Mondaq Business Briefing back issues from June 2007:
Don't Forget To File HSR: Hedge Fund Director Fined $250,000 For Alleged HSR Violations.
Jun 01, 2007 ... On May 21, 2007, the U.S. Department of Justice (DOJ) filed a complaint in U.S. District court to obtain civil penalties against James Dondero, a hedge fund director of Highland Capital Management (Highland), for violating premerger notification requirements of the Hart-Scott- Rodino (HSR) ...
Department Of Labor Seeks Comments On Proposed Changes To Child Labor Laws.
Jun 01, 2007 ... On April 17, 2007, the Department of Labor (DOL) issued notice of proposed changes to the child labor regulations under the Fair Labor Standards Act (FLSA). Wage and Hour Division Administrator Paul DeCamp described the changes as "the most ambitious and far-reaching revisions to the child ...
Cartel Regulation In The United Kingdom.( )
Jun 01, 2007; ... Article by Simon Holmes, Antonia Horrocks and Mark Gardner "An extract from The 2007 European Antitrust Review, a Global Competition Review special report - www.globalcompetitionreview.com" The OFT is now using its new powers After receiving a multitude of ...
Is Treasury Adding Value As It Should?: Strategy And Benchmark Practices.
Jun 01, 2007 ... Modern treasury strategy must demonstrably match the needs of the company and meet the expectations of a wide set of stakeholders, as well as fundamentally support the business. Treasury functions also face the added pressure of demonstrating their efficiency and effectiveness ...
International Identity Of The Isle Of Man Recognised.
Jun 01, 2007; ... A landmark declaration recognising that the Isle of Man has its own identity and interests in the international arena is announced today (Tuesday May 1, 2007). The framework of principles agreed by the governments of the United Kingdom and the Isle of Man reinforces the Island's ...
USERRA And The Five-Year Rule.(Uniformed Services Employment and Reemployment Rights Act)(Law overview)
Jun 01, 2007 ... More than five years after September 11, 2001 and the ensuing military engagements, many employers are facing the decision of what, if anything, they can or should do about employees who have been on military leave for more than five years. The Uniformed Services Employment and ...
Multiconsult Newsletter, April 2007.(Mauritius tax policy)(Editorial)
Jun 01, 2007 ... Editorial Small offshore jurisdictions are sometimes subject to negative public comments. One of the criticisms levelled at them is that they are tax havens, a term loaded with many undertones, such as being an ideal location for money launderers. Mauritius has had its share of ...
The Growth Of Investment Funds In Guernsey.(Ozannes)(Brief article)
Jun 01, 2007; ... Investment funds are an established but continuously growing industry in Guernsey because of the attractiveness of the territory as an offshore jurisdiction and its tax regime. Ozannes specialise in the establishment of private equity funds, fund of funds, property/real estate funds and ...
Engineer's Responsibility For Temporary Works.(Hart Investments v. Fidler)
Jun 01, 2007; ... An engineer engaged to provide design services for permanent works may also owe a duty to his employer for temporary works, even if the employer's brief does not specifically refer to temporary works. In Hart Investments v Fidler the court held that a consulting engineer was ...
Supreme Court Restricts Time Frame For Bringing Discriminatory Pay Suits.
Jun 01, 2007 ... By Proskauer Rose LLP's Labor & Employment Practice Group In a significant victory for employers, the Supreme Court, on May 29, 2007, rejected an employee's claim that she should be permitted to sue for intentional pay discrimination that occurred several years earlier, outside ...
The Brave New World Of Employment Verification Under The "Grand Compromise".
Jun 01, 2007; ... At the core of the "Grand Compromise" bi-partisan comprehensive immigration reform bill in the U.S. Senate is a paradigm shift in assigning responsibility for assuring that all U.S. employees are authorized workers. Under current law, responsibility rests primarily with the government to ...
CompAct - Q&As On The 2006 Companies Act.
Jun 01, 2007 ... The Questions Directors 1. There is now a minimum age for appointment as a director, but is there a maximum age? 2. What has to be included within the Register of Directors? 3. Are directors' residential addresses now protected from disclosure? ...
Fluid Prospects - Results Of The Water UK City Conference 2007 Survey.(Conference news)
Jun 01, 2007 ... Water UK City Conference 2007 Introduction Deloitte was delighted to be involved with the 7th annual Water UK City Conference held on the 8th February 2007. More than 100 people from across the water industry attended the event despite the poor weather conditions on ...
