Banking and Finance Law Articles

An outline of the Highly Qualified Persons Rules, 2011 - Managing Growth - Malta has attracted much media attention as an up-and-coming onshore financial centre, particularly since the 2008 economic slowdown.

Following the financial crisis, the Government of Kazakhstan together with AFN (a financial regulator, recently replaced in its role by the National Bank) has introduced amendments to legislation designed to address issues which arose during the crisis and to enhance financial legislation and the financial market of Kazakhstan. Two main laws have been developed (one of which has already come into effect, while the other is yet to be passed).

1. General Provisions - On 21 July 2011, the Law of the Republic of Kazakhstan on Special Economic Zones (hereinafter - the 'Law') has been enacted.

EU leader Member States agreed on a new Treaty on Stability, Coordination and Convergence in the Economic and Monetary Union. The European Stability Mechanism (ESM) Treaty was signed by euro area Member States on 2 February 2012 and ratification is pending by the 17 euro area Member States. The target date of its operation is July 2012, a year earlier than expected.

In the recent Hong Kong case of Passport Special Opportunities Master Fund, LP v eSun Holdings Ltd [2011] 4 HKC 62, the court examined the law of improper purpose in relation to fiduciary obligations on directors, when deciding whether or not, and in what manner, to embark on an issue of new shares.

The practice of elder law is an area of expertise that developed from the need of a growing population of senior citizens with specific legal issues. What can an elder law attorney do for you or a loved one? Elder law is a relative new area in the practice of law, arising from the need of a growing population of senior citizens with specific legal needs.

Background - Mechanism of the investment licenses that is applied by BKPM to the investor covers provisions concerning business sector and business entity that could be managed by the investor in the territory of Indonesia. Principally, provisions on the mechanism of the investment licenses apply the same treatment to all of the investors, either foreign investor or domestic investor.

Background - Merger is a legal action conducted by one or more company to merge with another existing company causing the assets and liabilities of the merging company transferred by law to the surviving company. Moreover, the legal entity status of the merging company will be ended by law.

Background - International Center for Settlement of International Dispute (“ICSID”) was established on the basis of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of 1966 (“ICSID Convention“). This ICSID Convention regulates the settlement of dispute between a country with foreign individual or company who have invested their capital in the country, by peaceful means through conciliation or arbitration.

Lender A is a commercial lending officer at a large financial institution and has landed a $100,000,000 commercial loan in favor of a large company. Lender B is a commercial lending officer at a small community bank and has landed a $1,000,000 commercial loan in favor of a small, local company. In both cases, there will be parent, subsidiary or affiliate guarantees of the loans, and each bank will be taking a lien on all of the assets of the borrower, including significant real estate.

A trust is a legal agreement, a contract. There are irrevocable trusts such as the irrevocable life insurance trust which is used to get the value and proceeds of life insurance out of your estate or an irrevocable income only trust that protects assets from the nursing home.

Planning all corporate taxes: income taxes, VAT, withholding taxes, dividends taxes and considering the tax impact on your business, should play a significant role in every financial step your company in Bulgaria undertakes. Even if you consider that your business is not currently in need, you can seek for taxing information as at the moment Bulgarian system almost apply tax free levying of income for residents and non residents.

Indian companies are accessing the Frankfurt Stock Exchange (“FSE”) and other foreign capital markets in search of capital and liquidity for their shares. The Entry Standard of the FSE is an appealing option for Indian issuers seeking an access point to European capital markets. By Brenda Lee Hamilton, Attorney

On December 20, 2011, Deutsche Börse AG suspended new listings for the First Quotation Board due to fraud and new cases of suspected market manipulation among several shares listed in the First Quotation Board. Deutsche Börse AG stated, “prosecution according to criminal law and supervisory legislation only seems to have a limited deterrent effect. By Brenda Lee Hamilton

You see a lot of acronyms when you are trying to learn about some of the tools that are used in the field of the estate planning and one of them is the FLP. These initials stand for family limited partnerships, and they are primarily useful for people who want to gain tax efficiency when they are giving gifts to family members.

Many of you probably receive unsolicited junk e-mails offering different Asset Protection schemes. With so many "tax haven" jurisdictions and unlicensed companies selling unproven and unreliable Asset Protection techniques and entities, which do you trust? There are many flawed asset protection packages offered on the internet now days.

Loan agreement is one of the most common ways of financing in Belarusian companies when a foreign shareholder provides a loan to the Belarusian Company. This article covers some crucial issues of receiving loans from foreign companies including currency and tax regulations.

The initials “LLC” in a financial planning context stand for a "limited liability company." (Note that the “C” stands for company rather than corporation.) The limited liability company is somewhat of a hybrid enterprise that has some of the characteristics of a corporation while also resembling a sole proprietorship or partnership depending on whether or not there is more than one member.

The tax benefits of Law 158-01 may extend to the purchase and acquisition of Dominican Republic real estate such as second homes and vacation villas of projects located in designated tourist zones.

I recently had the opportunity to develop an estate plan for a same-sex couple and found several effective strategies for making sure each partner could receive inheritance and make healthcare decisions for the other just as if they were a married heterosexual couple. Actually, now they are probably better protected than most married heterosexual couples, because most couples don’t have an estate plan or living trust in place.

Last week the U.S. Securities and Exchange Commission (the “SEC”) amended its rules to exclude the value of a person’s home from net worth calculations used to determine whether such individual qualifies as an “accredited investor”. The amendment is not “new law” but rather simply conforms the SEC rules with the Reform and Consumer Protection Act (the “Dodd-Frank Act”) which already became law on July 21, 2010.

The new version of Industrial Catalogue for Guiding Foreign Investment (“Catalogue”) was formally released on 24 December 2011. It will come into effect on 30 January 2012 and supersede the Catalogue published in 2007. The 2011 Catalogue brings significant adjustments to China's industrial policy towards foreign investment.

In recent months, China has been dominating media headlines in connection with exchange rate disputes with the Unites States and possible participation of China in the bailout of some Eurozone nations. China seems to be proving the truth behind the Chinese proverb that says that ‘the saving man becomes the free man’.

The protection of EU’s financial interests reflect s the basic targets and objectives of the European Union to suppress the illegal traffic of products as well as counterfeiting activities within EU Member States. Hercule I and II, as well as Pericles constitute the means and the tools with the aid of which, relevant European and national authorities will be empowered to take all the measures needed and execute the harmonized strategy of the Union.

The location of Bulgaria makes it strategically advantageous for accessing the developing markets in Eastern Europe and Turkey. It is also a largely unspoilt rural country with enormous business tourism potential. It has a coastline along the Black Sea and lovely mountains making for potential investment opportunities.

Cyprus is a major ship management centre and its flag holds an envious reputation worldwide. The Cypriot Register now ranks 10th in size internationally and represents the third largest fleet in the EU. Moreover, the Register is growing, with shipping entrepreneurs attracted to the host of benefits offered by registration under the Cyprus flag and the active promotion of ship management interests by regulatory authorities.

It is normal to think that the indebtedness of Democratic Republic of Congo [DRC] and potential threats such Vulture Fund activity increase the cost of doing business in some countries such as the DRC. This article discusses the DRC and China case as regard to Vulture Finds.

The regulatory regime on private equity fund is developing at a fast pace, despite there is still no unified national-level law or regulation governing the business. After establishing its authority as a key regulator of China’s venture capital funds, China’s National Development and Reform Commission (“NDRC”) takes the leadership in developing the regulatory regime and is determined to expand its regulatory power into the area.

