Mondaq Business Briefing back issues from December 2008:
Non-Charitable Purpose Trusts In The British Virgin Islands.
Dec 01, 2008 ... BACKGROUND Historically, with limited exceptions, trusts for purposes rather than beneficiaries were refused recognition by the courts. The principal obstacle to recognition was the trustees' duty to account and the fact that this requires beneficiaries to enforce the duty ....
Distressed Funds - Synthetic Side Pockets.
Dec 01, 2008 ... INTRODUCTION We are seeing many offshore funds go into distress for a variety of reasons, most commonly where liquidity issues have resulted in an inability to meet redemptions. Devising a solution to manage the fund through its difficulties will always depend on the commercial ...
VISTA Trust Summary - 17th November, 2008.
Dec 01, 2008 ... BACKGROUND: THE PROBLEM WHICH THE VIRGIN ISLANDS SPECIAL TRUSTS ACT ADDRESSES The "prudent man of business" rule The trust has always been regarded as one of the best "succession vehicles," but its use to cater for the succession of shares in companies has historically been ...
Developments In Nigeria's Tax Regime For Gas Utilization Projects.
Dec 01, 2008 ... Introduction Nigeria produces about two million barrels of crude oil per day and is ranked as the eleventh1 largest producer in the world. The oil and gas sector accounts for about 60% of government's total revenue and more than 90% of its foreign exchange receipts upon which ...
Financing A Share Purchase - Is It That Simple.
Dec 01, 2008 ... Prospective investors wishing to buy the assets of a company lock, stock and barrel could buy all of the shares from the seller and there would, ordinarily, be no difficulty in arranging such a transaction. The assets of the company are valued by the owner of the shares and the purchaser, ...
CaPP: Private Bank Program.
Dec 01, 2008 ... On November 17, 2008, Treasury released a standard form term sheet detailing the terms and conditions of the preferred stock and warrant offerings under the Troubled Assets Relief Program (TARP) Capital Purchase Program (CaPP) for private institutions. The Emergency Economic Stabilization ...
Insurance Companies Adopt Thrift Holding Company Structure To Become Eligible For Treasury Capital Purchase Program And FDIC Liquidity Guarantee.
Dec 01, 2008 ... On November 14, the deadline for financial institutions to file an application for the Department of the Treasury's Capital Purchase Program (the "CaPP"), as authorized under the Emergency Economic Stabilization Act of 2008 (EESA), four large insurance companies announced proposed ...
FDIC Approves Temporary Liquidity Guarantee Program Final Rule.(Federal Deposit Insurance Corporation )
Dec 01, 2008 ... On November 21, 2008, the Board of the Federal Deposit Insurance Corporation (FDIC) approved a final rule for the Temporary Liquidity Guarantee Program (TLGP). The final rule provides significant changes from the interim rule, including that the FDIC guarantee on newly-issued senior ...
Marcellus Shale: Material Drinking Water Risks?
Dec 01, 2008 ... If natural gas prices continue to fall as a result of the current economic downturn, the rush for a piece of the Marcellus Shale action may also subside. After all, the long-known deposits of natural gas in the Marcellus Shale region, which stretches from New York State to Tennessee, have ...
The Internet Comes Alive With YouTube.(Reprint)
Dec 01, 2008 ... Reprinted with permission from FindLaw.com The sheer power of the Internet was put on full display Saturday night by the YouTube Live event broadcast from San Francisco with hundreds of thousands of unique real-time online feeds and millions of follow-on downloads. This was ...
Channel Island Stock Exchange, LBG - Listing Equities.
Dec 01, 2008 ... Listing of Equities issued by a Trading Company This briefing document provides a summary of the key requirements for the admission of equity securities of a trading company to a listing on the Channel Island Stock Exchange, LBG (the 'CISX' or the 'Exchange'). Client Briefings ...
Domiciling Investment Funds In The British Virgin Islands And Cayman Islands.
Dec 01, 2008 ... The "sub-prime" crisis and the volatility of international markets in 2008 has reinforced the utility of "open-ended" funds as a refuge for investors with a clear increase in the number of 'special opportunities' and 'distressed opportunities' funds being launched. Open-ended funds such ...
Pensions Update (November 2008).
Dec 01, 2008 ... REGULATOR'S STATEMENT ON CURRENT MARKET CONDITIONS The Pensions Regulator has issued a statement on current market conditions. It has reviewed its codes of practice and guidance and come to the view that no changes are required at present and that the codes are "fit for ...
Tackling The Global Challenge Locally.