Rule 10b5-1 Plans Under Scrutiny: The Next Executive Stock-Timing Story.
Jun 01, 2007 ... A recent academic study suggests that returns on trades by public-company executives under so-called "10b5-1" prearranged trading plans beat the market by significantly more than executive trades made outside of such plans. Although the academic study's findings may be attributable to a ...
New Employment-Related Legislation.
Jun 01, 2007; ... Article by Robert Hill and Nick Dent Summarised below are the key employment law changes which came into force in April 2007: 1 April The rate of statutory paternity pay, maternity allowance, statutory adoption pay and the basic rate of statutory maternity ...
Hedge Fund Manager Fined For Violating HSR Act By Exercising Stock Options.(Hart-Scott-Rodino Act)
Jun 01, 2007 ... On May 21, 2007, the Justice Department (following a request by the Federal Trade Commission) charged a hedge fund manager with failing to comply with the Hart-Scott-Rodino (HSR) Act notification and waiting period requirements before exercising options to acquire stock in Motient Corp. ...
Legal Implications Of Employee Blogs.
Jun 01, 2007; ... Web logs, or "blogs," have gained enormous popularity over the last few years. From traditional journalism to consumer marketing, few communications channels have escaped their impact. This is particularly the case in corporate America. Many companies have realized that company-sponsored ...
SanDisk v. STMicroeletronics Announces A "Sweeping Change" To The Declaratory Judgment Standard In Patent Cases.
Jun 01, 2007 ... A recent Federal Circuit decision, SanDisk Corp. v. STMicroelectronics, Inc., announced a new declaratory judgment standard in patent cases, expanding the rights of potential licensees to file preemptive complaints against patent owners. The result, as Judge Bryson observed in a ...
Outsourcing: FSA To Apply MiFID Connect Industry Guidance.(Financial Services Authority, Markets in Financial Instruments Directive)
Jun 01, 2007; ... The FSA has announced it will take account of industry guidance issued by MiFID Connect in its supervision of outsourcing by firms. This is part of the regulator's recent move to more 'principles-based' regulation. MiFID Connect MiFID Connect is a joint project set ...
Delaware Bankruptcy Court Considers Whether Key Employee Incentive Plan Milestones Can Be Lowered Without Triggering The Restrictions On Retention Plans.
Jun 01, 2007 ... Originally Posted in Cooley Godward Kronish LLP's In The (Red) Business Bankruptcy Blog, May 29, 2007 One of the significant changes made by the Bankruptcy Code amendments that took effect in October 2005 was the imposition of severe restrictions on "key employee retention ...
SEC Proposes Regulatory And Offering Relief For Smaller Companies.
Jun 01, 2007 ... At its open meeting held on May 23, 2007, the Securities and Exchange Commission (SEC) proposed new rules for public comment that, if adopted, will bring about meaningful changes in reporting and offering requirements and exemptions for smaller companies. In addition, the proposed changes ...
Privacy In The Workplace.
Jun 01, 2007; ... Lynette Copland, a secretary at Carmarthenshire College, was awarded 3,000 euros plus costs of double that by the European Court of Human Rights in the case of Copland v UK after succeeding in a challenge against her employer and the UK Government (the College being a statutory body, ...
Developments In Turkish Insolvency Law.
Jun 04, 2007 ... It has been an exciting time from a Turkish insolvency point of view. The law governing Turkish insolvency procedures known as the Execution and Bankruptcy law (the EBL) (Icra Iflas Kanunu) has in recent years been amended twice and has introduced new procedures for ailing companies, which ...
Project Finance Transactions Under Turkish Law.
Jun 04, 2007 ... Introduction and general information The explosion seen in the use of project finance techniques all around the world in the late 1980s and 1990s, has meant people are tempted to regard the financing of projects on a limited or non-recourse basis, as a relatively novel concept ....
Boutique Fund Administrators Begin To Make Their Mark.
Jun 04, 2007 ... Ever-changing, forward-thinking legislation and increasingly straightforward regulation, is making it simpler and easier to establish new funds in Guernsey. The introduction of the PCC concept, the success of the Qualifying Investor Funds and the Harwood Report provide adequate ...
Protection of Mark - A Growing Concern.(Intel Corp. v. A. Sailesh)
Jun 04, 2007 ... Trademark has become an integral part of every business concern and now a day the predicament is not with registration of the mark but as to its protection. Trademark infringements have emerged as a fertile ground of litigation. The trademark violations have badly affected many large ...
