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Aug 26, 2009
WLG World Law Reports Summer 2009

Summer 2009

This quarterly selection of recent legal updates and other information is provided for lawyers within World Law Group member firms and their clients. If you would like to subscribe to receive WLG World Law Reports, please contact WLG Administrator Beth Castro at .

ANTI-BRIBERY



Edwards Angell Palmer & Dodge’s James Maton and Antonion Suarez-Martinez analyze two recent changes to the UK anti-bribery laws.  More...

ANTITRUST & COMPETITION



On July 11, 2009, the Government of Canada published draft regulations to give effect to certain amendments to the Investment Canada Act (“ICA”) which were enacted in March.  The major focus of the draft regulations is to set out the rules to determine the new thresholds for the net benefit review of investments and to set the time periods for the national security review process under the ICA according to Goodmans' Joel Schachter.  More...



Last month, a new law was passed making substantial changes to the antitrust law of Chile, as described in detail by Jose Manuel Bustamante of Urenda Rencoret Orrego y Dörr.  More...



A 1.06 billion Euro fine was levied upon Intel Corporation for practices that unfairly excluded its competitors in the computer chip market. Soulier’s Stephanie Yarvordios explains the decision and the growing authority of the European Commission.  More...

ARBITRATION



Cecillia Flores Rueda of Santamarina y Steta explains the reasons why Mexico has become more popular for international arbitrations.  More...

BANKING & FINANCE



With more than 1375 billion euros in net assets under management in UCITS (Undertakings for Collective Investments in Transferable Securities) alone as of September 2008, Luxembourg has become Europe’s leading investment fund domicile. With new asset classes now available, under the UCITS III Directive, investors and promoters have a range of new opportunities and strategies to explore, as Claude Kremer, Michele Eisenhuth and Florence Stainier of Arendt & Medernach explain.  More...



Sovereign wealth funds (SWFs) have gained attention in recent years and due to calls for increased regulation and negative returns, many of these funds have focused on domestic investments. However, activity has increased in the US in 2009. Laura Badian and Gregory Harrington of Arnold & Porter discuss the outlook for US regulation of SWFs.  More...

CORPORATE FINANCE



RiskMetrics Group (“RMG”), a major institutional shareholder advisory group, has changed its policy concerning the election of directors to the boards of Canadian public issuers, write Neill May and Chat Ortved of Goodmans.  More...

CORPORATE GOVERNANCE



The global financial crisis and government bail-outs have refocused attention on directors’ compensation. The German legislature passed a law limiting the pay of directors in German stock corporations.  Tobias Neufeld of Taylor Wessing explains.  More...



The Court of Milan recently published a decision detailing the civil liability of directors who fail to adopt organizational, control and management models in accordance with Legislative Decree no. 231. Gianni, Origoni, Grippo & Partners explain.  More...

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The July 16, 2009 report on the corporate governance of UK banks and other financial institutions (BOFIs) is analyzed by Minter Ellison’s Michael Whalley.  More...



Faegre & Benson’s Alyn Bedford and Amy Seidel outline the proposed SEC rule changes for the 2010 proxy season aimed at increasing transparency for shareholders.  More...

CORPORATE LAW



The EU directive on shareholders’ rights was recently adopted into German law. Dr. Anne Kindt and Dennis Stanek of CMS Hasche Sigle describe the amendments to the German Stock Corporations Act.  More...


A few important amendments were made in Germany recently regarding shareholders’ rights and capital maintenance of public limited companies, as explained by Timo Fahrion and Dr. Andreas With of Taylor Wessing.  More...



Manuel Barrocas of Barrocas Sarmento Neves provides an overview of corporate law in Portugal and recent changes, made in large part due to global changes in corporate governance rules, designed to increase transparency.  More...



Limited liability companies in Russia came under a new set of rules at the end of last year as described by Heiki Paalanen-Koev, Sergei Lee and Alxander Vishnevsky of Castrén & Snellman.  More...