Whether you are a company looking to raise financing or a potential investor, make sure you understand the important concepts that you will invariably be confronted with in a venture capital transaction. Even if your business is not at the juncture of raising financing, understanding the key terms now will help you start to position the company for an eventual financing round down the road. This Article provides an overview of some of the important terms in a venture deal.

On December 8, 2011, the Division of Corporation Finance of the U.S. Securities and Exchange Commission significantly limited its policy of allowing non-U.S. issuers to submit initial drafts of registration statements (initial public offering or other first-time registration statements) on a “draft” confidential basis.

Reproduced with permission from Law Business Research. This article was first published in Getting the Deal Through - Restructuring & Insolvency, (published in 2011; contributing editor: Bruce Leonard).

This articles discusses the Investment Legislation and its Reasoning; Foreign Investment Establishment, Registering and Licensing Processes; Registering a company; Establishing a Bank; Investing in the Mining Sector; Mining Prospecting; Mining Exploration; Investing in the Forestry, Gold and Diamond Sectors; Foreign Employment & Residence and; Foreign Investor Access to Land and Property Rights within the Democratic Republic of Congo.

In order to value the extraordinary resources, the Democratic Republic of Congo adopted from 2001, an important batch of economic measures establishing the freedom of commerce and industry and the liberalization of sectors governed so far by the Government (mining, oil and exchange sectors). Should be added to the reforms introduced the promulgation of new laws, the spirit of boosting private initiatives: it is the case of investment code, mining code, forest code, labor code.

Activities of all investment firms in Cyprus are governed by CySEC, the Cyprus Securities and Exchange Commission. CySEC isresponsible for authorizing investment firms to undertake investment and ancillary services and governs ongoing transactions and compliance with the various applicable regulations. Investment firms may consider undertaking their activities abroad through establishment of a branch in the intended market or by providing services in that territory where authorized.

People have been borrowing money from credit institutions for decades and in turn the law regulating the claiming of interest has been around for decades. The lender has sought to create a business whereby it can make money on the interest owed to it, which in turn could mean the exploitation of millions.

This article considers the application of the voetstoets principle under the law of insolvency, particularly in the light of the Consumer Protection Act 68 of 2008 (CPA).

In November, the Securities and Exchange Commission approved new rules (the “New Reverse Merger Rules”) that make it more difficult for companies that have effected a “reverse merger” (also known as a “reverse takeover”) to go public and meet the required listing standards of the three major U.S. exchanges – the NYSE, NYSE Amex and NASDAQ.

In the Republic of Cyprus only certain persons and companies are permitted to undertake investment services and activities (for a full list of such regulated activities please refer to the end of this article)[i] and such entities are tightly regulated in order to ensure high standards and full consumer protection. The Cyprus Securities and Exchange Commission is the body responsible for the issuing of licenses and for overseeing the operation of such entities.

China launched formally a comprehensive business concentration control regime on 1 August 2008 when its Anti Monopoly Law (“AML”) entered into effect.

Once you have been taken advantage of by deceitful stockbrokers or financial advisors, it's hard to trust anyone. However, it is essential that you consult with a capable securities fraud attorney if a financial professional has encouraged you to invest in ventures that are risky or if they have invested your money without your knowledge.

The Securities Act of 1933, as amended (the “Securities Act”) requires that the sale of a security be registered under the Securities Act, unless the security or transaction qualifies for an exemption from registration.

Regulation D, Rule 506 Offerings - To offer and sell securities in the United States, an issuer must comply with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), or must offer and sell the securities pursuant to an exemption from the registration statement requirements.

Investor relations involve the dissemination of information regarding a publicly traded company to create awareness of the public company and its business and to increase its stock price. The person who provides the investor relations services is known as a “Stock Promoter”. Stock promoters have used illegal practices and are often the subject of enforcement actions by the Securities and Exchange Commission (the “Commission”) is the stock promoter.

FINRA Rule, 6490, recently enacted in September 2010, requires issuers of equities and debt securities not listed on exchanges to provide timely notice to FINRA of certain corporate actions. These corporate actions include name changes, forward stock splits, reverse stock splits, distributions of cash or securities such as dividends, stock splits and other actions, and rights and subscription offerings.

On July 9, 2011, the Securities and Exchange Commission (“SEC”) approved rules to increase the standards for companies going public through a reverse merger to list on the New York Stock Exchange (“NYSE”), American Stock Exchange (“AMEX”) and the NASDAQ Stock Market (“NASDAQ”).

Regulation A was created under Section 3(b) of the Securities Act of 1933 (the “Securities Act”) to exempt public offerings not exceeding $5 million in any 12-month period by non-reporting companies, without restrictions on the types of investors that can take part in the offering. By: Brenda Lee Hamilton, Attorney Hamilton & Associates Law Group

What is a Shell Company? Securities Act Rule 405 and Exchange Act Rule 12b-2 define a Shell Company as a company, other than an asset-backed issuer, with no or nominal operations; and either: • no or nominal assets; • assets consisting of cash and cash equivalents; or • assets consisting of any amount of cash and cash equivalents and nominal other assets. By: Brenda Lee Hamilton, Attorney Hamilton & Associates Law Group

Registration of securities on Form S-8 (“Form S-8”) is a short-form registration statement under the Securities Act of 1933, as amended (the “Securities Act”). By Brenda Lee Hamilton, P.A. Hamilton & Associates

Asset protection is often coupled with thoughts of high-powered attorneys and other executives poring over your financial documents in order to reach one common goal – protecting your estate to include your assets and properties. However, it doesn’t have to be that complicated or that expensive.

Learn The Truth About The OIC Program - By now, most troubled taxpayers looking for a way to resolve their IRS debt have seen commercials from large tax debt relief services claiming taxpayers paid tens of thousands of dollars by paying only pennies on the dollar. Reactions to these commercials by taxpayers vary from "Wow I won’t have to pay all this tax debt" to "It's scam no one really gets out of paying that much money to the IRS".

Joint Stock and Limited Liable Companies are two most common company types in Turkish practice. Therefore we will substantially proceed with meeting and resolution quorums of these company types after brief general information is provided.

Signature Circular is an official document signed before the Notary in which signature powers of the Company and its branches are determined and the limitations of such powers are detailed.

If you trade on the futures market and suspect commodities fraud, it is to your advantage to consult with a talented commodities fraud attorney who will work to help you recover your losses.

Do you want to know about areas of investment permitted for investment according to Ethiopian law? Below you will find these areas of investment divided by sector of investment.

Brief note on the various tax laws of Ethiopia. In Ethiopia there are two types of tax. These are direct and indirect tax.

Before 1 June 2009 a concept of shareholders agreements was not recognized as a matter of Russian law. That is why joint ventures, project finance or structured M&A deals have been closing with the help of offshore vehicles. Now as the relevant amendments entered into force, Ligerion Group assess what is the route business is taking and what is the Russian court practice.

Clearly Cyprus holds great attraction as a business venue for investors – Michael Chambers explores why so many international businesses entities are drawn to Cyprus and how you can take advantage of the venue yourself.

Cyprus undoubtedly offers a considerably advantageous base for any business. Offering a highly beneficial taxation system and located at a geographically favorable position – it is little wonder that Cyprus enjoys a reputation as an international business center of excellence. However, before a company can be created, certain fundamental decisions need to be made about the kind of legal entity required and the manner in which it will operate.