Copper, Crooks, Conversion and Hedging - A Cautionary Tale.(Trafi gura Beheer BV & Anor v. Mediterranean Shipping Company)
Jun 04, 2007; ... By Electra Panayotopoulos and Alex Moulsdale In Trafi gura Beheer BV & Anor -v- Mediterranean Shipping Company ([2007] EWHC 944 (Comm)) Aikens J considered several undecided issues of law as well as decided cases such as the Happy Ranger ([2002] 2 LLR 357) and Motis Exports Ltd ...
Supreme Court's Dismissal of Antitrust Conspiracy Complaint May Ease Path for Early Dismissals Of Weak Claims Generally.
Jun 04, 2007 ... On May 21, 2007, the United States Supreme Court in Bell Atlantic Corp. v. Twombly (No. 05- 1126) dismissed a Sherman Act s. 1 antitrust conspiracy claim brought in a putative customer class action against various "Baby Bell" telephone companies as not having been pled with sufficient ...
New CIS - 40% Of Construction Companies At Risk Of Losing Gross Payment Status.(Construction Information Service)
Jun 04, 2007; ... By Isobel d'Inverno and Laura Wilkinson Under new CIS, construction companies must meet a much stricter compliance test to retain gross payment status which is a rolling review looking back over the last 12 months. HMRC ran the new compliance test against all those ...
Money Matters.(financial services regulations in Guernsey)
Jun 04, 2007; ... This article was originally published in Country Life, May 2007. Guernsey's numbers are staggering. Banks based in the Island hold more than [pounds sterling]92bn worth of deposits; the local fiduciary sector has more than [pounds sterling]200bn of assets in trust; the value of ...
The Cutting Edge.(investment fund industry regulations)
Jun 04, 2007 ... This article was originally published in HFM Week, May 2007. Guernsey's investment fund industry is booming. The substantial growth that was a feature of 2005 continued throughout 2006, pushing levels of business to record highs and this has largely been driven by a surge in ...
Pre-Action Protocol: Cost Penalties.
Jun 04, 2007; ... Article by Peter Mansfield and Rob Morris A recent case shows that a claimant who issues proceedings without following pre-action protocol procedure can be penalized on costs at an interim stage; even though proceedings are to be stayed to allow the parties to discuss ...
Freedom Of Information Act: Public Service Broadcasting.(United Kingdom Freedom of Information Act 2000, British Broadcasting Corp.)
Jun 04, 2007; ... The High Court, in its first judgement on the Freedom of Information Act 2000("FOIA"), has considered a fundamental jurisdictional issue in addition to widening the scope of what information falls within the ambit of "journalism", to which the Act does not apply, giving public service ...
Merchant Liability for Security Breaches.
Jun 05, 2007 ... In the world of security breach, the momentum has clearly shifted to the states, maybe this time for good. More than thirty-five states have already enacted breach-notification statutes. This trend may be unstoppable, with Congress unable to find common ground to settle on a national ...
TSX Amends Rules On Normal Course Issuer Bids.
Jun 05, 2007 ... Article by Pamela Hughes and Chris Hewat, [c] 2007, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Securities Law, May 2007 BACKGROUND The Toronto Stock Exchange (TSX) has adopted and the Ontario Securities Commission (OSC) has ...
Canadian Government Withdraws Proposal To Restrict Interest Deductions.
Jun 05, 2007; ... Article by Bryan Bailey, Leslie Morgan, Kathleen Penny, Ron Richler, Paul Stepak, Paul Tamaki, Jeffrey Trossman and Chris Van Loan, [c] 2007, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Tax, May 2007 On May 14, 2007, the Minister of Finance ...
Mortgage Law Will Accelerate The Flow Of Foreign Capital Into Turkey.
Jun 05, 2007 ... The new mortgage law in Turkey sets new standards for the housing finance system and introduces new capital market instruments. The lack in Turkey of a proper housing finance system, and the consequential high occurrence of irregular and unqualified housing in the country has ...
Patent Appeal Board Considers The Patentability Of Financial Service Innovations.(Canadian Patent Appeal Board)
Jun 05, 2007; ... The Canadian Patent Appeal Board, in two recent decisions, has reversed the examiner's rejections of applications regarding certain financial service-related innovations. The decisions are particularly noteworthy for the Board's strong statements about improper subject matter objections ...
News In The Legislature And In The Courts.
Jun 05, 2007 ... Federal Legislative Proposal Canadian government proposes new Fisheries Act, 2007 The Department of Fisheries and Oceans recently proposed Bill C-45, the Fisheries Act, 2007 (New FA). It is designed to revoke and replace the 138-year old Fisheries Act, modernize the ...
