Mondaq Business Briefing back issues from August 2007:
IRS Challenges Claims That Certain Capital Gain Dividends Received By Foreign Government Investors From REITs Or RICs Are Not Subject To US Tax.
Aug 01, 2007 ... Originally published June 21, 2007 On June 13, 2007, the Internal Revenue Service (IRS) issued Notice 2007-55 to alert taxpayers that it intends to (i) challenge claims that capital gain dividends paid to foreign government investors by qualified investment entities (QIEs), ...
FCPA Scrutiny Of Nigerian Customs Payments Intensifies - Companies Conducting Business In High-Risk Countries Redouble Compliance Reviews.(Foreign Corrupt Practices Act)
Aug 01, 2007 ... Originally published 16 July 2007 In the wake of the guilty plea entered by Vetco Grey in February 2007, the US Department of Justice (DOJ) has aggressively intensified its investigation into payment practices of those working through the customs process in Nigeria. While some ...
SEC Staff Issues Denial Of No-Action Request Regarding Broker-Dealer Registration To Company Acting As A Financial Consultant And Finder Of Investors For Small Businesses.
Aug 01, 2007 ... Developments of Note FRB Grants Risk-Based Exception for Margin Loans Federal District Court Dismisses Excessive Fee Suit against Mutual Fund Adviser and Distributor SEC Chairman Issues Letter Concluding that a Mortgagor's Modification of Securitized Loans ...
"Next Generation" Consumer Class Actions Target Retailers/Franchisors.
Aug 01, 2007 ... The plaintiffs' class action bar has set its sights on the next generation of consumer litigation, this time concerning the information that appears on consumers' receipts at the point of sale. At stake are millions and potentially billions of dollars in alleged damages. The odor of ...
Canada Modernizes EFC Treatment Under Insolvency Legislation.(Federal Budget Implementation Act)(Bankruptcy and Insolvency Act)(Creditors Arrangement Act)(expected family contribution)
Aug 01, 2007 ... On June 22, 2007, the federal Budget Implementation Act, 2007 (formerly Bill C-52) received royal assent. Most of the Act came into force on that date, including nearly all of Part 9, which makes important amendments to the eligible financial contract provisions of the Bankruptcy and ...
OFT Fine On British Airways Reaches New Heights.(Enterprise Act 2002)(Office of Fair Trading)
Aug 01, 2007 ... The Competition Act 1998 prohibits any form of price co-ordination between competitors, whilst the Enterprise Act 2002 raises the prospect of criminal sanctions. Over the last year much of the press comment on competition matters has been directed to the OFT's ongoing ...
Australia: The Sins Of The Sons (Of Gwalia) Are Visited On Creditors Yet Again.
Aug 01, 2007 ... Australia is sometimes referred to as "down under" for obvious geographic reasons. In the investment community, however, Australia is becoming known as "upside down" due to the Sons of Gwalia (SOG) insolvency proceedings, in which the alleged fraud claims of shareholders have been elevated ...
Goodmans Q&A: Can Parallel Importation Be Prevented Under The Canadian Copyright Act?
Aug 01, 2007 ... Q: Can Parallel Importation be Prevented under the Canadian Copyright Act? A: The parallel importation (also known as grey marketing) of genuine goods into Canada by unauthorized persons has been the subject of debate and legal action for some time. Most recently, a manufacturer ...
Double Boost.
Aug 01, 2007 ... Originally Published in Investor Services Journal, July 2007 In the past few weeks Guernsey's fund industry has received two major boosts: the value of funds under management and administration in the Island reached a new high of more than [pounds sterling]140bn; and Citco, one ...
Medicaid to Require "Tamper-Resistant" Prescription Pads.(Duane Morris, L.L.P.)
Aug 01, 2007 ... Pharmacists and Physicians Beware: New Medicaid Statute Could Affect You Pharmacists and physicians should take note that on October 1, 2007, Medicaid will deny reimbursement for prescriptions written on traditional prescription pads. Effective October 1, an amendment to 42 ...