On the 24th October 2011, Syspay Ltd, under the assistance and guidance of Zammit & Associates- Advocates and CSB Group, became the first Electronic Money Institution to be licensed by the Malta Financial Services Authority (MFSA).

Banking Fees are getting out-of-control. This article discusses some regular fees banks attach to their clients account.

Choosing a securities arbitration lawyer is not something that should be done in haste, and without careful consideration. When you are facing a dispute with brokers or financial advisors, it is essential that you have experienced and skilled legal representation.

On May 4th 2011, the Ministry of Commerce (“MOFCOM”) issued a Draft of the Management Measures regarding Capital Contribution by Equity to Foreign Invested Enterprises (“FIEs”) for public comments ("Draft Measures"). The deadline for the submission of comments was May 20th, 2011.

The Connecting Europe Facility (CEF) Regulation and its impact on Cyprus Republic. The European Commission adopted on October 2011, a plan with a huge budgetary importance of around 50 billion euro aiming at improving EU’s transport, energy and networks.

Background BKPM holds 2 (two) types of services on investment activity for the investor in the territory of Indonesia, which is the licensing service and the non-licensing service. Based on Article 1 paragraph 6 of Regulation of Chairman of BKPM Number 12 of 2009 (“Perka BKPM 12/2009”), what is included in the licensing services is any type of agreement to conduct investment which is issued by the Government and local government who has the authority under the regulations.

The Ninth Circuit Rules that 523(a)(19) of the Bankruptcy Code does not apply to innocent wrongdoers who are the recipients of ill-gotten gains through securities fraud.

The bankruptcy of Lehman Brothers saw thousands of retail investors in Hong Kong with their savings evaporated and subsequent questions raised about mis-selling of financial products to the public.

Identity theft concerns all of us whether we've been hit yet or not. Learn more about what you can do once your identity has been stolen and you need to fix credit problems that have arisen because of it.

In September, 2011, a consortium of five Chinese companies invested 2 billion USD to acquire a minority stake in a Brazilian metal company...

Bankruptcy can have immeasurable benefits for individuals who are challenged with overwhelming or out of control debt. It is important for debtors to be cautious of making particular mistakes that can complicate or otherwise thwart their efforts to file for bankruptcy protection.

A Sovereign Investment Authority (Establish, Etc.) Act, 2011 has established for Nigeria a Sovereign Investment Authority. This Authority is charged to receive, manage and invest in diversified portfolios the excess of the medium and long term revenue of the Federal, States, Local Governments and Area Councils. The Proceeds of these investments are statutorily required to create a savings base for the country, develop infrastructure that will attract local and foreign direct investments.

Finance ministers and Central Bank governors of European Union Member States debated during the last informal Economic and Financial ECOFIN Council of September 17, the current condition of the economy and the situation in sovereign bond markets. The debate on the European Union’s financial stability was also attended by representatives of European financial oversight authorities.

All European Union countries have been affected between 2008 and 2010 by the economic and financial crisis and after a contraction in 2009 in every EU country, except Poland, growth returned in 2010 in all but five peripheral countries. While in 2010 several countries continued to support their economies through discretionary measures, other countries had less room for maneuvers given their underlying public finance situation trying to consolidate them.

Do you want to know about areas of investment permitted for investment according to Ethiopian law?

QROPS are Pillar II pension schemes established outside the UK and which are recognized as such by Her Majesty’s Revenue and Customs (HMRC). The administrators of a pension scheme established in Malta may apply to HMRC for formal acceptance of the scheme as a QROPS. Once approved as a QROPS, the Maltese scheme could accept funds/assets transferred from existing UK pension schemes.

Recent amendments to the Financial Institutions Act (Chapter 376 of the Laws of Malta) (the “Act”) have effectively brought the regulation of EMIs in Malta, previously regulated under the Banking Act (Chapter 371 of the Laws of Malta), within the remit of the same Financial Institutions Act. The change has undoubtedly led to a much more attractive regime for operators looking to set up an EMI in Malta.

The provisions of Chapter 6 of Act 71 of 2008, being the business rescue provisions, are both interesting and controversial. The question is, how will our courts deal with the provisions of the Act? The first written judgment to hand involves the matter of a company by the name of Beagles Run Investments 25 (Pty) Ltd (Beagles Run).

The year of 2010 was marked by a number of loans, both foreign and domestic, raised by Ukrainian companies or their foreign affiliates or parent companies. As a rule, foreign and Ukrainian creditors provide loans to Ukrainian debtors subject to proper security of debtors’ obligations. In this article we provide a brief practical overview of the most common types of security instruments in Ukraine.

Whether it’s a start-up project or a successfully running company, at some point in time every business faces a need to raise money for a variety of reasons. There are two basic ways to raise capital: either debt or equity. This article focuses on comparative analysis of primary disclosure requirements for debt and equity offerings.

The fundamental transformation in Turkish economy has been observed during the massive privatization process since 1994. The investment opportunities in Turkey are particularly attractive in the framework of country’s ongoing attractive privatization agenda. The involvement and participation of international investors is highly encouraged by the law in course of current privatization program.

As you probably know, beginning January 1, 2010, Washington loosened rules for converting traditional IRAs (with taxable withdrawals) to “Roth” IRAs (with tax-free withdrawals). The full amount you convert (minus any “basis” in nondeductible contributions) is taxed as ordinary income now when you convert. However, future withdrawals will be tax-free.

Fund managers don’t like surprises. And it is this aversion to anything unknown that has caused the more “traditional” financial centers like London, Luxembourg, Ireland and Switzerland to boom as financial centers towards which fund managers have gravitated and established themselves over the past 20-odd years.

Malta has been building its reputation as a flexible-yet onshore EU domicile and is competing well with its larger and more established European competitors, which begs the question – Why are Fund Promoters choosing Malta?

On 17 December 2010 the European Council agreed on the need for a Eurozone area and on the establishment of a permanent stability mechanism which will intervene by providing financial assistance to the Eurozone Member States after June 2013.

The Council concluded on 12 July 2011 the first European Semester which has been implemented this year, for the first time, as part of a broader reform of the EU’s economic governance. Based on the European Council’s decision a recommendation has been adopted on the implementation of the Eurozone Member States’ economic policies as well as a recommendation on its National Reform Program 2011 and the Stability Program 2011-2014 for each Member State.

If you purchased real estate as part of a business purchase, if you inherited real estate, if you are retired and own properties you want to turn into rental properties, the organizational engineering you do is not just to save on taxes. The cheapest form of insurance you can buy may be the limited liability you gain when you keep your property in a limited liability company (“LLC”) or limited partnership designed to protect you from the liability associated with property.

The European Commission has faced the challenge of being able to fund a number of policy areas where the EU could be more effective, by acting at EU level, in preparing its proposals for the future budget of the European Union. In its proposal, based on the Europe 2020 Growth Strategy, a new funding potential can be seen attempting to ease the direct impact of the national budgets with the creation of a new Multiannual Financial Framework (MFF).

The Credit Industry Code of Conduct (the Code) is aimed at improving the debt review process in line with the commitment of the National Credit Regulator (NCR) to combat over indebtedness. It came into effect on 1 January 2011 and arose out of discussions of the National Debt Review Task Team. All those currently registered and those who wish to register with the NCR as credit providers will have to acknowledge and comply with the Code.