The limited partnership was introduced into Singapore in May of 2009. This new business vehicle is described by S. Sivanesan and Sunil Rai of Rodyk & Davidson.  More...

DATA PROTECTION



Dr. Axel Freiherr von dem Bussche of Taylor Wessing penned this 20-page article explaining the general principles of European data protection laws, the application of German law, and when the German laws apply.  More...

EMPLOYMENT



Technology has created a multitude of ways in which employers can monitor their employees. Jason Benziri of Soulier explores the ways in which employers can use this data and whether this ability to monitor has now effectively become an obligation to do so.  More...

ENTERTAINMENT



The Governments of Ontario and Quebec recently made significant positive changes to their respective production services film tax credits – changes which will directly benefit non-Canadians who choose to produce film and television productions in these provinces.  David Zitzerman of Goodmans explains.  More...

ENVIRONMENT



Australia’s first water market was established in 2008 to ensure safe drinking water. Simon Scott of Minter Ellison looks at the way the market works, its regulatory framework, the water quality and potential reforms on the horizon.  More...

INTELLECTUAL PROPERTY



Herzog Fox & Neemans’ Neil Wilkof examines the relationship between licensors and licensees in response to a recent court decision suggesting a fiduciary relationship between the two.  More...

M&A



Effective in July of 2009, this new law amends important aspects of Spanish corporate law to favor corporate restructuring through mergers and spin-offs according to Victor Xercavins of Cuatrecasas.  More...

PRIVATE EQUITY



Pedro Mazer of Alfaro Abogados explains the current economic climate in Argentina and what the best strategies are for private equity investments accordingly.   More...



TozziniFreire Advogados’ Jose Luis de Salles Freire and Jose Augusto Caleiro Regazzini discuss the notification requirements of private equity transactions to the Administrative Council for Economic Defense (CADE).  More...

PRIVATE-PUBLIC PARTNERSHIPS



The Turkish parliament is now ready to debate the new law on Public-Private Partnerships. Herguner Bilgen Özeke gives a history of how Turkey has handled these types of projects in the past and the highlights of the proposed legislation.  More...

PRIVATIZATION



A strong private sector has been building in Turkey thanks to recent economic and legislative reforms. Herguner Bilgen Özeke gives an overview of the main privatization projects underway in the country.  More...

PRODUCT SAFETY



The Consumer Product Safety Improvement Act of 2008 mandated a reduction in the amount of lead in children’s products, which became effective early this year. As Brian De Foe of Lane Powell PC writes, manufacturers and importers should have independent testing and certification of their products to ensure they conform.  More...

REINSURANCE



Proposed legislation would amend the current reinsurance guidelines. Drinker Biddle & Reath’s Daniel Krane summarizes the potential changes as discussed at the recent Reinsurance Task Force meeting of the National Association of Insurance Commissioners.  More...

SECURITIES



This month, the SEC announced new procedures to increase the effectiveness and speed of enforcement actions. Stephen Huggard, Matthew Martel and Scott Magee of Edwards Angell Palmer & Dodge outline these changes.  More...

TAX



In an attempt to promote renewable energy growth, Congress authorized cash grants instead of tax credits as the economic situation had lowered companies’ taxable income and made tax credits less attractive. Lane Powell PC explains the program, which is part of the American Recovery and Reinvestment Act of 2009.  More...


The IRS is becoming increasingly aggressive about pursuing tax violators according to Lane Powell PC. This article reviews two recent cases where the IRS won the right to access internal memoranda of a company and examines the courts’ findings.  More...


President Obama detailed his proposed changes to the tax code in early May. A team of lawyers from Andrews Kurth LLP outline his recommendations.  More...
 

 

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The information in this newsletter and its related Website is for informational purposes only and should not be construed as legal advice or opinion. Readers should seek appropriate legal or other professional advice on their own particular matter and should not rely on information contained in this newsletter without seeking such advice.