IFRS For Financial Instruments: Technical Accountants And Financial Instrument Experts Providing IFRS Advisory Services.(International Financial Reporting Standards)
Jun 05, 2007 ... The rapidly shifting sands of the financial reporting landscape has led to a huge growth in demand for client facing, expert IFRS advice and project services. This is particularly true in the complex area of financial instrument accounting. Deloitte IFRS specialists are unique in combining ...
Intellectual Property Update: Statement Of IP Principles Released.
Jun 05, 2007 ... Background On 11 May 2007, the Attorney-General, the Hon Philip Ruddock MP, released the Statement of IP Principles. The Statement of IP Principles is an IP Policy which provides a framework for effective management of Intellectual Property (IP) by Australian Government ...
Use Of Isle of Man Vehicles For AIM Listings.
Jun 05, 2007 ... Introduction AIM is becoming an increasingly popular option for companies looking to raise capital. A growing number of new floats have been Isle of Man companies and this suggests that international businesses are realising the advantages of using an Isle of Man vehicle to ...
European Litigation Trends.
Jun 05, 2007; ... Article by Gillian Eastwood, Stephane Benouville, Christian Duve, Enrico Castellani, Hub Harmeling & Vicente Sierra An overview of collective actions and D & O liabilities in England, France, Germany, Italy, the Netherlands and Spain Introduction ...
Gowers Review Of Intellectual Property.
Jun 05, 2007; ... It may have gone largely unnoticed, but the publication in December 2006 of the Gowers Review of Intellectual Property (the "Review"), is one of the most important reports issued in relation to Intellectual Property ("IP") in the United Kingdom. As the foreword to the Review ...
Jersey Limited Partnerships.(Jersey's Economic Development Department)
Jun 05, 2007 ... Proposed amendments are likely to add to the attractiveness of Jersey limited partnership law, thereby helping to ensure that the island remains competitive in this area. The proposed amendments are included in a position paper authored by the States of Jersey's Economic Development ...
Isle Of Man Aircraft Register.
Jun 05, 2007; ... Background The Isle of Man Aircraft Register became operational on 1st May 2007. Within two days of the launch of the register, three Cessna Citation Jets had been registered in the Isle of Man and it is anticipated that there will be a total of seven aircraft on the Isle of ...
Audit Exemption.(Isle of Man Companies Acts 1931-2004)
Jun 05, 2007; ... Requirements for audit exemption A private company incorporated under the Isle of Man Companies Acts 1931-2004 which qualifies as an "audit exempt company" may, by members resolution, elect to dispense with compliance with the requirements of the Isle of Man Companies Acts ...
Climate Change.
Jun 05, 2007 ... The consultation process for the draft Climate Change Bill, which was published in March, is well underway. The deadline for submissions is 12 June. The UK Government published the draft Climate Change Bill in March, aiming to set the UK on a path towards a low carbon economy ....
Milk Prices Take A Step In The Right Direction.
Jun 05, 2007 ... The announcement by Tesco to give milk suppliers a base price of 22ppl could be a turning point for all involved if everyone in the supply chain is open and transparent. Extraordinary things have been taking place in the UK milk supply chain. On 3 April, Tesco made headlines ...
CMS Proposes Payment Change For Inpatient Rehabilitation Facilities.(Centers for Medicare and Medicaid Services)
Jun 05, 2007; ... The Centers for Medicare and Medicaid Services (CMS) recently proposed a new rule that would update payment rates and policies for inpatient rehabilitation facilities (IRFs). Under the proposed rule, payment to IRFs would increase by 3.3 percent. CMS projects that the payment revision will ...
Protected Cell Companies In The Isle of Man.
Jun 05, 2007 ... The Legislation There are two regimes governing the formation and operation of protected cell companies ("PCCs") in the Isle of Man. Which regime is applicable will depend upon whether the company in question is incorporated under the Isle of Man Companies Acts 1931-2004 or the ...
E-Discovery - The Changing Face Of Litigation.
Jun 05, 2007; ... By Weston Rudd and Rinus de Waal, Calgary1 Generally, every party to a lawsuit is required to list all "records" (the physical representation or record of any information, data or other thing that is or is capable of being represented or reproduced visually or by sound, or both) ...
Tax Focus - A Summary Of Current Tax Issues For Companies, June 2007.