To create an order in the investment activity, the authorized body needs to set out a line of licensing process before an investor could conduct the investment activity in the territory of Indonesia. Investment Coordinating Board (Badan Koordinasi Penanaman Modal) (“BKPM’) introduced a system, namely Integrated One Door Service (Pelayanan Terpadu Satu Pintu) (“PTSP”) whereby investors can enjoy certain facilities.

A trust is a valuable estate planning tool, but many don’t realize how their estate can benefit by creating a trust.

Independent film financing and tax credits are linked and play a huge role in making a successful film. Understanding where these credits are and how to obtain them is vital. Dunlap, Grubb & Weaver, experienced entertainment lawyers can help with this. This article lists the credits available in the United States by jurisdiction.

The Anti-Monopoly Law (“AML”) opens a new landscape for merger and acquisition practice in China. Regardless where a merger takes place, if the transaction satisfies the prescribed conditions, it must be filed with China's Ministry of Commerce (“MOFCOM”), the agency charged with enforcing the merger control laws in China, for business concentration review.

A brief on new agreement No. 004-2011 of May 4, 2011 on banking transactions.

An article regarding the legal, tax and business aspects of a prudent accounting in Thailand.

On 4 May 2011, China’s Ministry of Commerce (“MOFCOM”) published draft Administrative Measures Concerning Capital Contribution with Equity in relation to Foreign-invested Enterprises for public comments (“Measures”).

The Russian Federation is one of the most important partners for the European Union. A key priority for the EU is to build a strong strategic partnership with Russia based on a solid foundation of mutual respect. Moreover, Russia is the largest neighbor of the EU with a dynamic market for EU goods and services and the EU’s market, on the other hand, is by far the most important destination for Russian exports.

In April 2009, the European Commission issued a Communication on “Good Governance in Tax Matters” with the intention to launch a debate about concrete actions that could be taken to better promote the principles of good governance in the tax area (transparency, exchange of information and fair tax competition). The aim of the Commission to improve synergies between tax and development policies becomes concrete with the Council Directive 2011/16/EU of 15 February 2011.

When issuing securities in private offerings to U.S. investors, issuers (from companies to investment funds) often look to the registration exemptions and safe harbors afforded by Regulation D of the United States Securities Act of 1933 (the “Securities Act”). One of the key components of an exempted Regulation D offering is the “accredited investor” – the individual with significant net worth and deemed to not be in need of the protections afforded by a registered offering.

On 31 January 2011, the General Office of the National Development and Reform Commission (“NDRC”) issued the Circular on Further Regulating the Development, and the Administration on Filings, of Equity Investment Enterprises in Pilot Regions (“Circular”).

Investing in commercial construction projects is an entrepreneurial activity that, according the Article 2 of the Legal Code of the Russian Federation, is undertaken at the investor’s own risk. Herein lies the primary difference in the consequences of a poor monetary investment by a legal entity or a private entrepreneur and the consequences of a developer not fulfilling his obligations before to the investor of the construction project.

Relative quiet conditions in the investment market give time for reconsideration and principle restructuring of the elements of the given market sector. The participants again have a real opportunity to evaluate the efficiency of any given investment mechanisms.

Part XIII of the Investment and Securities (ISA) 2007 creates collective investment schemes in Nigeria.

Filing for bankruptcy is often a confusing and difficult topic for consumers – however, it is also an extremely important solution for those who are seeking financial stability. For this reason, it is very important that those who are considering it make sure that every step necessary is taken to help debunk common misconceptions.

A case study on enforcing a German judgment in P.R. China, showing exemplary pitfalls for foreign clients who intend to realize the enforcement of a foreign judgment in China.

The presentation of a “Pact of Competitiveness” at the EU summit on 4 February by Germany and France was the plan for the Eurozone Member States to agree on a closer economic convergence in order to restore competitiveness to the euro area.

As a general rule, a charge created by a Cyprus company conferring security on the company’s property or undertaking constitutes a charge registrable under Section 90 of the Companies Law CAP 113.

Federal law 7-FZ “On clearing and clearing activity” dated 7 February 2011 and Federal law 8-FZ “On implementation of amendments to certain Russian laws in compliance with the Federal law “On clearing and clearing activity” dated 7 February 2011 (“the new clearing legislation”) have been adopted by the State Duma, approved by the Federal Council, signed by the President and officially published. They will enter into force on 1 January 2012.

The figures brought forward by our economists and the various statistics demonstrate the brightness of the banking sector in Mauritius. International and local papers usually praise such performance by using the figures as common denominator. On the other hand, is there anybody caring of the well being of the banks’ customer ?

The National Development and Reform Commission (“NDRC”) is the leading regulator of China’s venture capital investment business. Its regulating power was granted under the Provisional Measures on Administration of Venture Capital Investment Enterprises (“Measures”) promulgated in 2005, which authorized the NDRC to regulate the business relating to venture capital investment at the central level.

The author explains how to protect a medium sized estate from bankruptcy without going to the expense of establishing an offshore trust.

Circulars issued by the Russian tax authorities in 2010 clarify their interpretation of certain aspects of the existing Cyprus-Russia double taxation agreement, specifically the presence required to give rise to a permanent establishment, the deeming of excessive interest as dividends and the treatment of the proceeds of liquidation of a Cyprus company in the hands of Russian taxpayers.

The State Council of PRC issued the Regulations on Administration of Registration of Resident Representative Offices of Foreign Enterprises(the "New Regulations") on November 19th, 2010 and the New Regulations will take effect on March 1st, 2011.

The State Council issued the Notice on Unifying the City Construction Tax and Educational Surcharge of the Foreign Invested Enterprises, Foreign Enterprises, Foreign Individuals and Domestic Enterprises (the "Notice") on October 18th, 2010.

The PRC Supreme People's Court issued the Provisions on Several Matters Concerning the Hearing of Disputes Involving Foreign-Invested Enterprises (I) (the "Provisions") on August 16, 2010, which entered into force on the same day. The Provisions provide guidance for certain disputes arising from the establishment and changes in the registration of the foreign-invested enterprise (the "FIE").

Ministry of Commence of PRC issued the Notice on the Transfer of Approval Authorization of Foreign Investment (hereinafter the "Notice") on June 10, 2010.

Several Opinions on Further Improving the Work of Utilizing Foreign Investment (the "Opinions") were issued by the State Council of China (the "State Council") on April 6th, 2010.

The Notice on Further Administration of Registration of Foreign Companies' Resident Representative Offices (the "Notice") was issued by China's State Administration for Industry and Commerce ("SAIC") and the Ministry of Public Security jointly on 4th January, 2010.

Measures for the Administration on the Establishment of Partnership Business by Foreign Enterprises or Individuals in China (the “Measures”) shall come into effect as of March 1, 2010.

In order to encourage and regulate the overseas investment by domestic institutions, the State Administration of Foreign Exchange (SAFE) has issued the provisions, which will be effective on August 1st, 2009.

The “Measures” and the “Implementation” stipulate for the first time that some designated and qualified enterprises are allowed to implement the RMB settlement in cross-border trade in the pilot areas.

As it is well known, one of the key conditions for opening a bank account is to submit a legal entity's constituent documents (subclause b clause 4.1. of the Central Bank Instruction № 28-I dated 14.09.2006 (the Instruction). However, both legal entities (clients) and credit organizations have been often confronted with a question: what are the requirements for copies of constituent documents which are submitted to a bank while opening an account?