SEC Proposes Revisions to Rules 144 and 145 to Shorten Holding Period for Affiliates and Non-Affiliates.(Securities Act of 1933)(Securities and Exchange Commission)
Aug 01, 2007; ... Laurence S. Lese, Michael H. Margulis, David J. Kaufman and Ruben Gutierrez On June 22, 2007, the Securities and Exchange Commission (the "SEC") proposed amendments to Rules 144 and 145 promulgated under the Securities Act of 1933 (the "Securities Act"). Rules 144 and 145 ...
E-Discovery: Admissibility Of E-Mails Critical For Success On Summary Judgment.(Lorraine v. Markel American Insurance Co.)
Aug 01, 2007 ... Lorraine v. Markel American Insurance Co., ____ F.R.D. ____, No. PWG-06-1893, 2007 WL 1300739 (D. Md. May 4, 2007) Ensuring that e-mails are admissible as evidence in support of a motion for summary judgment may be vital to the success of the motion. In Lorraine v. Markel ...
9th Circuit Holds Changes To Customer Contracts Are Unenforceable Absent Notice And Consent.(Douglas v. Talk America Inc.)
Aug 01, 2007 ... In a case of first impression, the 9th Circuit recently held that a service provider cannot change the terms of its service contract with customers by merely posting the revised contract on its website. In order for contract changes to be enforceable, some form of notice to and consent ...
Liability For Damage Caused By Fire And Applying The Principles In "Biggin V Permanite" In Considering The Reasonableness Of A Settlement.
Aug 01, 2007 ... The question of who is liable for damage caused by fire is one which crops up more often than you might think. The case of John F Hunt Demolition Ltd v ASME Engineering Ltd [EWHC] 1507 TCC provides a useful recap on questions of responsibility where there is damage is to property, and the ...
Immigration Status Not A Bar To Illegal Aliens Filing Civil Rights Claims Against Their Employers.(Perkins Family Restaurants L.P.)(Maria Torres)
Aug 01, 2007 ... Recent cases make clear that immigration status does not preclude illegal workers from pursuing claims against their employers. As such, U.S. employers are just as susceptible to being sued by illegal aliens as they are by workers here legally. Background In a recent ...
Hamilton: The Project: Advancing Opportunity, Prosperity and Growth.
Aug 01, 2007 ... This paper was originally prepared for The Hamilton Project at The Brookings Institution. Copyright [c] 2007 The Brookings Institution The Hamilton Project seeks to advance America's promise of opportunity, prosperity, and growth. The Project's economic strategy ...
NSW Decision Casts Doubts On Ability Of Developers To Sell Management Rights.(New South Wales, Australia. Supreme Court)
Aug 01, 2007 ... A recent decision in the Supreme Court of New South Wales has cast doubts on the ability of a developer to retain the proceeds of sale of management rights for a scheme. Community Association DP NO 2701801 v Arrow Asset Management Pty Ltd related to a residential development ...
WorkChoices - Who's Covered And Who's Not?(Workplace Relations Act 1996 )
Aug 02, 2007; ... Article by Zita Beuth, Associate While it has been over a year now since WorkChoices was introduced, many organisations still harbour some uncertainty about whether the Federal workplace relations system applies to them or not. From the recent case law that is emerging on this ...
Thelen Labor and Employment Teams Win on Both Coasts.(Kaiser Permanente International)
Aug 02, 2007 ... NEW YORK, LOS ANGELES, and SAN FRANCISCO (July 25, 2007)-Thelen Reid Brown Raysman & Steiner LLP's national Labor and Employment department has recently seen back-to-back wins for two of the firm's long-standing, institutional clients. Both victories-a precedent-setting victory for Kaiser ...
