Mondaq Business Briefing back issues from February 2009:
USCIS Revises I-9 Employment Eligibility Verification Form.(Brief article)
Feb 01, 2009; ... December 17, 2008 – The U.S. Citizenship and Immigration Services (USCIS) published a new rule updating the list of acceptable documents for the Form I-9 Employment Eligibility Verification process, along with changes to Form I-9 itself. This rule will go into effect on February 2, ...
Bankruptcy Court Approves Sale Of Title Insurance Companies.
Feb 01, 2009 ... On Wednesday, December 17, 2008, the United States Bankruptcy Court for the Eastern District of Virginia approved the sale by LandAmerica Financial Group, Inc. of all of the issued and outstanding stock of Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation and ...
ABI Guidance On Share Allotment Authorities, BERR Consultation On Notice Periods For Meetings, FSA Clarifies Disclosure Requirements.(Association of British Insurers )
Feb 01, 2009; ... New ABI Guidance on Authorities to Allot Shares The Association of British Insurers (ABI) has recently issued new guidance on the extent of the general allotment authority (under s.80, Companies Act 1985) which it regards as acceptable for listed companies. The new ...
Injunction Of RIM's Bid For Certicom Necessitates Careful Review Of Confidentiality Agreements.(Ceritcom Corp. v. Research in Motion Limited )(Case overview)
Feb 01, 2009; ... The Ontario Superior Court of Justice's decision this week in Ceritcom Corp. v. Research in Motion Limited et al. has significant implications for M&A practice in Canada, particularly in hostile situations. In Certicom, the court issued an injunction against RIM's unsolicited ...
Court Upholds Internal Investigation Privilege.
Feb 01, 2009 ... HMTQ v. Canadian National Railway Company 2008 BCSC 1677 The Supreme Court of British Columbia recently upheld a claim for common law litigation privilege asserted by Canadian National Railway Company (CN) over documents created in the course of carrying out an internal ...
VaR Limit Clarification.
Feb 02, 2009 ... Introduction On 29th October, 2008, the Financial Regulator published a short paper1 and revised Guidance Note 3/03 providing for a clarification of the limits to be applied by a UCITS when calculating global exposure using the absolute Value at Risk methodology (absolute VAR). ...
Opportunities For Property Tax Refunds.(Brief article)
Feb 02, 2009 ... Property owners are aware of the significantly increased assessments that have been returned for the 2009 taxation year. Our previous Advisory reported on the 2009 assessments and provided information on how to appeal. In addition to the tax relief that could result from a ...
Electronic Health Records: The Time For Implementation Is Now.
Feb 02, 2009 ... President Obama has allocated money from his recently proposed economic stimulus package to investment in healthcare IT, but will it be enough for the United States to implement an integrated, nationwide health information network? With efforts to date, this allocation and the overall ...
Anticipated Policy Changes For Embryonic Stem Cell Research: Funding Under The Obama Administration.
Feb 02, 2009 ... Soon after the November 2008 election, then-President-elect Obama signaled his intention to issue executive orders to repeal decisions made by the Bush administration on diverse policies, including the limitations imposed on embryonic stem cell research. Less than a week after Election ...
Shake-Up Coming For Canadian Private Placement Regime?
Feb 02, 2009 ... In response to the seizure of the market for asset-backed commercial paper (ABCP) in Canada, the Canadian Securities Administrators formed a working group to consider certain regulatory issues arising out of this seizure. The working group prepared a consultation paper (the ABCP Paper), ...
OSC Orders HudBay Shareholder Vote In Lundin Merger.(Ontario Securities Commission)(Lundin Mining Corp. acquired with HudBay Minerals Inc.)
Feb 02, 2009 ... On January 23, 2009, the Ontario Securities Commission prohibited HudBay Minerals Inc. (HudBay) from issuing shares in connection with its proposed merger with Lundin Mining Corporation (Lundin) without first obtaining HudBay shareholder approval for the transaction. The order was made on ...
Statutory Disciplinary And Grievance Procedures - The End?
Feb 02, 2009 ... On 6 April 2009, the Statutory Disciplinary and Grievance Procedures will be abolished. They will be replaced by a new ACAS Code of Practice on Disciplinary and Grievance Procedures (the "New Code"). This is not to be confused with the current 2004 ACAS Code which is still on the ACAS ...
Divisional Court Curtails Moe Investigation Powers.
