Mondaq Business Briefing back issues from March 2008:
New Isle Of Man Fund Launched On 1st November 2007.
Mar 02, 2008 ... In September 2006 the Isle of Man Funds Review Group (the "FRG") was established and charged with the task of reviewing the Isle of Man's investment funds strategy. The FRG comprised leading members of both the public and private sector. Since the FRG published its report in ...
Proposed New Licensing Policy For Specialist Hedge Fund Operations.
Mar 02, 2008 ... Another initiative identified by the Isle of Man Funds Review Group ("FRG") is to position the Island as a preferred location for the establishment of front and middle office operations for global fund managers. As a result the Isle of Man Financial Supervision Commission (the ...
Review And Consolidation Of Financial Services Legislation.
Mar 02, 2008 ... The Isle of Man Financial Supervision Commission (the "FSC") is currently undertaking a consolidation and review of all of its financial services regulatory legislation with the aim of consolidating this into one statute (to be called the Financial Services Act) and one "rule-book" that ...
Isle Of Man Companies Act 2006: 12 Months On.
Mar 02, 2008 ... The 2006 Act represents the gold-standard for international special purpose vehicles, and whilst based on familiar concepts, it sweeps away some of the more traditional company law requirements which continue to apply to companies incorporated under the Isle of Man Companies Acts ...
Intellectual Property Alert: The London Agreement.
Mar 02, 2008 ... The London Agreement (the "Agreement") will come into force on 1 May 2008 and will enable a reduction in the cost for obtaining patents in Europe because it will significantly reduce post-grant translation costs in Europe. Up to now, in most member states of the European Patent ...
Harmonized Take-Over Bid And Minority Protection Regimes In Effect.
Mar 02, 2008 ... Effective February 1, 2008, Canadian securities regulators have adopted similar rules and policies in an effort to harmonize the fragmented regulatory regime governing take-over and issuer bids in Canada. Rather than constituting a complete overhaul of the current rules, the changes are ...
Hospital Procurement: What You See Is Not What You Get!
Mar 02, 2008 ... It's often assumed that the provisions set out in a bid call document - such as a Request for Proposals (RFP) or a Request for Information (RFI) - make up the entire legal framework that applies to a hospital running a procurement process. Regrettably, this assumption is as comforting as ...
Department Of Labor Publishes Proposed FMLA Regulations.
Mar 03, 2008 ... On February 11, 2008, the Department of Labor (DOL) published proposed revisions to the regulations implementing the Family and Medical Leave Act (FMLA). The following is a summary of the principal proposed regulatory changes: Serious Health Condition: The proposed regulations ...
SEC Adopts Rule 144 And Rule 145 Amendments.(Securities and Exchange Commission )
Mar 03, 2008 ... Introduction On December 6, 2007, the Securities and Exchange Commission (the "SEC") adopted amendments to Rules 144 and 145 under the Securities Act of 1933, as amended (the "Securities Act").1 In the adopting release, the SEC stated that it believes that these amendments will ...
Flaherty Foregoes New Shoes To Deliver Budget Message.
Mar 03, 2008 ... "meeting the challenges of global economic uncertainty with a plan that is real."Jim Flaherty, Budget Speech 2008 On February 26, 2008, Minister of Finance, Jim Flaherty presented the third budget of the current Conservative government. The Minister's Budget Speech was titled ...
Moving Into the Fast Lane?
Mar 03, 2008 ... Things are changing fast in the London insurance market ("the London market") from a practice and regulatory perspective, with the introduction of the Financial Services Authority ("FSA") Contract Certainty Code of Practice being a landmark development in July 2007. However, in swift ...
Written Statement Of The Chamber Of Commerce And The U.S Chamber Institute For Legal Reform In Opposition To S.2041 The False Claims Act Corrections Act Of 2007- Part Two.
Mar 03, 2008 ... Part Two IV. The Committee Should Reject The Amendment Encouraging Federal Employees To Abuse Their Government Positions By Filing Qui Tam Suits A.Summary The Senate should not, under any circumstances, pass Section 3 of S. 2041, which allows former and current Government ...
Intellectual Property News.
Mar 03, 2008 ... Copyright Australia Microsoft wins software infringement dispute in Federal Magistrates Court The Federal Magistrates Court has found in favour of software publisher Microsoft Corporation ('Microsoft') in a copyright dispute against Rodney Mayhew ....
Directors And The Environment: Toward Accrued Liability?