EU Bankruptcy Regulations - Centre Of Main Interests.(Insolvency Act 1986)(Zvonko Stojevic vs Komercni Banka AS)(European Union)
Aug 02, 2007 ... Zvonko Stojevic v (1) Komercni Banka AS (2) Yvonne Venvil (Trustee in Bankruptcy of Zvonko Stojevic) (3) Official Receiver (2006) Ch D (Bankruptcy Ct) (Registrar Jaques) 20/12/2006 - LTL 25/1/2007 (unreported elsewhere) Mr Stojevic, a Croatian businessman, had been ...
Personal Insolvency - Bankruptcy.
Aug 02, 2007 ... S.335A Insolvency Act 1986 Foyle & Foyle v Turner (2007) Unreported The trustee in bankruptcy of Mr Foyle applied for an order for possession and sale of the matrimonial home, which was jointly owned by Mr and Mrs Foyle. The trustee's application was made ...
A Picture Tells a Thousand Dollars (In Damages!).
Aug 02, 2007 ... Australia's first decision on the failure to attribute the author of an artistic work was handed down last year and offers some instructive lessons for agencies. That decision held that the treatment by Woman's Day, of a photograph of a painting was in breach of the artist's ...
Capital Gains Tax & Family Law Settlements.
Aug 02, 2007 ... The transfer from one party to the other party of the interest of that party in the former matrimonial home, pursuant to an order of the Family Court or a Family Law settlement, in the past, had been exempt from Capital Gains Tax (CGT). Since the passing of the Act, in December ...
Health And Safety At Work: The Meaning Of 'Reasonable Practicability'.
Aug 02, 2007 ... The Health and Safety at Work Act 1974 (the Act) imposes a duty on employers to ensure, so far as is reasonably practicable, the health, safety and welfare at work of all their employees. The qualifying phrase 'so far as is reasonably practicable' is not defined in the Act, but has been ...
Is The End In Sight For Independent Midwives?
Aug 02, 2007 ... It seems that Professional Indemnity insurance cover is soon to be compulsory for all independent midwives. The liability for independent midwives can be a difficult area, especially where independent midwives are working alongside NHS staff. They are not (as some people think) covered by ...
Despite Success, Trade Mark Holder Left Carrying The Bag On Costs: What Are The Lessons?
Aug 02, 2007 ... What do you do if you go to the trouble of suing someone for infringement of your trade mark, successfully obtain an order against them to restrain them from continuing to infringe and they breach that order? The answer is you can sue them for contempt of court and for further ...
Chancel Repair Liability.
Aug 02, 2007 ... Originally published in Property Law Journal, March, 2007 The latest stage in the saga of a couple's fight against liability for repairs to the chancel of a church in Warwickshire has been much reported recently. In 2003 the House of Lords ruled against them in that ...
Citigroup Ruling - Implications For Letters Of Engagement And Insider Trading.(Citibank Global Markets Australia Pty Ltd.)
Aug 02, 2007 ... The much anticipated Australian Federal Court decision handed down on 28 June cleared one of the world's leading banks of insider trading and conflict of interest charges and in doing so clarified the approach that Australian courts will take when considering whether or not a fiduciary ...
Best Practices For Options Grants By Venture-Backed Companies.
Aug 02, 2007 ... Employee option grants have long been a staple of the recruitment and compensation of employees at venture-backed companies. However, recent changes in the regulatory and enforcement environment have made the option grant process more perilous than it has been in the past. This article ...
Good Faith Between Banks - Honesty In A Workout Situation?(National Westminster Bank PLC v Rabobank Nederland)
Aug 02, 2007 ... In a recent decision of the English High Court, the Court considered the important question of the extent to which banks involved in a workout were under an obligation to disclose to each other information that was material to the other's decision-taking. In the case National Westminster ...
Funds Received Free Of Charge: A New Tax Risk?
Aug 02, 2007 ... The method of transferring of funds free of charge, used by many foreign investors to finance their Russian subsidiaries, is again threatened by adverse tax consequences. The receipt by a Russian legal entity of funds free of charge has always been linked to various possible ...