Dec 01, 2008 ... Environmental issues have been thrust to the fore in local government. The press is full of news with an environmental or climate change theme: from recycling and reuse, to landfill and pay as you throw pilots, from flooding to flood prevention, from Local Area Agreements and ...
Trends In Terms Of Venture Financings In The San Francisco Bay Area (Third Quarter 2008).
Dec 01, 2008 ... Background – We analyzed the terms of venture financings for 101 companies headquartered in the San Francisco Bay Area that reported raising money in the third quarter of 2008. Overview There has recently been substantial distress and volatility in world financial markets ....
What Next For Joint Waste Authorities?
Dec 01, 2008 ... Recently the issue of shared services has been high on the agenda for many local authorities. The benefits of working together are irrefutable and may provide valuable gains in efficiency and resource terms. However, there is still much debate about the mechanisms for shared services and ...
Climate Change.
Dec 01, 2008 ... Climate change has become an increasing focus, especially with the recent announcement of the creation of the new Department of Energy and Climate Change (DECC). The new Department will bring together the former Climate Change Group (CCG) which was part of the Department for the ...
The VAT Package.(Value-added tax)
Dec 01, 2008 ... Key strategic developments in VAT known as the "VAT Package" have been approved by ECOFIN in 2007. These include new rules for the place of supply of service, improved cross border refund procedures and greater tax administration cooperation. The changes will take place over a period ...
Toronto Stock Exchange Issues Guidance On Securityholder Rights Plans.
Dec 01, 2008 ... The TSX expects most securityholder rights plans to have a triggering threshold of 20%, consistent with takeover bid requirements under Canadian securities legislation. The stock exchange requirements for securityholder rights plans generally are set forth in Sections 634 to 637 ...
Residential Contracts - Court Takes Aim At PAMDA.(Property Agents and Motor Dealers Act 2000 )
Dec 01, 2008 ... The Supreme Court decision of Hedley Commercial Property Services Pty Ltd v BRCP Oasis Land Pty Ltd [2008] QSC 261) highlights the ongoing practice issues affecting all residential sales in Queensland under the Property Agents and Motor Dealers Act 2000 (PAMDA). Background The ...
Final CFIUS Regulations On Reviewing Foreign Investments In The United States.(Committee on Foreign Investment in the United States)
Dec 01, 2008 ... The Committee on Foreign Investment in the United States (CFIUS) reviews foreign investments in U.S. businesses for the impact of these investments on national security. On November 21, 2008, the Treasury Department, which chairs CFIUS, published final regulations that govern the way those ...
Acceptance Of Tenant's Cheque - Waiver Or Not?
Dec 01, 2008 ... When a tenant is in breach of a covenant in the lease, his landlord may have a right to forfeit that lease. The landlord has, however, the option to waive that right to forfeit and that election may be express or implied. A demand for or acceptance of rent will generally be sufficient to ...
A Look Ahead: The 2009 U.S. Health Legislative Landscape.
Dec 01, 2008 ... Organizations involved in the health care, pharmaceutical and biotechnology industries should be aware of likely dramatic shifts in U.S. health policy under an Obama administration. As a result of the November 2008 U.S. elections, achievement of systemic health care reform is ...
Federal Circuit Narrows Patent Eligible Subject Matter In In Re Bilski.
Dec 01, 2008 ... In a long-anticipated en banc decision, the U.S. Court of Appeals for the Federal Circuit retrenched much of its jurisprudence in the area of patent eligible subject matter and implemented a new test of patent eligibility for process claims that is likely to significantly affect those ...
Cash Payments To Settle Hatch-Waxman Litigation Do Not Violate Antitrust Laws.
Dec 01, 2008 ... A unanimous panel of the U.S. Court of Appeals for the Federal Circuit affirmed a district court's grant of summary judgment granted to Bayer, holding that reverse payment settlements of a bona fide patent litigation are within the exclusionary zone of the patent and not redressable by ...
No Entitlement To Equitable Compensation For Breach Of Fiduciary Duty By Sexually Abused Minor Against Child Protection Authority.
Dec 01, 2008 ... Brown v. State of New South Wales [2008] NSWCA 287 (6 November 2008) In Brief The Department of Community Services does not owe a minor under their control a fiduciary duty the breach of which would otherwise entitle the minor to equitable compensation. (Note: This does not ...
Court Rejects Per Se Rule For Vertical "Market Allocation" Agreement.
Dec 01, 2008 ... A federal district court has dismissed the claim that an agreement between Hewlett-Packard (HP) and its customer Staples office supply stores, under which Staples stopped selling its own ink cartridges for HP printers, was a per se illegal antitrust violation. This new decision provides a ...