Jun 05, 2007 ... Changes to clearance processes for financial transactions In this year's Budget it was announced that HM Revenue & Customs (HMRC) could speed up its procedures for allowing relief from UK tax for loan interest paid to non-residents, and to extend the circumstances in which UK ...
The Real Lessons of "Ledbetter v. Goodyear Tire & Rubber Co., Inc." : What the Supreme Court Decided.(Case overview)
Jun 05, 2007 ... On May 29, 2007, the Supreme Court announced its decision in Ledbetter v. Goodyear Tire & Rubber Co., Inc., limiting the potential liability of employers for pay discrimination under Title VII. The fact pattern it considered is rather common, which is one reason why this case is so ...
Tender Offers in Italy.
Jun 05, 2007; ... Italy has not yet implemented the Directive on Takeover Bids (Directive 2004/25/EC, the "Directive") in its internal legal system.1 However, Italian tender offer rules currently in force, as set forth in Legislative Decree no. 58 of February 24, 1998, and CONSOB2 Regulation no. 11971 of ...
Tax Update, 4 June 2007.(United Kingdom Her Majesty's Revenue and Customs )
Jun 05, 2007 ... 1. Jones v Garnett (Artic Systems Ltd) The House of Lords will hear the appeal from 5 to 7 June. This is the case where HMRC argued that dividends paid to Mrs Jones were assessable on Mr Jones under the settlement legislation. 2. Buy-to-let HMRC has ...
Proposed NYSE Broker Voting Rule Revised.(New York Stock Exchange)
Jun 05, 2007; ... On May 23, 2007, the New York Stock Exchange (NYSE) revised a previously proposed amendment to Rule 452 ("Giving Proxies by Member Organizations"), the NYSE rule that governs when brokers may submit proxies without having received voting instructions from their clients. The proposed ...
Nuclear - Clarification Of Risks For Private Sector Investment.
Jun 05, 2007; ... The Government has published a Consultation on the Future of Nuclear Power alongside its Energy White Paper published on 23rd May ( Click Here to link to previous Law Now article). The consultation primarily deals with the option of private sector investment in new nuclear power stations ...
Paying An Adjudicator To Release His Decision Imperils It.(United Kingdom Construction Act 1998)
Jun 05, 2007; ... Last week the TCC declined to enforce another adjudicator's decision. The case is interesting for three reasons: It is yet another recent case highlighting when the Construction Act does not apply to letters of intent (LOIs). While the LOI grounded a contract it was not governed ...
Legislative and Regulatory Recommendations Of Isle Of Man Funds Review Group.
Jun 05, 2007 ... The Isle of Man funds industry has been the subject of a recent high level review to identify how the Island can continue to expand the size and increase the quality of the business. The Funds Review Group, as it is known, is comprised of senior figures from both the public and private ...
Channel Islands Review - Ozannes.(Brief article)
Jun 05, 2007; ... Investment funds are an established but continuously growing industry in Guernsey because of the attractiveness of the territory as an offshore jurisdiction and its tax regime. Ozannes specialise in the establishment of private equity funds, fund of funds, property/real estate funds and ...
The Isle Of Man From The Perspective Of A Fund Manager.
Jun 05, 2007; ... Despite modern communication systems, financial businesses generally prefer to have a physical presence in the largest cities around the world. This is entirely logical. Major trading centres have evolved over many years as a natural place to do business with all the advantages that a ...
Why Isle Of Man? - From The Perspective Of A Fund Administrator.
Jun 05, 2007; ... As a participant in the hedge fund industry, you'll likely be a highly commercially focused person with very little time for detailed jurisdictional reviews. As a cut to the chase, this short article aims to answer why should you consider Isle of Man and what's in it for you if you do. ...
SEC Proposes Amendments To Capital Raising & Reporting Rules For Smaller Companies & Approves Guidance On Compliance With Section 404 Of SOX.
Jun 05, 2007 ... On May 23, 2007, the U.S. Securities and Exchange Commission ("SEC") proposed a series of measures aimed at modernizing and improving certain requirements with respect to the capital raising and reporting requirements for smaller companies. On the same day, the SEC unanimously approved ...
Supreme Court Reverses Federal Circuit, This Time On Obviousness.(KSR International Co. v. Teleflex Inc.)
Jun 05, 2007 ... A unanimous U.S. Supreme Court criticized application of the Federal Circuit's "teaching, suggestion or motivation" (TSM) test for obviousness. While describing the TSM test, originally articulated by the Court of Customs and Patent Appeals (the Federal Circuit's predecessor) as a ...