A Shifting Burden: Recent Developments Related to English-Only Policies in the Workplace.
Aug 02, 2007 ... English-only policies in the workplace are not new. The first reported case involving an English-only policy occured in Texas in 1979. Since that time, numerous employers have either adopted or considered adopting such policies. While employers can identify benefits of having an ...
Gambling Advertisements - New Rules Deal Casinos And Bookmakers A Better Hand.
Aug 02, 2007 ... Recently the Committee for Advertising Practice (CAP) and its broadcast arm (BCAP) announced new rules which will amend the current codes of practice and regulate the ability of gambling and betting institutions to advertise their services. The new rules permit much more advertising by ...
A Captive Audience.
Aug 02, 2007 ... Originally Published in Post Magazines SMEs Supplement, July 2007 There was a time when it would have been safe to assume that captive insurance was the preserve of large international organisations. However, innovation in the sector has meant that the advantages it offers have ...
Releasing The Value in Discontinued Business.
Aug 02, 2007 ... This article was first published in PricewaterhouseCooper's May 2007 edition of Insurance Digest. More than [euro]200 billion of claims relate to discontinued European non-life business. Yet, while most of these closed books reside in Continental Europe, their existence has ...
Perspective: An E-Mail Connection To White House Wrongdoing?
Aug 02, 2007 ... The House Oversight Committee has been investigating whether White House officials violated the Presidential Records Act by using e-mail accounts maintained by the Republican National Committee and the Bush Cheney '04 campaign. Investigators first learned that White House ...
ISPs (Including Hosts) Exempted From Terrorist Offences.(internet service providers )
Aug 02, 2007 ... The 2002 E-Commerce Regulations provide a number of exemptions to internet service providers (ISPs) for all liability, including where the ISPs are acting as hosts or mere-conduits, or where they cache data. However, these exemptions only apply to laws that were passed before the date that ...
Delaware Chancery Court Rules On Fiduciary Duties, Proxy Disclosure And Revlon Duties.(Topps Company Inc.)(Lear Corporation Ltd.)(Case overview)
Aug 02, 2007; ... By Laurence S. Lese and Tausha A. Wagner On June 14 and 15, 2007, the Delaware Court of Chancery handed down opinions in two similar cases addressing the fiduciary duties of directors in the context of the sale of a public company to a private equity purchaser. Each case focused ...
Australian Mortgage Brokers - Current Environment And The Future.(Market overview)
Aug 02, 2007 ... Background In the late 1980's, the Australian financial market was deregulated. New financial players entered the markets, a number of mergers occurred and competition was intense. Particularly for credit products. As a result, the lending market has had to compete vigorously ...
Employee Share Incentives In Recent Biotech IPOs.(Survey)
Aug 02, 2007 ... We have again surveyed employee share plan arrangements as disclosed in company admission documents and prospectuses for biotech companies. Our survey covers documents issued between January and June 2007. Although there were nine "admissions" there were no main list IPOs in ...
Updated Guidance For Employers About The Massachusetts Health Care Reform Law.
Aug 02, 2007 ... All employers with employees in Massachusetts, including employers with ERISA plans, have obligations under the state's new health care reform law. While implementation of the law is well underway, the state continues to issue new regulations and forms. Some important deadlines are on the ...
Proceedings Against Possible Market Sharing By E.ON And Gaz de France.
Aug 02, 2007 ... The European Commission on 30 July 2007 announced that it has initiated proceedings against E.ON and Gaz de France for suspected market sharing. Information was discovered following dawn raids in 2006. The European Commission believes that E.ON and Gaz de France had agreed that each would ...