Professional Indemnity Insurance - Nature Of Risk - Policy Does Not Respond Where Engineer Has Design Responsibility But Loss Was Caused By Negligent Performance Of Work.
Dec 01, 2008 ... Baulderstone Hornibrook Engineering Pty Ltd -v- Gordian Runoff Limited and Ors [2008] NSWCA 243 (9 October 2008) In Brief In a claim under a P. I. policy arising from construction work, it is necessary to identify whether the cause of the loss was negligence in the mandating of ...
The Supreme Court Of Canada Endorses Liability Without Fault Inenvironmental Matters In Quebec.
Dec 01, 2008 ... On November 20, the Supreme Court of Canada rendered its much anticipated judgment in St. Lawrence Cement Inc. v. Barrette, allowing a class action for neighborhood annoyances in connection with the operation of the cement plant. This decision marks a turning point in ...
Energy Industry November 2008 Updates.
Dec 01, 2008 ... President-Elect Barack H. Obama's Green New Deal President-elect Obama's energy program will be all about jobs — green jobs. Energy will be the cornerstone of the new administration's plan for economic recovery. Durability, sustainability, efficiency, infrastructure, and ...
Massachusetts DEP Proposes Sweeping New Stormwater Discharge Permitting Program: Permits To Be Required For Many Previously Unregulated Sources.
Dec 01, 2008 ... On November 17, 2008, the Massachusetts Department of Environmental Protection ("MassDEP") announced a proposed new set of regulations to implement a statewide stormwater management program. Whereas current stormwater regulations focus on the operators of municipal stormwater systems and ...
Temporary Relief For Toronto Stock Exchange And TSX Venture Exchange Issuers.
Dec 01, 2008 ... The Toronto Stock Exchange and the TSX Venture Exchange have just announced the introduction of measures granting temporary relief from some of their requirements to assist listed issuers. These changes, which will remain in effect until March 31, 2009, are designed to assist issuers ...
Combined Heat And Power Schemes.
Dec 01, 2008 ... As climate change issues gather speed local authorities are pivotal and well placed to have maximum influence. Local authorities are community leaders, working with other public sector stakeholders via the Local Area Agreement and Local Strategic Partnership to deliver the community's ...
President-Elect Barack Obama's Energy and Environmental Policies.
Dec 01, 2008 ... In his November 4, 2008 election victory speech, President-elect Barack Obama promised to pursue policies to harness cleaner sources of energy and create a healthy environment. During the campaign, he proposed a "New Energy for America" plan ("the Obama-Biden Energy Plan") and ...
New FMLA Regulations Take Effect January 2009: Are You Ready?(Family and Medical Leave Act)
Dec 02, 2008 ... On November 17, 2008, the United States Department of Labor ("DOL") published its long-awaited revised and updated final rules interpreting the Family and Medical Leave Act ("FMLA"). These new regulations go into effect on January 16, 2009, unless Congress votes to disapprove the ...
Watch This (Expanding Internet Domain Name) Space: An Initial Report On The New Generic Top Level Domain Names.
Dec 02, 2008 ... Preamble The following FocusPaper provides a broad overview of ICANN's newly proposed procedure for the introduction of additional top-level domain names to the Internet. ICANN has produced explanatory papers which serve to aid a potential applicant's understanding of the ...
The Personal Information Protection And Electronic Documents Act And The Cross-Border Transfer Of Employee Data.
Dec 02, 2008 ... Article by Candice Teitlebaum* In May 2008, I discussed the impact of transborder data flows and the existence of the USA PATRIOT Act1 in the context of personal health information. The disclosure of the personal information of Canadians outside of Canada elicits significant ...
Privacy Breach Notifications In The Health Sector.
Dec 02, 2008 ... Article by Paige Backman* Canada has been slow to require notification of affected persons in events of privacy breaches. While Canada has both federal and provincial laws addressing privacy regulation, including the federal Personal Information Protection and ...
Ontario Court Challenge: Testing The Public Consultation Requirements Of Local Health Integration Networks.
Dec 02, 2008; ... Article by Denis Chamberland* Health providers procure a wide range of products and services, sometimes to support a new service delivery approach. But before proceeding to do so, it is important to ensure that all regulatory requirements have been met. To this point, a recent ...
Liechtenstein Insurance Centre.
Dec 02, 2008 ... 1. Facts and figures The Liechtenstein insurance centre continues to enjoy robust growth. Of the 37 insurance companies operating at the end of 2007, 19 are active in the life business, 13 in the indemnity insurance business and 5 in the reinsurance business. Of these 37 ...