Mar 03, 2008; ... Edited by Julie-Martine Loranger The environment has a more and more prominent position in the news and political sphere. Therefore it should not be surprising to see, over the next few years, an increase in sanctions relating to environmental legislation. And if in the past ...
China Clean Tech Bulletin - February 2008.
Mar 03, 2008 ... Welcome to MoFo's inaugural China Clean Tech Bulletin. We have been assisting clients with Clean Tech matters in China for some time, and are pleased to provide this survey as a regular update to cover developments in this rapidly evolving field. Our goal is to get timely reports and ...
Countdown To The Elimination Of U.S. GAAP Reconciliation Requirements For Foreign Private Issuers.(generally accepted accounting principles)
Mar 03, 2008 ... On March 4, 2008, the United States Securities and Exchange Commission's (the "SEC") amendments to current rules and forms that will allow foreign private issuers to file their financial statements without reconciliation to U.S. generally accepted accounting principles ("U.S. GAAP"), as ...
The Turkish Update - November 2007.
Mar 03, 2008 ... This is the November 2007 Edition of our email news service - Turkish Update - which is issued every two months. Our aim is to provide a concise and easy to read summary of developments in Turkey which may be of interest to our clients. This edition covers developments in September and ...
The Turkish Update - January 2008.
Mar 03, 2008 ... This is the January 2008 Edition of our email news service – Turkish Update – which is issued every two months. Our aim is to provide a concise and easy-to-read summary of developments in Turkey which may be of interest to our clients. This edition covers developments in ...
London Tax Update: Cross Border Relief For Utilisable Losses.
Mar 04, 2008 ... C- 414/06 Lidl Belgium (Advocate General - 14 Feb 08): Cross Border Relief For Utilisable Losses A Germany company sought to repatriate the losses of its Luxembourg branch in circumstances where the double tax convention exempted from tax in Germany branch profits and in turn ...
The Law Of Passing Off Strengthened Further.(Microlube India Ltd. v. Maggon Auto Centre)
Mar 04, 2008; ... In an action for Passing Off under the law of trademarks, it is essential to prove that the consumer is misled into believing that the impugned goods are the goods of or are connected with the goods of a prior user of the trademark. When this is not proved, the prior user cannot enforce a ...
Empathy Imperative Of Transfer-Pricing Norms.
Mar 04, 2008 ... Legislation should be amended, if necessary, to ensure MNEs do not face undue hardship. Making It Easier An advance pricing arrangement can benefit MNEs, who are already faced with a host of tax litigations. More safe harbour provisions can be introduced for tax ...
International Investment Gateways To India.
Mar 04, 2008 ... This article was published in slightly different form in the November 2007 issue of theIndia Business Law Journal. Choosing the best offshore center for India-bound investment requires careful consideration of the risks and financial rewards. Nandan Nelivigi and Brendan McNallen ...
Supreme Court Holds That ERISA Authorizes Individual Suits For Lost-Profits Damages In Defined Contribution Plan Caused By Breach Of Fiduciary Duty.(Employee Retirement Income Security Act )
Mar 04, 2008 ... On February 20, 2008, the United States Supreme Court held in LaRue v. DeWolff, Boberg & Associates, Inc. that an individual participant in a 401(k) plan may sue under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") for lost-profits damages caused by the plan ...
To Cooperate Or Not: The Corporate Leniency Program After "Stolt-Nielsen".
Mar 04, 2008 ... Excerpt of article which first appeared in The Antitrust Source, February, 2008. (www.abanet.org/antitrust/at-source/at-source.html) Since 1993, the U.S. Department of Justice Antitrust Division's Corporate Leniency Program has been instrumental in the Antitrust Division's ...
The CFI Decision In Microsoft: Why The European Commission's Guidelines On Abuse Of Dominance Are Necessary And Possible.(Brief article)
Mar 04, 2008 ... Global Competition Policy (GCP), January 2008, Release no. 2. GCP is a bi-weekly online magazine covering competition law, economics, and policy on the web at http://www.globalcompetitionpolicy.org/. Article Abstract The Court of First Instance's Microsoft decision ...
The Microsoft Judgment: Article 82 Revisited?
Mar 04, 2008 ... Global Competition Policy (GCP), January 2008, Release no. 2. GCP is a bi-weekly online magazine covering competition law, economics, and policy on the web at http://www.globalcompetitionpolicy.org/. Article Abstract The judgment of the European Court of First ...
Corporate And Financial Digest - February 29, 2008.