Feb 02, 2009 ... Article by *Doug Petrie and *Juli Abouchar On January 7, 2009, the Divisional Court of the Ontario Superior Court of Justice released a decision (Branch) that will significantly affect how Ontario's Ministry of the Environment (MOE) conducts investigations, and could have major ...
Floating On The IEX.
Feb 02, 2009 ... A company can raise capital in a number of ways; for example, by private offers of shares for subscription, by borrowing or by using retained profits. Another way a company can raise capital is by way of public offers of shares on a stock exchange. Floating enables a company to maximise ...
Jones Day And ECTA Publish European Regulatory Scorecard For 2008.
Feb 02, 2009 ... On January 28, 2009, the European Competitive Telecommunications Association (ECTA) published the 2008 Regulatory Scorecard. This is the sixth issue of its annual benchmark report on the effectiveness of telecommunications regulation across Europe. The 2008 report compares the regulatory ...
New Maternity, Paternity And Parental Leave Entitlements.
Feb 02, 2009 ... On 1 January 2009, standard maternity leave entitlement increased from 18 to 20 weeks, with longer for multiple births. The new entitlement applies to all employees on maternity leave at 1 January 2009, as well as those whose maternity leave starts after that date. ...
PAYE: Pitfalls On The Exercise Of Employee Share Options.
Feb 02, 2009 ... The recent case of Chilcott, Griffiths and Evolution Group Services v Revenue & Customs has highlighted a pitfall for employers and employees where PAYE is not properly operated on the exercise of employee share options or other share-related income. Typically, PAYE is operated ...
First Bill President Obama Signs Makes it Easier for Employees to Allege Discrimination in Compensation.
Feb 02, 2009 ... Originally published January 29, 2009 Keywords: Lilly Ledbetter Fair Pay Act, statute of limitations, EEOC, compensation discrimination, Title VII, ADA, Rehabilitation Act, ADEA, disparate impact claims On January 29, 2009, President Obama signed the Lilly Ledbetter ...
Lilly Ledbetter Fair Pay Act Becomes Law.
Feb 02, 2009 ... On Thursday, January 29, 2009, President Obama signed into law the Lilly Ledbetter Fair Pay Act ("Ledbetter Act"), the first new statute he has signed. The Ledbetter Act amends Title VII of the 1964 Civil Rights Act and the Age Discrimination in Employment Act ("ADEA") to provide that a ...
Responding To Allocation And Liquidity Concerns Of Investors In Private Equity And Venture Capital Funds.
Feb 02, 2009 ... Article by Jonathan Axelrad , Matthew L. Giles , Kenneth J. Gordon , Rufus C. King and David W. Watson Recent economic events have raised a host of allocation and liquidity issues for investors in private equity and venture capital funds ("PE/VC funds"). First, many ...
Wisconsin Supreme Court Rules That Each Asbestos Claimant's Exposure Constitutes A Separate Occurrence; Adopts "All Sums" And Rejects Pro Rata Allocation.
Feb 02, 2009 ... Wisconsin's highest court is the latest to weigh in on the obligations of liability insurers for underlying asbestos bodily injury claims. In Plastics Engineering Co. v. Liberty Mutual Insurance Co., No. 2008AP333-CQ (Wis. Jan. 29, 2009), the Wisconsin Supreme Court held that each ...
New I-9 Form Required Starting February 2nd, 2009.
Feb 02, 2009 ... Starting on February 2nd, 2009, employers will have to use the new I-9 Employment Verification form (edition date February 2, 2009). On that date, employers must use the revised I-9 form and instructions for all new hires. There is no requirement that existing I-9 forms for current ...
Global Companies Faced With An Increasing Role Of The European Works Council.
Feb 02, 2009 ... After four years of discussions and negotiation between the European labor and management stakeholders, the EU Parliament adopted an agreement on a revised European Works Council Directive, aimed at improving the role of the European Works Councils in representing employees of ...
Motor Vehicle Dealers Act Coming Into Effect April 1, 2009 Equipment Financiers Must Take Action.(Brief article)
Feb 02, 2009 ... On April 1, 2009, the long awaited Motor Vehicle Dealers Act, 2002 ("Act") is anticipated to come into force. This Act will have a broad impact to all motor vehicle dealers, the equipment finance community and sellers of extended warranties. Specific action is required by all dealers and ...
New York Mini-WARN Law Requires 90-Day Advance Written Notice Of Certain Employee Layoffs.
Feb 02, 2009 ... Article by Albert J. Solecki, Jr. , Eric D. Roth and Daniel J. Doron The economic downturn that, in late 2008, dealt a sharp blow to many New York employers has led many of those employers to consider reductions in force. Indeed, the New York City unemployment rate lurched ...
