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Nov 30, 2009
WLG World Law Reports Fall 2009

Fall 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-CORRUPTION/FCPA

 

A rare jury trail gives insights into the necessary actions companies and individuals must take to avoid FCPA charges.  This update from Lane Powell also highlights the increased resources the government is using to focus on FCPA matters and looks at a case where senior management was charged with “control person” liability despite not being directly involving in a bribery scheme.  More…

ANTITRUST/COMPETITION



Criminal punishment for cartel conduct in Australia was introduced this summer.   Minter Ellison’s Kate Watts and Toya Gordon explore other amendments made to the anti-trust legislation that garnered less media attention, but are equally as important.   More…



A Canadian court recently decided a price-fixing case on behalf of a class, which included indirect purchasers, for the first time.  If the decision is upheld on appeal, it could change the meaning of class action law in Ontario, and potentially throughout Canada, which has previously not allowed indirect purchasers to  make damages claims.  Davies Ward Phillips & Vineberg explains.  More…



Effective October 14, 2009, the MRTP Commission in India was dissolved by a new competition ordinance.  Therefore, the relevant cases pending under the MRTP Act of 1969 have been transferred to other authorities, as described by M. M. Sharma and Satwinder Singh of Vaish Associates.  More…

BANKING/FINANCE



According to Alfaro Abogados, the Central Bank of Argentina has implemented new regulations that create stricter controls over representatives of foreign financial institutions not authorized to operate as such in Argentina.   More…



A law aimed at easing access to credit for small- and medium-sized businesses was promulgated by the President in October. However, the Constitutional Council invalidated two provisions on unrelated issues -- one of them designed to pave the way for the introduction of Islamic  bonds or "sukuk".   More…



The financial crisis has effected the securitization market and thus non-performing loans (NPLs) are more difficult to exit.  Gianni Origoni Grippo & Partners suggests one way to quickly liquidate these holdings.  More…



Major changes to existing laws on joint-stock companies, limited liability companies, securities marketing, banks and the registration of legal entities have been proposed in Russia.  CMS, Russia writes that these proposed reforms were made with the hope of strengthening the economic position of companies and improving investment conditions.    More…

CAPITAL MARKETS/SECURITIES



In an effort to increase investor protection, the Committee of European Securities Regulators has made recommendations on two key areas of the implementation process for Undertakings for Collective Investments in Transferable Securities (UCITS): one relating to the “Management Company Passport” and the other to investor information.  Arendt & Medernach explains.  More…


In October, a joint report of the Securities & Exchange Commission and the Commodities Futures Trading Commission recommended changes to increase the oversight and enforcement authority of new financial products.  Lane Powell describes the recommendations and their potential implications on the market. More…

EMPLOYMENT & LABOR


A recent French Supreme Court decision nullifying an intra-group mobility clause has significantly altered how companies will have to approach employment contracts as explained by Souiler’s Véronique Vincent.  More…



Foreign nationals entering India on a business or employment visas are now subject to new guidelines, which more clearly define the allowable activities for each type of visa holder.  Ajay Wadhwa and Manish Tully of Vaish Associates elaborate.  More…

ENERGY & NATURAL RESOURCES



A new bill is being drafted to replace the current outdated mining regulations.  Affonso Aurino Barros da Cunha of TozziniFreire Advogados anticipates some of the changes that will be proposed and how it will effect the industry.  More…



The Canadian government recently terminated a proposed acquisition of a mineral exploration company by a private industrial conglomerate with operations in Africa, Europe and the Middle East.  Full public disclosure of the reasoning has not been made by the government, but Davies Ward Phillips & Vineberg suggests that this trend may continue and therefore advises companies to proactively address potential issues to reduce delays or prevent a blocked acquisition.  More…


As part of France’s Development Plan for Renewable Energy, new legislation has been drafted to simply the legal framework regulating photovoltaic power and its pricing, according to Guillaume Pierson and Céline Ide of Soulier.   More…

FOREIGN INVESTMENT



This thirteen-page article, by Minter Ellison’s James Philips and Benjamin Malone, gives a detailed overview of the application process for foreign investors. While the country’s policies are generally favorable to foreign investors, the system does give a considerable amount of discretion to the governing bodies and therefore may result in a loss of investment for Australia. More…

HEALTHCARE/PHARMACEUTICALS

 

The United States government has become much more vigilant in its oversight of pharmaceutical and medical device companies to insure the clinical integrity and independence of the products. A team of Arnold & Porter attorneys explains the new restrictions for stakeholders and compliance processes, many of which are being replicated by other countries as well as the U.N.   More...