Mar 04, 2008; ... SEC/CORPORATE Robert L. Kohl,Mark A. Conley and Palash I. Pandya NASDAQ Proposes Listing Standards for Special Purchase Acquisition Vehicles (SPACs) On February 21, the Nasdaq Stock Market, Inc. proposed a rule change to the Securities and Exchange Commission which would permit ...
New Material Contract Filing Requirements In Force March 17, 2008 And Impact On Existing Material Contracts.
Mar 04, 2008 ... National Instrument 51-102 Continuous Disclosure Obligations (the Disclosure Instrument) is scheduled to be amended on March 17, 2008 as a consequence of the coming into force of the proposed national prospectus rule, National Instrument 41-101 General Prospectus Requirements. Amendments ...
Intellectual Property Rights In Developing Nations.
Mar 04, 2008 ... Sourav Chatterjee, Jesse David, Fei Deng, Christian Dippon and Mario Lopez I. Introduction Intellectual property rights (IPR) are legal entitlements granted by governments within their respective sovereignties that provide patent, trademark, and copyright owners the ...
SEC Proposes Amendments To Foreign Private Issuer Reporting.
Mar 04, 2008 ... On February 13, 2008, the Securities and Exchange Commission proposed to amend foreign issuer reporting requirements on Form 20-F under the Securities Exchange Act of 1934. The SEC also proposed to amend the exemption for foreign issuers under Rule 12g3-2(b) of the Exchange Act. The ...
Public Finance Alert: IRS Publishes Notice 2008-27 To Facilitate Certain Restructurings Of Tax Exempt Bonds.
Mar 04, 2008 ... On February 19, 2008, the Treasury and IRS published Notice 2008-27 (the "Notice") in response to requests for relief from "reissuance" treatment of restructurings of tax exempt obligations by issuers seeking to replace, wrap or remove damaged credit facilities and convert tender option ...
Loose Lips Sink Ships And Other Fraudulent Conveyance Lessons.
Mar 04, 2008 ... Two recent cases involving fraudulent conveyance actions brought under section 548 of the Bankruptcy Code demonstrate the importance of words spoken and written by the parties contemporaneously with the transaction. Both cases serve as reminders to "say what you mean and mean what you ...
LaRue: Supreme Court Expands Rights Of Individual 401(k) Plan Participants To Recover For Losses Caused By Fiduciary Breaches.
Mar 04, 2008 ... By Dale Barnes, Todd Gordinier and Michael Mortenson On February 20, 2008, the United States Supreme Court ruled in LaRue v. DeWolff, Boberg & Associates, Inc., et. al. that s. 502(a)(2) of the Employee Retirement Income Security Act of 1974 ("ERISA") permits individual ...
IRS Releases Expanded Governance Guidelines For Exempt Organizations.
Mar 04, 2008 ... It may be useful for boards and their counsel to compare the guidelines against their existing governance policies and procedures. The Internal Revenue Service (IRS) recently released an expanded set of governance guidelines for tax-exempt organizations. In February 2007, the ...
Private Equity In India: The Risk, Structure And Reward.
Mar 04, 2008 ... With India's economy showing real GDP growth of 8.7% annually since 2003, international investments into India have increased significantly. Even as market conditions have limited private equity transactions in the United States and, to a certain extent, Europe, private equity investment ...
Federal Court Sets Aside Competition Bureau Subpoenas.
Mar 04, 2008 ... In a pair of unprecedented rulings issued on January 28, 2008, Justice Anne Mactavish of the Federal Court of Canada quashed certain production orders she had previously issued against Labatt Brewing Company Limited and others in the context of the Commissioner of Competition's inquiry ...
Recent U.S. Labor And Employment Decisions.
Mar 04, 2008 ... Courts have recently rendered important decisions concerning the viability of the at-will employment doctrine and the jurisdictional scope of the whistleblower protections enacted under the Sarbanes-Oxley Act of 2002. We discuss, below, two decisions that have special import for U.S ....
Corporate Governance: Where Things Stand For 2008.
Mar 04, 2008 ... This bulletin summarizes notable developments in corporate governance as we head into the 2008 annual meeting and reporting season. Executive Compensation The CSA (Canadian Securities Administrators) has delayed implementation of new executive compensation disclosure rules ....
Court Reminds Employers To Follow "Lock In" Letters For Employees' Income Tax Withholdings.
Mar 04, 2008 ... A United States district court in Pennsylvania recently held that employers are obligated to follow an IRS "lock in" letter, and, as a result, cannot be held responsible by the employee for following the IRS's instructions.1 This case serves as a reminder that employers should follow ...