Technology, Media & Broadcasting, Telecommunications.
Dec 02, 2008 ... TRAI Determines Final Phasing out of ADC The Telecom Regulatory Authority of India ("TRAI") has recently issued the ninth amendment to the Interconnection Usage Charges ("IUC") regulation which deals, among other things, with the ADC payable by private service providers to the ...
Guidelines On Obtaining Probate For Assets Of Non-Jersey Domiciled Deceased Persons.
Dec 02, 2008 ... Jersey probate is required for all persons with movable estate situate in Jersey. It is an offence to intermeddle, take possession or in any way to administer any part of the movable estate of a deceased save where the 1998 Probate law allows. Penalties are severe being a fine or a term of ...
Workplace Relations Update.
Dec 02, 2008 ... Contents Reminder to employers: increases to rates of pay One step closer to paid parental leave: Productivity Commission Draft Inquiry Report Corporations can access the Independent Contractors Act Update on the preservation of State industrial ...
Learning To Tackle Climate Change.
Dec 02, 2008; ... By Stephen Cirell and John Bennett The subject of climate change was thrust back into the news on 16 July 2008 when Minister Hilary Benn provided an update on the Carbon Reduction Commitment, indicating that the government has now decided that schools should be included. This ...
New FMLA Rule Effective January 16, 2009.(Family and Medical Leave Act)
Dec 02, 2008 ... The Department of Labor (DOL) has published a final rule on the Family and Medical Leave Act (FMLA), which will become effective on January 16, 2009. The rule both implements recent amendments to the FMLA that provide leave entitlements for family of military servicemembers and revises the ...
Reference May Anticipate Without Rendering Obvious.
Dec 02, 2008 ... Rejecting the maxim that anticipation is the epitome of obviousness, the U.S. Court of Appeals for the Federal Circuit held that a non-obvious invention may nonetheless be anticipated. Cohesive Technologies, Inc. v. Waters Corporation, Case Nos. 08-1029, -1030, -1031, -1059 (Fed. Cir., ...
U.S. Looks At 'Gold-Plating' To Enhance Patents.
Dec 02, 2008; ... Originally published in The Lawyers Weekly. In the recent U.S. presidential campaign, Senator Barack Obama proposed giving inventors the option of "gold-plating" their patents — subjecting them to a more rigorous review at the patent office in exchange for an enhanced ...
Washington Supreme Court Allows Insured To Maintain Procedural Bad Faith Action Against Insurer That Has No Duty To Defend, Settle, Or Indemnify.
Dec 02, 2008; ... Article by Melissa O'Loughlin White Esquire and Laura L. Edwards Esquire In St. Paul Fire & Marine Ins. Co. v. Onvia, Inc., 2008 WL 5006458, --- P.2d --- (Wash. No. 80359, Nov. 26, 2008), the Washington Supreme Court held that an insurer may be liable for procedural missteps ...
Recent Developments In Climate Change Disclosure.
Dec 02, 2008; ... CICA releases climate change disclosure guide On November 26, 2008, the Canadian Institute of Chartered Accountants (CICA) released its publication Building a Better MD&A: Climate Change Disclosures (the Guide). Building on previous CICA guidance regarding reporting issuers' ...
DOL Issues Final FMLA Regulations.(Department of Labor)(Family and Medical Leave Act of 1993)
Dec 02, 2008 ... On Nov. 17, 2008, the U.S. Department of Labor (DOL) issued the final regulations under the Family and Medical Leave Act of 1993 (FMLA). The final regulations are set to take effect on Jan. 16, 2009, and will impact the forms employers use to administer FMLA leave, employer FMLA policies, ...
Portfolio Company Debt: A New Investment Focus.
Dec 02, 2008; ... Article by Janet Andolina , Allan S. Brilliant , Emanuel C. Grillo , John R. LeClaire , Bruce J. Rader , Edward A. Reilly and Eric R. Reimer Loan To Own/Buy Your Own The current freeze in the credit markets and the resulting general downturn in the leveraged buy-out ...
Independent vs Co-Extensive Limitation Periods For Guarantees In Ontario: "The Bank Of Nova Scotia vs. Williamson"*.(Case overview)
Dec 02, 2008; ... When does the limitation period begin to run on a guarantee in Ontario? Under the Limitations Act, 2002 (Ontario), a creditor must commence a proceeding to enforce a guarantee within two years of "discovering a claim". If the guaranteed obligations are considered to be "co-extensive" with ...
How The PCT Has Influenced The Mexican Patent System.