On 29 July 2010, President Medvedev, signed the law «On measures against unlawful dissemination of insider information and market manipulation and on amendments to some laws of the Russian Federation” (the Law). The Law strikes as one of the confidence-building measures among investors in the Russian economy. Another aim is to improve the process of market trade. The Law is of particular interest for foreign investors and other players in the financial market.

After the publication of the Annual Growth Survey (AGS) by the European Commission, the Hungarian Presidency undertook to implement the first ever "European Semester" a six-month period of each year in which member states' budgetary and structural policies are reviewed to identify any inconsistencies and emerging imbalances, so as to facilitate coordination before major budgetary decisions are finalized.

Shanghai Municipal Finance Office officially released the Details on Implementing the Pilot Program of Foreign-invested Equity Investment Enterprises [Hu Jin Rong Ban Tong (2011) 38] on 12 January 2011 (“Pilot Program”), which will take effect from 1 February 2011.

On 18 October 2010 the European Commission launched a consultation on electronic procurement in the public sector. In the now standard form of the Green Paper, consultation will seek to gather the views of stakeholders on how the EU can help Member States to accelerate and facilitate the procedures for issuing public tenders.

Following the approval by the European Parliament of a reforms package on European financial supervision, the Council has adopted the legal texts establishing the European Systemic Risk Board and three new supervisory authorities, aimed at eliminating deficiencies in the banking sector, the stock markets and the insurance market.

An overview of the "same wrongdoer" rule, an important defense that is available to banks in such cases under the UCC as adopted in Massachusetts.

Manufacturing license application - Eligibility and statutory requirement.

Careful reading of the Section 138 of the Negotiable Instruments Act, 1881 provides the steps that is required to be followed with regard to the dishonor of the check for insufficiency, etc., of funds in the account.

The European Commission has recently published a number of new Regulations and Directives regarding UCITS.

This article discusses the concept and regulation of the Cyprus Investment Firm, a Cyprus incorporated company providing financial services in alignment with MiFID and providing forex, portfolio management and brokerage services, amongst others.

The State Council released the revised Administrative Regulations for Registration of Foreign Enterprise Representative Offices on 19 November (“Regulations) replacing previous rules issued in 1983. The Regulations stipulate several new requirements that increase Rep Offices' administrative burdens.

By means and tools of the global information age, terrorist organizations are broadening their reach in gathering financial resources to fund their operations. The proliferation of terrorist websites link for addresses for contributions is at least circumstantial evidence of their usefulness.

Private International Collective Investment Schemes (ICIS), can be established in Cyprus and achieve maximum profitability for their investments in the most tax-efficient manner.

This article will discuss various asset protection planning strategies you should consider incorporating into an asset protection plan of your own.

This article will explore if you are an attractive target to creditors and we will learn that if you wait too long, it may already be too late to protect your assets.

Our financial services law is progressively changing the investment environment in Mauritius. It is apposite to see from where it starts.

Mauritius which is becoming an international financial center eases the way for the enforcement of foreign judgments.

The revelation of the sale of customers’ personal data by Octopus Holding Ltd, the leading electronic payment company in Hong Kong, to third party business partners for direct marketing purposes has sparked widespread public concerns over major privacy breaches by personal data collectors here.

Not too many years ago, this headline would have sounded ridiculous. However, such sentiment seems to be gaining traction outside of the fringe anarchist groups that would normally espouse such behavior. Before the real estate market went haywire, a borrower who did not pay the lender lost his or her home to foreclosure.

In March 2010, Shanghai Government proposed a trial program ("Trial Program"), known as qualified foreign limited partner program, to the central government for its approval. The Trial Program will relax current restrictions on conversion of foreign-currency capital to enable qualified foreign investors to directly invest in a RMB private equity fund. In early October 2010, it was reported that the Trial Program has been approved “in principle” by the relevant departments of the State Council.

What happens if the beneficiary of a bank guarantee or other surety decides to enforce it against a payment default by a debtor who has been declared insolvent? This is a crucial question not only for the beneficiary of the guarantee but also the granter thereof – in many cases a financial institution. Neither one nor the other should be unaware of the consequences if their debtor and guaranteed party, respectively, is declared to be insolvent.

The onus for ensuring compliance with the RESPA revisions falls squarely upon lenders.

The legal framework of the Foreign Direct Investments(FDI) are regulated under the law numbered 4875 and dated 17.06.2003. This law is structured as a legal guideline for investors and consists of 7 articles which includes general rules and principles about FDI. In this article, I would like to explain this law’s articles briefly.

Arbitration as an alternate method of dispute settlement has long been recognized as convenient, efficient and less expensive than the traditional lawsuit in court. These benefits have always been a significant reason for the success of securities industry arbitration. In the USA and many European countries the arbitration is the primary means of resolving disputes in the securities market.

In May 2010, the Hong Kong Stock Exchange (the “Exchange”) released its Consultation Conclusions on proposed changes to connected transaction rules which included a review on the definition of connected person, provided exemptions for connected transactions which are immaterial or involve persons not in a position of significant influence, etc.

Cyprus is definitely on the map as a prominent forum for the establishment of private investment funds, also known as private International Collective Investment Schemes (private ICIS). An ICIS can also be formed as a public fund, however the purpose of this brief is to provide a general overview of the primary advantages of a private ICIS.

Formerly, investment law was regulated in two different regulations. The Law No. 1 of 1967 on Foreign Capital Investment as amended by Law No. 11 of 1970 on the Amendment and Supplement to the Foreign Capital Investment Law No. 1 of 1967, and Law No. 6 of 1968 on Domestic Capital Investment as amended by Law No. 12 of 1970 on the Amendment and Supplement to the Domestic Capital Investment Law No. 6 of 1968.

In the aftermath of the meltdown of Nigeria’s capital market, the absence of strong regulatory framework has been recognized as one of the contributory factors in the unusual downturn in the capital market.

The mechanism of Cyprus International Trusts in Tax Planning.

Mauritius has got a safe banking environment for local and foreign investors.

Listing on the Hong Kong Stock Exchange by way of introduction received some attention recently as a result of the suspension of trading in the shares of Asian Citrus Holdings Ltd, China’s biggest orange plantation just 2 hours after trading on the opening day and in June 2010, the listing of London listed insurer Prudential PLC where Prudential added another trading venue in Hong Kong without raising additional funds as no new shares were issued in Hong Kong.

Are you planning to invest in Ethiopia as a foreign investment? If so here is a brief note about the basic requirements of foreign capital registration under the Ethiopian law.

Since most credit institutions (including banks) provide collateral agent services as well as acting as underwriters, the regulation stipulated in the Financial Supervision Authority's latest advisory guideline entitled Generally Recognized Professional Requirements upon Rendering Investment Services and Non-Core Services will introduce some new rules of play.

Although representative offices (“RO”) are legally only allowed to conduct limited activities in China e.g. liaison, research and marketing for their foreign holding companies, it has been a popular form of business entity for foreign companies to set up due to its simple registration requirements and no registered capital payment is needed. Recent changes to the tax rules for ROs may however affect this trend.

Ukrainian companies and companies from the CIS will be among the most attractive IPO investment targets on the Alternative Investment Market of the London Stock Exchange (AIM) in the upcoming year, concluded the participants of the “Ukrainian IPO 2011: pending new billion” round table, held in Kyiv on July 14. The event was organized by Integrites international law firm and the London Stock Exchange in partnership with Rothschild investment bank. Kyiv, July 20th

Your client, a respected real estate attorney, receives a subpoena duces tecum from the Securities and Exchange Commission (S.E.C.) requesting all documents relating to her purchase and sale of the stock of X.Y.Z., Inc.