Canadian Registrants May Face Filing Under National Instrument 24-101 by February 14, 2008.
Mar 05, 2008; ... Canadian registrants need to review their Canadian trades to confirm whether or not they are required to make a filing under new National Instrument 24-101, Institutional Trade Matching and Settlement (the Instrument) by February 14, 2008. Filing is required if trades on Canadian stock ...
Federal Arbitration Act Trumps State Laws Lodging Primary Jurisdiction In State Administrative Forums.
Mar 05, 2008; ... Article by Douglas Wickham, Steven A. Groode and Robert P. Hennessy In Preston v. Ferrer, No. 06-1463 (Feb. 20, 2008) ("Preston"), the U.S. Supreme Court once again upheld the supremacy of the Federal Arbitration Act and confirmed that state laws that compel parties to submit ...
VAT Focus - A Round-Up Of Recent VAT-Related Developments.(Value-added tax)
Mar 05, 2008; ... Default surcharge - out of time? In a recent case decided at the VAT Tribunal, an appellant successfully appealed against a default surcharge. The appellant had submitted late VAT Returns for the 07/04, 10/04 and 01/05 VAT Return periods. The VAT payments for the ...
Intellectual Property - 2008 Winter Bulletin.
Mar 05, 2008; ... Contents California's Amended Right of Publicity Statute (California Civil Code § 3344.1) Ethical Limits on Investigations in IP Litigation Quick Updates California's Amended Right of Publicity Statute (California Civil Code § 3344.1) ...
Oversecured Creditor May Collect Pre-Payment Penalties From Solvent Debtor.
Mar 05, 2008 ... Determining a question of first impression within its circuit, the U.S. Court of Appeals for the First Circuit recently held that an oversecured creditor is entitled to collect a bargained-for pre-payment penalty from a solvent debtor, regardless of the penalty's "reasonableness" under ...
Administrative Priority Granted To Secured Claim.
Mar 05, 2008 ... In an issue the court notes is one of first impression, a Bankruptcy Appellate Panel for the U.S. Court of Appeals for the Ninth Circuit has held that a bankruptcy court could grant an administrative priority to a claim which also may be secured. Brown & Cole Stores, LLC v. Associated ...
OIG Opinion Sheds Light On Patient Discounts.(Office of the Inspector General)
Mar 05, 2008 ... A recent advisory opinion (No. 08-03) issued by the Office of the Inspector General of the Department of Health and Human Services (OIG) concluded that the OIG would not impose sanctions on a provider health system's program offering prompt payment discounts to patients. The prompt pay ...
Buying A "Serviced Plot" - Some Points To Watch.
Mar 05, 2008 ... Frequently a developer will purchase land to carry out development on the basis that the land either is or will be serviced by the vendor. Here are some basic points to watch out for if you are that purchaser or are acting for him: What Is The Vendor Doing? Does it ...
SEC Votes to Propose Exemptive Rules Relating to ETFs and to Amend Privacy Rules.
Mar 05, 2008 ... Developments of Note SEC Votes to Propose Exemptive Rules Relating to ETFs and to Amend Privacy Rules SEC Issues Exemptive Orders to Permit Actively Managed ETFs SEC Announces 2008 CCOutreach Regional Seminars for Adviser and Fund Chief Compliance Officers ...
Water Competition: Back on the Agenda.
Mar 05, 2008 ... After two failed initiatives to introduce effective retail market opening into the water and sewerage sector, the Government has now announced a further review of the practicalities of allowing third parties to compete with water undertakers for the provision of water and sewerage ...
Guernsey Moves Into Top 20 Of Global Financial Centres.
Mar 05, 2008 ... Guernsey has been ranked 19th in the latest Global Financial Centres Index (GFCI). It is produced by the Z/Yen Group for the City of London and ranks financial centres based on external benchmarking data and current perceptions of competitiveness. "Achieving such an ...
Managing Committee Of Co-operative Housing Society Must Execute Bond.
Mar 05, 2008 ... The legislature having experienced and realised that the members of the Managing Committee of different co-operative societies were acting in an arbitrary manner, with a view to have some accountability amongst the members of the Managing Committee, have enacted a provision in the ...
Federal Circuit Vacates Permanent Injunction In Favor Of Court-Imposed Running Royalty.(Abbott Laboratories (Abbott Park, Illinois))
Mar 05, 2008 ... The U.S. Court of Appeals for the Federal Circuit recently addressed a multitude of issues and vacated an injunction against Abbott Laboratories while upholding in part a ruling that Abbott infringed an Innogenetics patent for detecting and classifying hepatitis C virus genotypes ....