INTERNATIONAL TRADE



In order for companies to remain competitive and maintain seamless supply chains, Karen Lobdell (Drinker Biddle & Reath) describes the current challenges faced by customs administrators and explores potential changes that may be on the horizon in response to a 2008 report drafted by the World Customs Organization. More…

INTELLECTUAL PROPERTY



This summer, the German government adopted a bill modernizing its patent regulations.  Christoph de Coster of Taylor Wessing explains the major amendments, most of which are procedural changes to expedite and simplify the process. More…

LITIGATION/ADR



Herzog, Fox & Neeman explains the process and case law regarding serving a statement of claim on a defendant in Israel, including through a business agent. More…

M&A


Beginning in November, the Toronto Stock Exchange will require listed issuers to obtain the approval of its securityholders when an acquisition would increase the listed issuer’s outstanding securities by 25% or more.  Gesta Abols and Chris Sunstrum of Goodmans explain this significant change in the treatment of shareholders.  More…


For the past two years, Luxembourg had operated under its domestic laws because the legal framework had not yet been  harmonized with EU Directive 2005/56/CE. Over the summer, a new framework was introduced applying both to intra-Community and extra-Community mergers.  Pierre Beissel of Arendt & Medernach explains. More…


Santamarina y Steta‘s Alejandro Luna Arena and Héctor A Garza Cervera recently contributed a comprehensive overview to The Mergers & Acquisitions Review outlining the main considerations, procedures and general legislative framework in Mexico.  More…


Turkey’s Capital Markets Board has changed the rules for tender offers of shares of publicly held domestic companies to increase transparency and bring the rules in line with those of the European Union.  See Herguner Bilgen Özeke’s article for more details.  More…

PRIVACY

 

With further reforms expected in the near future, the Australian government began rolling out major changes to its privacy laws.  Minter Ellison’s Charles Alexander details the amendments and summarizes the government’s plans for the next phase.   More…


Dr. Kai Westerwelle of Taylor Wessing writes about the recent reforms in data protection law in Germany which will take effect in two parts:  September of 2009 and April of 2010.  These changes will affect the risk management practices of all companies.  More…

REAL ESTATE

 

As one of the strongest commercial real estate markets in the U.S. and arguably in the world, Washington DC is an interesting case study to watch since the burst of the real estate bubble. George Covucci of Arnold & Porter analyzes the market.  This article was published first in the September issue of Pipeline, a publication of the District of Columbia Building Industry Association.  More…

TAX


Philippe Drouillot of Soulier analyzes the potential changes to the “Research Tax Credit” system which allows tax credits based on R&D expenses.  Given the current economic climate, the government is considering immediate cash refunds for these credits in an effort to preserve jobs.   More…



In October it was determined that the different treatment of non-resident and resident individuals relating to capital gains taxes was at odds with the EC Treaty.  Cuatrecasas Gonçalves Pereira’s Sonia Velasco Menal and José Luis Gaudier explain.  More…


The Obama administration and the IRS have proposed regulatory changes to foreign banks and brokerage firms according to Lane Powell.  Some of these amendments may require foreign financial institutions to disclose customer identities, collect U.S. withholding tax and report additional information for tax purposes. More…

TELECOMMUNICATIONS


The CRTC suprisingly denied a new wireless provider because it claimed it hadn't met domestic ownership requirements. A team of Goodmans' attorneys explain the inconsistencies of the case which demonstrate why some are wondering whether the higher authorities will intervene.  More…