CAT Gives Guidance On Remedies In UK Merger Divestment Cases.(Competition Appeal Tribunal )
Aug 02, 2007 ... The Competition Appeal Tribunal (CAT) has made its judgment in the first case to challenge a refusal by the Office of Fair Trading (OFT) to approve a purchaser of divestment assets arising from a merger. The CAT upheld the OFT's refusal. This judgment provides useful guidance on acceptable ...
Export And Deliver.(grants for export marketing)
Aug 02, 2007 ... Small and medium sized exporters can now apply for a reimbursement of up to $150,000 of their marketing expenses during the year ended 30 June 2007. The Export Market Development Grants (EMDG) scheme is a Federal Government financial assistance program for aspiring and current ...
Directors Beware.(Australia. Securities and Investments Commission)
Aug 02, 2007; ... The office of Director is becoming more closely scrutinised by the Australian Securities and Investment Commission (ASIC), with ASIC now having a number of programs to monitor possible breaches of directors' duties, particularly in relation to insolvency related offences. ...
SEC Adopts New Antifraud Rule Under The Investment Advisers Act Of 1940.
Aug 02, 2007 ... By Proskauer Rose LLP's Securities Litigation and Enforcement Practice Group and Financial Services Practice Group On December 27, 2006, the Securities and Exchange Commission ("SEC" or the "Commission") released a proposed new rule under the Investment Advisers Act of 1940 (the ...
Guernsey as a leading captive insurance domicile - the future is bright.(Company overview)
Aug 02, 2007 ... Originally Published: Global Assets Online, July 2007 In 2007 Guernsey is a thriving captive insurance domicile. During the last century Guernsey's captive insurance industry has expanded enormously to make the Island what it is today - the pre-eminent captive insurance domicile ...
Forging Ahead.(Guernsey's)(Company overview)
Aug 02, 2007 ... Originally Published Global Assets Online, July 2007. In 2007 Guernsey's finance industry is continuing from where it left off in 2006 - experiencing substantial growth that is pushing business to record highs. Market conditions are undoubtedly playing their part but primarily ...
Ahead Of The Game.
Aug 02, 2007 ... Originally Published: FTSE Global Markets, July 2007. Guernsey's investment fund industry is in 2007 continuing from where it left off in 2006 - experiencing substantial levels of growth that are pushing levels of business to record highs. Market conditions are undoubtedly ...
Managing Your Liability For Defects In Property.
Aug 02, 2007 ... Owners, Purchasers and Tenants of real estate - to protect your interests you should always find out if contractual rights of recourse to the construction team are available for your benefit (whether in the form of collateral warranties or otherwise) - a failure to do so could lose you a ...
Change In Declaratory Judgment Standing In Patent Cases.(STMicroelectronics Inc. and SanDisk Corp. into patent infringement cases)(Case overview)
Aug 03, 2007 ... Originally published June 2007 Under pressure from the Supreme Court, the Federal Circuit recently changed the law governing declaratory judgment standing for patent infringement cases in Sandisk Corp. v. STMicroelectronics, Inc., - F.3d - (Fed.Cir., Mar. 26, 2007) As a result, ...
New Federal Minimum Wage Rate Takes Effect.(Brief article)
Aug 03, 2007 ... Effective on July 24, 2007, the federal minimum wage increased from $5.15 to $5.85 per hour. As a reminder, the new minimum wage posters should have been posted on July 24, 2007. Click here for a copy. The recently-enacted law, which is the first increase in the federal minimum ...
Corporate Governance.(Discussion)
Aug 03, 2007; ... Eric Klein and Bruce Vanyo were contributors to this article. Corporations today are under constant pressure from the media, the public, and the government to demonstrate that they have good corporate governance practices in place. The Securities and Exchange Commission is ...
Supplementary Protection Certificate For Medicinal Products Or For Plant Protection Products - New Title Of Protection In Romania.
Aug 03, 2007 ... As Romania became part of the European Community since January 1st, 2007, new regulation regarding protecting the industrial property came into force. So, according to Art. 19a from the Accession Treaty of Romania to European Union: "to any medicinal product protected by a valid patent and ...