Absent Full Scope Of Enablement, Broad Claims Fail.
Mar 05, 2008 ... Following two recent cases applying the doctrine requiring that broad claims be fully enabled by the specification, the U.S. Court of Appeals for the Federal Circuit again applied the doctrine, invalidating patent claims that had been broadly construed but not sufficiently enabled by the ...
And So It Starts ... Federal Circuit Orders En Banc Review Of Bilski.
Mar 05, 2008 ... In a 9-3 decision, the U.S. Court of Appeals for the Federal Circuit denied a petition to review its decision, handed down in In re Nuijten (IP Update, Vol. 10, No. 10), the dissenting judges noting that the law surrounding s. 101 is in a "conflicted" state. In re Nuijten, Case No. 06-1371 ...
Canadian Securities Regulators Release Second Version Of Comprehensive Registration Regime For Comment.
Mar 05, 2008 ... Keeping Reforms in Sight: Understanding VERSION 2 of the Registration Reform Proposals On February 29, 2008, the Canadian securities administrators (CSA) released for a second comment period proposed National Instrument 31-103 Registration Requirements, along with a companion ...
Going Outside The Sentencing Guidelines: Fallout From Gall And Kimbrough - An Update On Federal Sentencing Practice And Procedure.
Mar 05, 2008 ... In two key decisions issued in December 2007, the United States Supreme Court has picked up where it left off following last term's ruling in Rita v. United States, 127 S. Ct. 2456 (2007), and has provided further-and much-needed-guidance to lower courts and practitioners as to the ...
Penalties For Hiring Undocumented Workers to Increase in March.
Mar 05, 2008 ... Effective March 27, 2008, penalties for knowingly hiring illegal workers will increase significantly, as part of a larger federal crackdown against illegal immigration that includes tightened border security, an increase in the number of workplace raids and an escalation in the number of ...
DePeiza: SJC Affirms Terry Stop Based On Police Training And Experience.
Mar 05, 2008 ... Many criminal prosecutions arise from evidence recovered by police during unplanned street encounters with citizens. Such "threshold inquiries" or Terry stops are standard investigative techniques employed by law enforcement after the Supreme Court's decision in Terry v. Ohio, 392 U.S. 1 ...
Human Capital (Employment) - Appealing Times, February 2008.
Mar 05, 2008 ... Despite being only two months into 2008, the appeal courts in both the UK and Europe have handed down a number of decisions and opinions that may have a significant impact on employers. These decisions and opinions deal with questions relating to agency workers' status, whether to take ...
Employment Law Commentary - February 2008.
Mar 05, 2008 ... Employer Obligations Under The FMLA Have Recently Been Expanded To Include Military-Related Leaves By Erika Drous Employer obligations under the Family Medical Leave Act ("FMLA") have recently been expanded for the first time since its enactment in 1993. On January ...
Mining Buried Electronic Data: Increasing Criminal And Civil Case Concerns.
Mar 05, 2008 ... With the rapid progression of computer technology, the production of documents in response to a government subpoena or civil discovery request has unearthed new and unexplored issues. Increasingly, prosecutors and regulators are requiring, and opposing counsel in civil cases are ...
Dismissal Of Worker During IVF Treatment Can Be Sexual Discrimination.
Mar 05, 2008 ... The ECJ last week handed down its much-anticipated judgment in Mayr v Backerei und Konditorei Gerhard Flockner OHG on the dismissal of a female employee undergoing advanced in vitro fertilisation ("IVF") treatment. The decision clarifies when during IVF treatment a woman is classified as ...
Communication Law Bulletin, February 2008 - Part 1.
Mar 05, 2008 ... The Month in Brief February saw developments on a number of fronts that could fundamentally alter the regulatory landscape. Notably, net neutrality - the idea that broadband service providers should be required to make their networks and services available to applications ...
Pensions News - Consultation On New Guidance.
Mar 05, 2008 ... The Pensions Regulator ("the Regulator") has recently commenced consultation on new guidance in relation to: conflicts of interest; and choosing assumptions, especially mortality assumptions. 'Conflicts of interest' consultation The Regulator regards the management of conflicts of ...
Communication Law Bulletin, February 2008 - Part 2.
Mar 05, 2008 ... Wireless Developments 700 MHz Auction Nears Conclusion Bidding in Auction No. 73, which began on January 24 and has gone through more than 100 rounds, is winding down with minimal activity now in each round. Provisionally winning bids have been placed for the vast ...