
Non-Infringement Opinion Negates Intent And Precludes Finding Of Induced Infringement.(DSU Medical Corp. vs. JMS Company Ltd.)
Jan 04, 2007 ... The U.S. Court of Appeals for the Federal Circuit, in an en banc decision, clarified the required intent needed to induce infringement, explaining that mere knowledge of acts alleged to constitute infringement is not enough. The Court held that the mere knowledge that others may directly ...
Backdating? Not An Option!
Jan 04, 2007; ... Originally published in BLG's Directors' and Officers' Liability Review, Winter 2006 In this article we explain what lies behind the ongoing SEC investigations and related US litigation in respect of allegations that certain directors of well known companies wrongly backdated ...
A Fractured Federal Circuit Ready To Change Cybor Rule.(Amgen Inc. v. Hoechst Marion Roussel Inc.)
Jan 04, 2007; ... In denying a petition for rehearing en banc, a fractured U.S. Court of Appeals for the Federal Circuit made it clear that the eight-year-old rule of Cybor, mandating de novo review of district court claim construction rulings, is now ripe for change. Amgen Inc., v. Hoechst Marion Roussel, ...
Directors' and Officers' Liability Review, Winter 2006 - News Digest.
Jan 04, 2007 ... US retreat on Sarbanes-Oxley The Sarbanes-Oxley regulations are to be lightened following recognition by the US Government that the legislation has been overly onerous, and acceptance by US regulator, the Public Company Accounting Oversight Board ('PCAOB'), that section 404 ...
Planning Etc (Scotland) Bill- Modernising The Planning System.
Jan 05, 2007 ... "Land use planning" was traditionally the sole concern of the planning system and the laws regulating it. However, 21st century social aims and objectives have necessitated a transformation of the Planning framework. Implementation of the new Bill will modernise the planning system, with ...
The ECJ Decision In Cadbury Schweppes In Relation To The Controlled Foreign Company Rules.
Jan 05, 2007 ... Originally published in The International Tax Review 1. Facts Of The Case Cadbury Schweppes was a UK resident company. It was the parent company of a group of companies, which included two subsidiaries that were resident in the Republic of Ireland, established in the ...
Finance Comfort Letter On The 95(2)(F) And (F.1) FAPI Accrual Rules - A Comment On Its Implications For The Tax Cost Bump.(functional auditory performance indicators)
Jan 05, 2007 ... Citation: Geoffrey S. Turner, "Finance Comfort Letter on the 95(2)(f) and (f.1) FAPI Accrual Rules - A Comment on its Implications for the Tax Cost Bump" International Tax, Report # 31 (CCH: December 2006) A recent Department of Finance comfort letter publicly released November ...
Federal Circuit Affirms Preliminary Injunction To Halt Generic Launch Of Sanofi's Plavix[R].
Jan 05, 2007 ... After hearing the appeal on an expedited schedule, a unanimous panel of the U.S. Court of Appeals for the Federal Circuit affirmed a district court decision that granted a preliminary injunction against Apotex. Sanofi-Synthelabo v. Apotex, Inc., Case No. 06-1613 (Fed. Cir., Nov. 8, 2006) ...
The 100% Solution.(clarification of the grandfathering rules by the Department of Finance)
Jan 05, 2007 ... Recent announcement clarifies grandfathering rules for Canadian income trusts. On Friday December 15, the Department of Finance provided some clarification of the grandfathering rules affecting the recently proposed tax measures for Canadian income trusts. The ...
Latest Key Developments And Issues Affecting The Canadian Insurance Industry.
Jan 05, 2007 ... The Insurance Group at Stikeman Elliott notes the following legislative and regulatory initiatives and appeal court cases, which are among the developments and cases most likely to have a significant impact on the Canadian insurance industry over the next year. Bill C-37: 2006 ...
FDA Policy Allowing NDA Holder To Delist Patents From Orange Book Unlawfully Denies Generic Applicant Market Exclusivity.(Food and Drug Administration)(New Drug Applications)
Jan 05, 2007 ... The Court of Appeals for the D.C. Circuit recently affirmed a district court decision finding that the Food and Drug Administration (FDA) wrongly delisted two Merck patents, thereby unlawfully depriving Teva and Ranbaxy of 180 days of marketing exclusivity on generic simvastatin. Ranbaxy ...
Identification Of Specific Equivalent Elements In Accused Device Avoids Finding Of Vitiation.(DePuy Spine Inc. v. Medtronic Sofamor Danek Inc.)