TUPE Protection For PR Provider.(Transfer of Undertakings (Protection of Employment) Regulations)
Aug 03, 2007 ... This article is the copyright of Bond Pearce LLP, July 2007. The Transfer of Undertakings (Protection of Employment) Regulations (TUPE) have been with us for over a quarter of a century having brought into force the European Acquired Rights Directive (ARD). The version enacted ...
Retiring The Retirement Age?
Aug 03, 2007 ... This article is the copyright of Bond Pearce LLP, 2007 Out of the three new fields of discrimination outlawed since 2003, age was always going to be the most challenging one to implement. As with sexual orientation and religion or belief discrimination, age discrimination ...
Litigation: When A Party's Chances At Trial Are Hurt By Lost Evidence.
Aug 03, 2007 ... Under Florida law, spoliation of evidence can lead to: 1) a cause of action in tort for either the intentional or negligent loss of evidence; 2) a defense to recovery; 3) the basis for a negative evidentiary inference or presumption; and 4) sanctions. From a defense perspective, ...
Intellectual Property: Passing Off - The Law Does Concern Itself With Trivialities.(Case overview)
Aug 03, 2007 ... Introduction The case of Knight v Beyond Properties Pty Ltd and others at the end of May 2007 contains some useful reminders for those interested in the law of passing off and, in particular, its limitations. Passing off is used to protect signs and names (or more correctly the ...
Tellabs, Inc. v. Makor Issues & Rights, Ltd., No. 06-484.
Aug 03, 2007 ... Originally published June 21, 2007 http://www.supremecourtus.gov/opinions/06pdf/06-484.pdf. In an effort to curb abusive securities fraud litigation, the Private Securities Litigation Reform Act of 1995 ("PSLRA") requires plaintiffs to "state with particularity facts ...
Online Personal Data Protection.
Aug 03, 2007 ... By Tania Gorostieta The technological progress in Information Technologies and computer networks in the recent decades increases by the day and plays an increasingly important part in various aspects of human activities. The use of electronically transmitted data has permitted ...
SEC Proposes Simplified Reporting Requirements For Smaller Companies.
Aug 03, 2007 ... Laurence S. Lese and David J. Miller On July 5, 2007, the Securities and Exchange Commission (the "SEC") proposed rule amendments regarding disclosure and reporting requirements for smaller companies under the Securities Act of 1933 and the Securities Exchange Act of 1934. The ...
Selecting The Right Entity Structure.
Aug 03, 2007 ... Determining the most appropriate business or investment structure requires significant consideration prior to making the decision to proceed. The entity structure usually adopted includes one or more of the following vehicles: Individual or sole proprietor ...
Europe Clamps Down On Data Protection Violations: U.S. Multinational Fined For Cross-Border Data Transfer.(La Commission Nationale de l'Informatique et des Libertes )
Aug 03, 2007 ... For the first time, a U.S. multinational organization has been fined for violations of the E.U.'s Data Protection Directive, following a recent clampdown by European data protection authorities on breaches of the E.U.'s strict data protection regime. France's data protection authority, La ...
CMS Considering Expansion Of Obstetrical Insurance Subsidy Exception.(Centers for Medicare and Medicaid Services)
Aug 03, 2007 ... On July 2, 2007, the Centers for Medicare and Medicaid Services (CMS) released its proposed 2008 Medicare Physician Fee Schedule. In addition to revising the Stark Law's treatment of "under arrangement" transactions, lease agreements, and percentage-based compensation, the proposed rule ...
Financial Institutions Under Scrutiny For E.U. Data Security Breaches: Lessons To Be Learned.
Aug 03, 2007 ... The European data protection authorities have been cracking down on data security breaches and the UK has recently focused its attention on financial institutions who have violated the Data Protection Act 1998 (DPA). Organizations that fail to process personal information in line with the ...