Massachusetts Life Sciences Center Launches New Tax Incentive And Early-Stage Investment Programs.
Feb 02, 2009 ... The Massachusetts Life Sciences Center (the "MLSC"), a quasi-public agency tasked with implementing the State's $1 billion Life Sciences Initiative, is now accepting online applications for its Life Sciences Tax Incentive Program and its Life Sciences Accelerator Program. These programs ...
Cotton On Caught Copying.
Feb 02, 2009 ... Key Points: Elwood Clothing t-shirt and swing tag designs are held to be artistic works by the Full Federal Court and protectable pursuant to copyright law. Designs admittedly copied by Cotton On have been found by the Full Federal Court to have substantially ...
Fair Work Bill 2008.
Feb 02, 2009 ... Contents Transfer of business Extension of union officials' right of entry under the Fair Work Bill 2008 Transfer of business The Fair Work Bill 2008 (Cth) introduces significant changes to the transmission of business laws which currently ...
2009 Budget Highlights - Extraordinary Times Calling For Extraordinary Global Measures.
Feb 02, 2009 ... On January 27, 2009, the Honourable Jim Flaherty, Minister of Finance, tabled the 2009 federal budget titled "Canada's Economic Action Plan". The nature and purpose of the Action Plan can be summarized by a statement in the Overview of the Action Plan: These are extraordinary times for the ...
Maintaining a Shelf Registration Statement Following Loss of WKSI Status.(well-known seasoned issuer)
Feb 02, 2009; ... Originally published January 30, 2009 Keywords: shelf registration statement, WKSI, sell securities, filing fees, pay-as-you-go, Securities Act, time of filing, stock prices, compliance, disclosure, A registrant that qualifies as a "well-known seasoned issuer" (WKSI) ...
Sovereign Immunity.(Brief article)
Feb 02, 2009; ... An ambassador's certificate which confirmed that certain London bank accounts of Chad were not used for commercial purposes failed to impress the Commercial Court. In Orascom Telecom v Chad [2008] EWHC 1841, the court decided that the ambassador's certificate was of no ...
European Insolvency And Pending Arbitration.(Brief article)
Feb 02, 2009; ... In Syska v Vivendi [2008] EWHC 2155, the Commercial Court had to consider the effect of a Polish company's insolvency on pending LCIA arbitration in London, in which it was a party. The arbitration proceedings had been brought against the Polish company in August 2003. In August ...
New Illinois Campaign Contribution and Registration Requirements May Affect Investment Funds and Managers.
Feb 03, 2009; ... Originally published January 30, 2009 Keywords: Illinois, campaign contribution, registration requirements, investment funds, investment managers, new ethics law, covered entities, state contracts, executive order Two new procurement and campaign contribution ...
IRS Initiates Compliance Check on Governmental Bond Financings.
Feb 03, 2009; ... Article by John A. Janicik , David Narefsky , Joanna K. Horsnail and Lorraine M. Tyson Originally published February 2, 2009 Keywords: IRS, compliance check, governmental bond financings, Tax Exempt Bond Office, TEB, tax-exempt bonds, record retention requirements ...
New York Insurance Department Issues Opinion On Treatment Of Collateral Held By An Insurer In Liquidation Or Rehabilitation.
Feb 03, 2009 ... Article by Francine L. Semaya , William K. Broudy and Laurance D. Shapiro Certain insurance programs, particularly workers' compensation programs with large deductibles, require the insured to deposit collateral with the insurer as security for performance by the insured of ...
Canada's Budget 2009 - A Shade Of Green.
Feb 03, 2009 ... The increasingly anemic Canadian economy was administered a boost in the form of an unprecedented stimulus package announced in the federal government's Budget 2009 released on January 27, 2009. The budget contains a number of programmes and incentives to promote "green" projects and the ...
FCPA Settlements: It's A Small World After All.(Foreign Corrupt Practices Act of 1977)
Feb 03, 2009 ... " ...that whole law started on the basis of my going home in the evening in the early '70s and watching the Watergate hearings. And watching at the end of the hearings where certain companies would testify as to making political contributions to Nixon."1 The Foreign Corrupt ...
Amendments To Canadian Corporate Governance And Audit Committee Regimes Proposed.
Feb 03, 2009 ... Copyright 2009, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Securities Regulation, January 2009 The Canadian Securities Administrators (the CSA) have published for comment proposed revisions to the existing corporate governance and audit ...