Litigation Against Lenders and Banks - Is It For You?

The proposal to establish Market-makers in Nigeria has not taken off two years after SEC approval. July 2010 Vol. 23: Issue 7

The full extent of the powers of the CBN Governor and the CBN itself to regulate banks registered in Nigeria is contained in two pieces of legislation: the Central Bank of Nigeria Act, and BOFIA, respectively. However, whether these pieces of legislation authorize the CBN Governor to takeover and sell off the banks is a matter of serious legal doubt.

The Estonian Development Fund’s recent foresight report “Financial services 2018: Estonian export opportunities and political implications” studies Estonian prospects for increasing exports of financial services.

The People's Bank of China (PBOC) issued a new regulation called Administration Rules on Non-bank Institutions Payment Service (the Rule) saying that non-bank payment service providers would need a license to conduct third party payment transactions in the nation.

IRS section 529 or Qualified Tuition Programs (QTP's) are found under Title 26, Subtitle A, Chapter 1, Subchapter F, Part VIII, Section 529 of the Internal Revenue Code or "IRC". It is considered the most complicated and hard to read section of the Code and a good treatment for insomnia. This section deals with special tax breaks for families, hence the "insomnia effect".

The article aims to clarify the conditions of being foreign investor in Turkey and the scope of Turkish Direct Foreign investment law which come into force August 20, 2003.

The truth in Lending Act, loan modifications and recently enacted Civil Code §§ 2923.5 and 2923.6.

In the Hong Kong Court of Appeal case of Wing Hang Bank Ltd v Kwok Lai Sim & Others, the security document signed by the surety/security provider in a “non-commercial” transaction was set aside, the bank’s claim against the security provider was dismissed and judgment was entered against the solicitors acting for both the bank and the surety/security provider for breach of duty of care as solicitors.

The global financial crisis has sparked questions about the conceptual foundations of a financial sector that has grown unwatched during the past three decades fueled by an uncontrollable thrive to accumulate profits, individualism, extreme liberalization and deregulation. Voices worldwide are calling for reforms and for the inclusion of ethical, social, collective, human and ecological dimensions in any financial and economic policy.

China’s State Council issued Several Opinions on Further Improving the Work of Utilizing Foreign Investment, (Guofa [2010] No. 9) (the “Opinions”) on 6 April 2010. The Opinions set out its guideline on the future development of China’s foreign investment policies.

A real estate investor’s projects increase in size and volume as the investor evolves. With the growth, an investor might need more capital for down payments and development costs. The investor might already have exhausted all available debt financing, however.

A company was incorporated in the Cayman Islands and its shares were listed on the main board of the Singapore Exchange Securities Trading Limited.

The term “beneficial owner” has been used in various tax treaties between mainland China and other foreign countries (including the double taxation arrangements with Hong Kong and Macao) and the status is often a pre-requisite for non-resident enterprises claiming preferential tax treatment in the PRC.

This article mainly discusses the duty of the publicly held companies to disclose material events under Turkish capital markets legislation.

This article mainly discusses the legal framework on aircraft finance in Turkey.

The existing investment legislation of the Republic of Kazakhstan determines the system of tax, customs and other privileges and preferences for business subjects carrying out investment activity on the territory of the Republic of Kazakhstan. This system is both effective in regard of local and foreign investors performing investments into economy of Kazakhstan.

Recently the U.S. Supreme Court heard oral arguments in an unusual bankruptcy case concerning the procedural requirements for discharging student loan debt in a Chapter 13 bankruptcy.

In this article, the author discusses when a promissory note is a “security.” The issue is important because, if the note is a security, then the issuer of the note must comply with securities laws. If the note is not a security, then the loan transaction can go forward without securities law compliance. Given the costs of securities law compliance, issuers want to avoid it whenever possible.

The General Office of the State Council released Administrative Measures for Partnership Enterprises Established by Foreign Enterprises or Individuals in the Territory of China (Measures) on December 2, 2009 and will take effect as of March 1, 2010.

By definition, a finder is not a broker. A finder does not regularly engage in securities transactions. Your job is to restrict the selling activities of your non-employee directors, advisors etc. so that they are finders, not brokers.

In this series of articles, the author explains the law of brokers and finders in selling securities. Anyone who sells your stock must comply with the broker laws. This is true for your employees, officers, directors, friends and everyone else.

In this article, the author explains the law of brokers and finders in selling securities. His intended audience is the business owner who sells stock (or LLC interests) to raise capital for the business. The article deal generally with securities offerings (that is, private placements of securities) and specifically with the law of brokers and finders in the context of a securities offering.

In this article, the author explains the law of brokers and finders in selling securities. His intended audience is the business owner who sells stock (or LLC interests) to raise capital for the business.

In this article, the discusses how an investor resells securities that he bought in a private offering from a private company. The investor usually will have received his stock in an angel round of financing or a private offering / private placement of securities, whether under Regulation D, Rule 504 or 506 or like state laws, for example, California’s Section 25102(f) limited offering exemption.

Quick and mass trading in securities and other instruments of the capital market requires a special regulation concerning the organization of the market, intermediation in transactions as well as facilitating the investment decision making process. With the new regulations on Capital Markets Law several amendments were made by the communiqués, regarding the principles on intermediary activities and intermediary institutions.

As demand for energy increases in Turkey, investments in this sector is boosting with the help of the government. Incentives focus on renewable energy resources for obvious efficiency and environmental considerations and specifically wind energy investments had been very popular due to vast resources of Turkish geography. Therefore the government is trying to optimize financing conditions to attract more investment in the field.

This article aims at providing its readers with basic information on the validity conditions of promissory notes under Turkish law and the relevant execution proceedings.

Amid concerns that the easing of monetary policy by the Central Chinese government in early 2009 have caused monies to be channeled to speculation in shares and real estate instead of the real economy and of the increasing risk of asset bubbles and bad loans, China Banking Regulatory Commission (“CBRC”) issued the Tentative Measures for the Administration of Fixed Asset Loans (the “Measures”) on 23 July 2009.

In this article the author gives a brief overview of the federal exemptions that are most commonly used for private, limited offerings and private placements in California.

In this article, the author talks about how a management company, general partner or broker finds investors while staying in compliance with Regulation D’s rule against general advertisements and solicitations.

In this article the author talks about how you find and solicit investors. He discusses how to get investors for a private offering or private placement of securities, whether an angel round of financing, a VC round or an offering under Regulation D, Rule 504 or 506 or like state laws (for example, California’s Section 25102(f) limited offering exemption). The legal term for this topic is the “manner of the offering.”

“Are you short on cash? Do you own your home? Come in today and let us show you how you can make money each month while keeping your house!”

An inside look and unfocused analysis of the Collins Center for Public Policy foreclosure managed mediation process and hopeful prospects for success in the State of Florida and perhaps around the foreclosure-ravaged country.

Amid the economic turmoil sweeping the world, the financial services markets are evolving. Islamic finance has become the prevailing method of finance in some Eastern states where conventional finance once dominated.

After several years of lobbying by law practitioners, the European Parliament finally issued in 2006 Directive 2006/68/EC (hereinafter: “the Directive”) providing the Member States with the opportunity to ease some of the capital protective measures as set out in Directive 77/91/EEC regarding the formation of public limited liability companies and the maintenance and alteration of their capital.