Dec 02, 2008 ... The enforcement of the Patent Cooperation Treaty (PCT) in Mexico will celebrate 14 years next year. As of June 1995, when filing of patent applications under the PCT officially took off, the PCT system has proven to be an efficient and useful tool for the filing of patent and ...
EU & Competition Round-Up (December 2008).
Dec 02, 2008 ... UK COMPETITION OFT Clears Stella Artois/Budweiser Merger After a lengthy investigation, the Office of Fair Trading (OFT) gave its approval to the acquisition by InBev (Belgium) of the US's largest brewer, Anheuser-Busch. The deal is one of the largest cash acquisitions in ...
Employment Law Commentary, November 2008.
Dec 02, 2008 ... ANNUAL CALIFORNIA ROUNDUP: MUCH ADO ON THE LEGISLATIVE FRONT – PLUS EMPLOYMENT LAW IN PRESIDENT ELECT OBAMA'S ADMINISTRATION Introduction This year was a busy one for the California legislature. In spite of the state budget crisis and a worsening economy, some noteworthy ...
Anticipation Requires All Elements To Be Arranged Or Combined In The Same Way.
Dec 02, 2008 ... In a suit involving two patents for secure internet credit card transaction processing, the U.S. Court of Appeals for the Federal Circuit clarified that in order to anticipate a claimed invention a prior art reference must not only disclose all elements of the claim within the four corners ...
Senator Baucus Releases Plan To Reform Health Care - "A Call To Action".
Dec 02, 2008 ... On November 12, 2008, Senate Finance Committee Chairman Max Baucus (D-Mont.) released a paper, titled "Call to Action, Health Reform 2009," which sets forth his vision for health care reform (the "Baucus plan").1 The Baucus plan was unveiled against the backdrop of a variety of health care ...
New Expatriation Rules Under Sections 877A And 2801.
Dec 02, 2008; ... Article by Ellen Seiler Brody and Jason K.Binder* Co Editors: Stanford H. Goldberg* and Peter A. Glicklich** Introduction With the passage of the Heroes Earnings Assistance and Relief Tax Act of 20081 ("the heart Act") on June 17, 2008, circumstances ...
Labor's Promised IR Legislation Introduced Today: Fair Work Bill.(industrial relations)
Dec 02, 2008; ... The Federal Government's long-expected Fair Work Bill 2008 (Cth) has now been introduced into Federal Parliament, with certain elements expected to take effect from 1 July 2009. Employee entitlements National Employment Standards - As previously announced, ten minimum employee ...
Canadian Legislators Turn Their Attention To Washington For Direction On Climate Change.
Dec 02, 2008 ... This Climate Change Bulletin is part of a series that is prepared periodically by BLG's Climate Change Group to alert our clients to emerging issues and initiatives that are relevant to their businesses and strategic interests. Future Climate Change Bulletins and Alerts will review and ...
Latest Pieces Of Guarantee Scheme For Large Deposits And Wholesale Funding Released.
Dec 02, 2008; ... On 21 November 2008, the Government released: the Guarantee that will apply to deposit liabilities held with eligible Australian authorised deposit-taking institutions (ADIs) in excess of $1 million and to wholesale funding liabilities of eligible ADIs; and the Rules ...
Appeal Opposing Injunction On MICO Fails.(Motor Industries Co.)
Dec 02, 2008; ... Dealing with an appeal challenging the order of a Single Judge granting an interim injunction is the case of Micolube India Ltd. v. Maggon Auto Centre 2008 (38)PTC 271 (Del.)(DB). Dealing with the trademark 'MICO', the injunction of the use of the mark until the final disposal of the suit ...
Revisiting The Doctrines In Copyright: The Oxford Dispute.
Dec 02, 2008; ... The doctrines governing Copyright Law often compete against each other to enable determine disputes involving various aspects. The idea-expression dichotomy is often balanced against the fair-use provision in the Indian copyright regime. Explicating the same and also visualizing the ...
Manhattan/MYOB: Be Careful What You Intend.(Case overview)
Dec 02, 2008; ... What you need to know Be aware that ASIC's "Truth in Takeovers" policy1 means that certain public statements by participants in a takeover bid (referred to as "last and final" or "best and final" statements) are effectively binding. The Panel considers that ...
Review Of The International Arbitration Act 1974 Announced.
Dec 02, 2008; ... On 21 November 2008, the Australian Government announced a review of the International Arbitration Act 1974 (Cth), an essential and welcome step in improving its operation and promoting Australia as a place for international arbitration. The Act is Australia's main legislation ...