CSA Provides Guidance On Continuous Disclosure Obligations Related To Current Economic Conditions.
Feb 03, 2009 ... Copyright 2009, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Securities Regulation, January 2009 The global economic downturn of the past few months has led to increased scrutiny of public disclosure by reporting issuers, as investors seek ...
Supreme Court Declares Ambiguous Non-Competition Clauses Unenforceable.
Feb 03, 2009 ... On January 23, 2009, the Supreme Court of Canada handed down a decision regarding the Court's role in interpreting and enforcing restrictive covenants. More specifically, the Supreme Court held that it is not for a Court to interpret or "fix" ambiguous restrictive covenants in an effort to ...
PRC Labour Contract Law Implementing Regulations Issued.
Feb 03, 2009 ... On 18 September 2008, the State Council promulgated implementing regulations ("Implementing Regulations") for the PRC Labour Contract Law, which has been in effect since 1 January 2008. These regulations address the following key aspects: Consolidation of Employment Period ...
Alberta Court Of Appeal Finds Mistake In Dispute Over Unit Agreement.
Feb 03, 2009 ... Copyright 2009, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Litigation, January 2009 Introduction On December 22, 2008, the Alberta Court of Appeal released its decision in Signalta Resources Limited v. Dominion Exploration ...
National Association Of Insurance Commissioners Rejects Capital Changes For Life Insurers.
Feb 03, 2009; ... Article by Francine L. Semaya , William K. Broudy and Laurance D. Shapiro The National Association of Insurance Commissioners ("NAIC") has rejected changes in capital and surplus requirements for life insurers proposed by the American Council of Life Insurers ("ACLI") ....
Significant Changes To Business Tax For Foreign Service Providers.
Feb 03, 2009 ... Changes to Levying Principle on Taxable Services Effective 1 January 2009, the levying principle of business tax ("BT") on services in the People's Republic of China ("PRC") has been changed from where the service is performed to where the service provider or the service ...
New York Court Upholds Insurance Department's Decision That Trade Secrets Are Exempt From Foil Disclosure.
Feb 03, 2009; ... Article by Francine L. Semaya , William K. Broudy and Laurance D. Shapiro On January 13, 2009, the New York Supreme Court, the trial level court in New York, denied a challenge to the New York Insurance Department's (the "Department") determination that certain ...
The Value Of Infrastructure: 2009 Federal Budget.
Feb 03, 2009 ... Copyright 2009, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Infrastructure, January 2009 On January 27, 2009, Finance Minister Jim Flaherty tabled Canada's Economic Action Plan, the federal government's 2009 budget (the Budget), which ...
Hunt Succeeds Before Energy Resources Conservation Board In Competitive Drainage Case.(Hunt Oil Company of Canada Inc.)
Feb 03, 2009 ... Copyright 2009, Blake, Cassels & Graydon LLP Originally published in Blakes Bulletin on Energy, January 2009 Introduction On December 23, 2008, the Energy Resources Conservation Board (the ERCB) issued its decision in an application by Hunt Oil Company of ...
Corporate Governance - Board Meetings And Minutes.
Feb 03, 2009 ... Generally the powers of a company are exercised by the board of directors acting as a whole, subject to its articles of association. Usually those powers can only be exercised collectively by resolution at properly constituted board meetings or by written resolution of all the directors ....
Duty Act Changes.(Brief article)
Feb 03, 2009 ... The time for payment of duty under the Duties Act 2008 will shortly be reduced. At present duty must be paid not later than 3 months after the liability date. That period will be reduced from 3 months down to 14 days. This means, for example, that a purchaser of land will have only 14 days ...
Further International Recognition For Cains.
Feb 03, 2009 ... Cains, one of the leading Isle of Man law firms, has been shortlisted for another prestigious industry award. The firm has been nominated for the Offshore Category of the 2009 Chambers Europe Awards for Excellence. The results will be announced in April at a gala dinner to be held at the ...
Ontario Begins Consultative Process For Design Of Greenhouse Gas Cap-And-Trade System.
Feb 03, 2009; ... The Ontario Government has begun consultations leading to the implementation of a greenhouse gas cap-and-trade system, which may be in place as early as 2010. Ontario had previously stated its intention to develop a greenhouse gas cap-and-trade scheme. On June 2, 2008, Ontario ...
Defaulting Limited Partners: Challenges For Private Equity In 2009.