A European development with a global impact. Joey Garcia analyses the effect of the implementation of the AIFM directive and discusses how a European domicile might, in this context, be of benefit and, in particular why Gibraltar is well placed to offer a European solution

Basic procedure

Grand Field Group Holdings Limited (the “Company”) was listed on the Hong Kong Stock Exchange and carried on the business of property development and sales in China through its subsidiaries.

The concept of a trust is an arrangement whereby property is transferred from one person (the Settlor) to another person (the Trustee) who holds the property for the benefit of specific people (the Beneficiaries). A Trust Deed sets out the terms and conditions under which the Trustees hold the trust assets. It also outlines the rights of the Beneficiaries.

A Land of Opportunity Cambodia has emerged in recent years as a high growth economy, attracting investors from around the globe. Foreign direct investment has increased significantly since the end of civil war in 1993. And while foreign investment slowed along with the global economy, economists project a strong rebound in 2010. For the adventurous investor, Cambodia offers long-term growth opportunities across a variety of sectors.

According to an official Turkmen Gazette dated 16.01.2009, foreign investment in Turkmenistan has increased by 4.8 times when compared to the previous year.

For any economy to grow or decline, investment policy is the chief determining factor. By 1990 Cameroon had been suffering under the yoke of economic crisis for nearly half a decade. It was becoming important to find a new paradise of economic prosperity. Law n° 90/071 to rectify ordinance n° 90/007 of 08/11/1990 on the Cameroon Investment Code was to provide the way forward.

Settlement of Investment Disputes

How to protect real estate and other assets.

A standard business loan often requires an owner to execute a guaranty. Before signing a guaranty legal advice should be obtained regarding the ultimate financial exposure.

The article follows and elaborates the new decree which was issued by the government during the dissolution of the parliament of Kuwait and elaborates about the benefits of the decree, the size of the governmental support for the local companies and the economy in general.

The article was done to follow the new amendments in the Taxation system of Kuwait , especially when Kuwait brought the rate of taxation to 15% only after it was 55% for foreign companies. The article is focused on the practical applications for the foreign companies , when they do business in Kuwait ...

Bank officers routinely meet with borrowers to talk about troubled loans. The banker and the borrower oftentimes leave the same meeting with divergent views regarding the parties’ obligation and agreements. The bank’s subsequent attempt to enforce its loan documents may invite retaliatory lawsuits.

The Bahamas is also an established corporate and financial hub which is regularly used by both private individuals and corporate entities as a vantage point for their financial portfolio. Often recognized for its proximity to North America and for its number of professionals involved in the corporate and financial industry, investors worldwide often choose The Bahamas as their financial centre of the western hemisphere.

A Primer on Real Estate Asset Protection, by CS&P Fiduciaire, leader in asset protection consulting.

Why and how to setup an asset protection strategy

Ong Hong Hoon (“Ong”) was the executive director of GP NanoTechnology Group Limited, formerly known as Guang Ping NanoTechnology Group Limited (the “Company”) previously listed on the Growth Enterprise Market (“GEM”) of the Stock Exchange of Hong Kong Limited (“HKSE”) and de-listed in June 2005. Ong was also the chief executive of the Company and its subsidiaries (the “Group”) and had responsibility for the overall daily management of the Group.

The current economic climate has resulted in a proliferation of "cash strapped" consumers. Accordingly the purchase of a vehicle is very rarely a cash transaction. The obvious alternative is an installment sale agreement, whereby the vehicle is paid off over a period of time.

The State Administration of Taxation issued Notice on Administration of Individual Income Tax Collection regarding Stock Transfer (hereinafter “Notice”) on May 28, 2009. The Notice emphasizes the liability of individual income tax payment by individual shareholders for the stock transaction and a strict procedure is set to avoid tax evasion.

As the national foreclosure crisis continues to grow, the federal government and several states are taking corrective measures to diminish the fallout from predatory lenders and fraudulent subprime mortgage bankers. Several of these measures aim to make it easier for owners to retain their homes while they renegotiate their mortgages.

The Chinese securities market is a hot area for foreign investment. Currently, China has opened the B-share market to foreign investors, and begun to open the A-share market to qualified foreign institutional investors, which means China has opened its domestic stock market to foreign capital. In terms of securities firms, China is beginning to widen market access to foreign capital.

So, you want to invest in real estate. . . For a number of years, individuals have been looking for investments that would pay higher returns than bank deposits, stocks or mutual funds. All of those investments were paying small returns due to the Federal Reserve Bank having lowered the interest rates to spur the economy over the last several years.

The Federal Deposit Insurance Corporation is an independent federal agency that protects owners of bank accounts against losses if the bank or savings and loan fails. The amount of "insurance" that the FDIC provides has recently increased to $250,000 for each owner of the account, designed to quiet the financial markets. This amount of coverage is temporary and scheduled to return to the lower amount Jan. 1, 2010.

In accordance with the new Commercial Register Act all Bulgarian companies registered before enforcement of the Commercial Register Act (01. 01.08) should be re-registered under the terms of the new Commercial Register Act.

To promote the expansion of PRC companies domestically and internationally by mergers and acquisitions in the current global economic crisis, the China Banking Regulatory Commission has promulgated the “Guidelines on Risk Management for Loans extended by Commercial Banks for Mergers and Acquisitions” (the “Guidelines”) on 6 December 2008.

In the following we will briefly present the characteristics of Romanian nongovernmental and nonprofit organizations.

As the damage from the subprime lending meltdown spreads, the question is not Who will suffer losses? but Who will be legally responsible when the inevitable lawsuits follow? There may be some surprises.

This briefing looks at how the bail out of the banking industry will affect Tax Grouping Rules.

The UK, along with many other Member States of the EU, limits tax reliefs for donations to charity to charities based in the UK. Following the Persche ruling, HMRC will have to find practical ways of recognising foreign charities, whose constitutional documents may not be in English, for the purposes of granting similar tax reliefs.

Congress has authorized a second 6-month extension of the Immigrant Investor Pilot Program until September 30th. 2009. With the US economy still reeling and unemployment rates continuing to rise, there is substantial support to make this program permanent. The EB5 program is designed to bring foreign investment into the US and to create employment opportunities for US workers.

There are two basic sources of funding your business succession plan. Either the seller funds the transition plan, or the buyer does. How you fund the plan will affect the price, the terms, and the subsequent involvement of the selling owner.

Reputable market researchers has described Bulgaria’s property market as one that has made a return for 2009 and more precisely the winter sports resorts that the country is becoming increasingly famous for.

Foreigners will find that Panama has special regulations which favor investments in real estate and have the added advantage of bilateral investment treaties

Before the accession of Romania in the European Union there existed strict rules that prevented foreign investors, either legal or natural persons, to purchase land in Romania. After January 1st, 2007 when Romania joined the European Union these rules have been changed and as such presently foreign investors are allowed to purchase land in Romania under certain conditions.

The current economic climate has resulted in a proliferation of "cash strapped" consumers. The purchase of a vehicle has indeed rarely been a cash transaction. The obvious alternative is an instalment sale agreement, whereby the vehicle is paid off over a period of time.

Foreign natural or legal persons are admitted by the Romanian law to hold shares in Romanian limited liability companies. There is no limitation as to the share capital with a foreign investor, either legal or natural person, can hold in a Romanian limited liability company. As such, a foreign investor can hold the total share capital of a Romanian limited liability company, it thus being the sole shareholder.