Jan 05, 2007 ... Applying the doctrine of equivalents with the "all elements rule," the U.S. Court of Appeals for the Federal Circuit, inter alia, found that a district court had erroneously concluded that there was no question of fact as to whether a cylindrical-conical shape could be equivalent to a ...
Blogging Guidelines For Employees: A Necessity In Today's Workplace.
Jan 05, 2007 ... Preventative measures to forestall the need for "doocing". By now, most employers know that a "blog" is a regularly updated on-line journal of information and opinions, some employers know that the term "dooced" refers to being terminated for inappropriate blogging about the ...
Workings Of The Disability Discrimination Act.
Jan 05, 2007 ... There has been some bewilderment amongst the property world as to the impact that the Disability Discrimination may have on both owners and occupiers. In particular, landlords have been concerned that they will inevitably have to alter premises to accommodate tenants with disabilities. A ...
E-Discovery: Identifying Internal Resources To Facilitate Electronic Discovery.
Jan 05, 2007 ... "I have to what with who?" Our recent Alert Are You Ready for E-Discovery? identified five steps to evaluate and develop litigation strategy in the digital age. The first step is discussed below. Traditionally, attorneys have worked with two distinct types of ...
The IP Year 2006 In Review.(intellectual property)
Jan 08, 2007 ... The year 2006 can be regarded as a landmark year in Canadian intellectual property (IP) law, due to the breadth and scope of the decisions and legislative changes affecting rights holders in the field of patent, trade-mark and copyright law. Many of these changes reflect the international ...
Climate Change Strategies For The Financial Services Industry.
Jan 08, 2007 ... "The breaking news is the arrival of a new set of stakeholders on the environmental scene, including banks and insurance companies. When the financial services industry - which focuses like a laser on return on investment - starts to worry about the environment, you know something big is ...
Asset-Freezing Injunctions: Can Dividends To Shareholders Be "Ordinary Course" Payments?(KTH Capital)
Jan 08, 2007 ... The Grand Court of the Cayman Islands has recently granted a Mareva Injunction in the case of KTH Capital v. China One et al against a Cayman registered company controlled by Morgan Stanley. In so doing, the Court had to grapple with the novel defence raised by the Company that, as a ...
SEC Adopts Further Executive Compensation Disclosure Changes.(Securities and Exchange Commission)
Jan 08, 2007 ... On December 22, 2006, the SEC amended its executive and director compensation disclosure rules, which had become effective in November. The new amendments are in the form of "interim final rules" that became immediately effective upon their publication in the Federal Register on December ...
Prior Art Need Not Be "Effective" To Be Enabling And Thus Anticipating.
Jan 08, 2007 ... The U.S. Court of Appeals for the Federal Circuit affirmed a district court's holding that omission during prosecution of comparative data relating to compounds not at issue in a prior art rejection did not constitute inequitable conduct, but remanded the case for reconsideration of the ...
Attorney Fees Award Properly Entertained After Dismissal With Prejudice.
Jan 08, 2007 ... The U.S. Court of Appeals for the Federal Circuit affirmed a district court's judgment denying a motion for attorneys' fees and expenses under 35 U.S.C. s. 285 following a dismissal with prejudice, based on the filing of a covenant not to sue. Highway Equip. Co. v. FECO, Ltd., Case Nos ....
Effect of Enlargement of the European Union on Trademark Rights.
Jan 08, 2007 ... Originally published December 2006 On January 1, 2007, the European Union1 will be enlarged to add Bulgaria and Romania as member states. Those who already own European Union applications or registrations will immediately enjoy trademark protection with the automatic extension ...
What Constitutes Unreasonable And Vexatious Behaviour When A Notice Of Determination Is Served?(Reinwood Limited)(Brown & Sons Limited)
Jan 08, 2007 ... Serving a notice of determination is always a significant step to take. The consequences of getting such a notice wrong can be drastic to the extent that the contractual situation can be completely turned around in favour of the party apparently in default. In a recent case ...
Federal Court Rejects Fired Employee's Sarbanes-Oxley "Whistleblower" Claim.
Jan 08, 2007 ... Originally published December 18, 2006 Because the Sarbanes-Oxley Act (SOX) is still fairly new, federal courts are just now being asked to decide what kinds of activities will be considered "protected" for purposes of triggering a whistleblower claim under the statute. A ...
"Death Rays" And The Demise Of Arguments Waived.(Loma Linda University Medical Center)
Jan 08, 2007 ... The U.S. Court of Appeals for the Federal Circuit recently affirmed a district court's summary judgment holding that Ion Beam Applications did not infringe two patents relating to cancer therapy because the patents are invalid for obviousness. Optivus Tech., Inc. v. Ion Beam Applications ...