Feb 03, 2009; ... Introduction Liquidity concerns are all too familiar to most private equity fund managers these days, and investors in their funds have not been immune. However, at the time of writing, there have been few significant public defaults by investors in the major private equity ...
Pre-Packaged Sales - New Guidance For Administrators.
Feb 03, 2009; ... Pre-packaged sales have long been regarded with suspicion by unsecured creditors. These are where a company is placed into administration and, almost simultaneously, its assets and business a sold by the Administrator without any prior consultation with unsecured creditors. To add to the ...
Top Tax Tips For Troubled Times - Managing Corporation Tax.
Feb 03, 2009; ... Mark Webb offers some suggestions on how to effectively manage your company's corporation tax liabilities in a downturn. As the property industry is facing a particularly acute downturn, businesses will need to review and tighten processes. Therefore, the opportunity to manage ...
A Restorative Relief - The Business Premises Renovation Allowance (BPRA).
Feb 03, 2009; ... BPRA should encourage developers to renovate or convert derelict property. The Business Premises Renovation Allowance (BPRA) was brought in to incentivise individuals and/or companies to bring certain properties back into use. BPRA provides a 100% initial capital allowance for ...
Maritime Issues In The E & P Industry.
Feb 03, 2009; ... The development of the petroleum and natural gas industry in Brazil also made possible the expansion of the local maritime industry. The end of Petrobras' monopoly and the promotion of bid rounds by the Brazilian National Petroleum Agency (ANP) for the concession of exploration areas, as ...
Auditors In The Spotlight.
Feb 03, 2009; ... This week's hearing between the Treasury Committee and representatives of the auditing profession questions the role of the auditor in the current economic crisis. The hearing reflects the fact that auditors are facing increasing difficulties not only in their day to day auditing of ...
Massive Cartel Fines For The Upstream Oil Sector.
Feb 03, 2009; ... Yesterday, the European Commission announced that it has imposed fines totalling over €131 million on five companies involved in the marine hoses cartel, which operated worldwide between 1986 and 2007. The cartel members, Bridgestone, Dunlop Oil & Marine/Continental, Trelleborg, ...
FDA Issues Draft Guidance On Citizen's Petitions.(Food and Drug Administration )
Feb 03, 2009 ... On January 21, 2009, the Food and Drug Administration ("FDA") issued a draft guidance titled "Citizen Petitions and Petitions for Stay of Action Subject to Section 505(q) of the Federal Food, Drug, and Cosmetic Act," setting forth the FDA's interpretation of the new provision for public ...
The Expert Panel On Securities Regulation Delivers Final Report.(Canadian Securities Commission )
Feb 03, 2009; ... Final Report And Draft Legislation Released In February 2008, the Government of Canada established a third-party Expert Panel on Securities Regulation charged with providing the federal Minister of Finance and the provincial and territorial ministers responsible for securities ...
Update On New I-9 Form: Implementation Delayed To April 3, 2009.(Brief article)
Feb 03, 2009; ... The United States Citizenship and Immigration Services (USCIS) announced on January 30th that the implementation of the revised I-9 form has been delayed 60 days to April 3, 2009. The revised form (with edition date 02/02/09) was scheduled to go into effect today, February 2nd. The ...
E-Verify For Federal Contractors Now Postponed Until May 21, 2009.
Feb 03, 2009; ... On January 8, 2009, the federal government again agreed to postpone, until May 21, 2009, implementation of the executive order and related federal procurement law that require federal contractors and certain subcontractors to use E-Verify to verify the work eligibility of new employees as ...
Obama Signs Lilly Ledbetter Fair Pay Act.
Feb 03, 2009; ... President Obama has signed the Lilly Ledbetter Fair Pay Act (Act), which substantially eases restrictions on employees suing for wage discrimination. Overturning the U.S. Supreme Court's 2007 decision in Ledbetter v. GoodyearTire & Rubber Company, Inc., the Act signals a major change in ...
US Investors In Australia Beware: New Advisory Report Supports The Sons Of Gwalia Decision.
Feb 03, 2009; ... We have previously reported on the infamous Sons of Gwalia decision in which the High (i.e. Supreme) Court of Australia concluded that a shareholder's claim against an Australian issuer for damages caused by defective disclosure practices should not be subordinated to the claims of ...
While Markets Continue To Fall, Fraud Activity Continues To Rise.
Feb 03, 2009; ... While the global economy continues to fall, incidences of corporate fraud are on the rise. The current economic instability, coupled with weakened internal controls found in many organizations, both large and small, has created the perfect storm for corporate fraud. As the ...