Maltese law by the Companies Act in 1995, replacing the Commercial Partnerships Ordinance originally promulgated in 1962. Drawing extensively on the UK rules, the Maltese law provisions were introduced to bring Maltese law in line with developments in company law theory and practice in Anglo-Saxon jurisdictions in this regard, primarily curbing abusive practices in takeovers and acquisitions by protecting the company’s capital and, safeguarding its shareholders, creditors and employees.

This article analyses the new Chinese Anti-Monopoly Law, and recent decisions in international M&A transactions under this law - including the Inev/Anheuser Busch transaction, the Coca Cola/Huiyuan transaction and the Mitsubishi Rayon/Lucite transaction. This article also suggests steps that can be taken to maximise chances of approval being obtained from the Chinese Anti-Monopoly Bureau in M&A transactions requiring approval.

The development of the law, legal events and time have been complimentary for centuries. Every standard law will require updating after the occurence of influential events especially comparative global trends in corporate law and practices. One of such laws is the Nigerian Companies and Allied Matters Act 1990 which remains the most single significant corporate law in Nigeria. Some of the required updating are new business laws, new corporate regulatory practices, corporate ethics, etc...

Commercial credits are most commonly used in the international transactions areas. Its main future is that; it gives security both the exporter (seller) and the importer (buyer). The Seller knows that, he will get paid if he completes his duty properly. The buyer, on the other hand, can ensure to part his money before the goods are received. According to Professor RM Goode, describes it as “the most successful harmonising measure in the history of international commerce."

Cross-default clauses are part of the customary tools and modules of international banks. Their operational area covers credit agreements with enterprises, as well as governments and governmental agencies all over the world.

A transaction on acquisition of participatory interest or shares in charter capital of legal entities concluded without consents and approvals required by the Kazakhstani legislation may be acknowledged invalid by court at the suit of interested parties.

In the following we would like to generally refer to the conditions, costs, steps and time frame for setting up a limited liability company in Romania.

With food prices rising across the globe, adventurous foreign investors can find excellent business opportunities in Ukrainian agricultural sector despite (or perhaps due to?) the global economic crisis. Known as “the breadbasket of Europe”, Ukraine still boasts enormous land reserves that can grow various grains, seeds, fruits and vegetables. Plus livestock. And due to the crisis, at last everything and everyone is available for sale or rent at rock-bottom prices.

On December 16th, the Official Gazette published law No. 26,452 (the “Law”), that amended the law on personal assets tax No. 23,966 (the “Law on Personal Assets Tax”). Within its most important amendments are certain provision on the personal assets tax (“PAT”) over shares and stakeholings in local companies and the inclusion of non-financial trusts to the provisions of the Law on Personal Assets Tax.

On 2 February 2009, the Official Gazette published disposition No. 33/2009 (the “Disposition”) of the Federal Tax Authorities that incorporates provisions related to the capacity of the tax agents acting in tax enforcement proceedings (judicial collection of tax debts).

According to Decree No 616/2005, any sums entered into Argentina by non-residents are subject to the constitution of “a nominative, nontransferable and not remunerated deposit, of the thirty percent (30%) of the amount involved in the relevant transaction, during a term of three hundred sixty and five (365) running days”.

On December 18th, 2008 was passed Law No. 26,476, published on December 24th, 2008. This law is known as the Law on Tax Regularization and Repatriation of Capitals (the “Law of Regularization”).

Choosing which type of legal entity to register is one of the most important stages before undertaking business activity in Russia. The type of legal presence will influence all activity, including financial and tax reporting, customs and currency control. Therefore, an investor should pay special attention to determining the appropriate corporate form which will help him achieve his goals while meeting all legal requirements.

There is no shortage of infrastructure projects on the African continent but the landscape changed dramatically in 2009. The turmoil in global commodity and financial markets over recent months has probably changed banking forever.

About two years ago there was a lot of media coverage about South Africa adopting something similar to what the Canadian tax regime has namely, a form of flow-through company. The idea behind this company was to assist the development of junior mining companies, by passing the tax breaks which a mining company is eligible for to its shareholders in the period before the mining company generates sufficient taxable income from production to utilise the costs generated by its mining activities.

Both individuals and businesses are faced with the choice of whether to lease or whether to purchase property. Many of the same considerations apply whether the property is an automobile, a personal residence or an office condo or building. These considerations need to be weighed by the individual or company to determine which is the right decision for you.

For a number of years, individuals have been looking for investments that would pay higher returns than bank deposits, stocks or mutual funds. All of those investments were paying small returns due to the Federal Reserve Bank having lowered the interest rates to spur the economy over the last several years. Many people invested in real estate on the expectation of significant appreciation by "flipping" the property.

Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) Release Criteria for Licensing Market Makers in Nigeria

Jérôme Kerviel was allegedly involved in an illegal trading scheme amounting to €50 bn., which resulted in a loss of €4.9 bn at Société Générale, the second largest bank in France.

In the last three to five years, Africa has seen the increasing use of public private partnerships for infrastructure development. This private sector involvement has been dependent on the commercial viability of projects with revenue streams covering more than the capital and running costs involved, ensuring an appropriate return.

The following is a case review. Sanyuan Group Ltd (“Sanyuan”) which was a listed company on the Hong Kong Stock Exchange (“HKSE”) and together with its subsidiaries (the “Group”) were previously engaged in transportation, property investment and pharmaceutical/health care businesses.

Summary of the new legislation for the financing of German limited companies.

A survey was sent to over 5,000 PI’s all over the world. Overwhelming results revealed that the Financial Crisis of 2008 has hit the Private Investigations Industry.

In the Sudan, a company having share capital may be incorporated as a private limited liability company or a public limited liability company. In the Sudan companies are incorporated under the Companies Act of 1925 as amended from time to time.

Higher levels of investment and productivity are key elements to stirring growth in the Sudan as a developing country and raise living standards. Attracting investment is a competitive exercise which requires stable, sound macroeconomic policies where risk environment is highly low.

The Anti-Monopoly Law (the “Law”) of the People’s Republic of China (“PRC”) came into effect on 1 August 2008. Two days later, the State Council promulgated the “Regulations of Filing Standards for Concentrations of Operators” (the “Regulations”) to provide the thresholds above which operators must report business concentration to the Anti-Monopoly Bureau of the Ministry of Commerce (the “MOFCOM”).

Central Bank of Nigeria and Foreign Ownership of Nigerian Banks

Overview of tax law in Costa Rica.

Overview of US tax laws affecting both US and non-US residents/citizens.

The liberalization of the oil & gas sectors of the Nigerian economy and increased global demand for crude oil have combined to make Nigeria a key player in the global oil market. However, for decades, Nigeria’s oil and gas sectors have been dominated by foreign multinational entities with large expatriate workers deployed in both on-shore and offshore locations in the country.

On October 1, 2008, the Florida legislature enacted the Florida Foreclosure Fraud Protection Act. This new law protects homeowners from many of the foreclosure rescue scams, unlicensed loan modification companies, and other questionable companies that are targeting people in foreclosure.

What could persuade an investor to invest in your company once they've shown initial interest? Clearly having your company's products and business goals match the investment policy of a potential investor is a prerequisite. However, there are a number of additional steps you can take which may sway investors to choose to invest specifically in your company.

The casualties of the sub-prime crisis have so far been confined to financial institutions and investor confidence is at an all time low despite unprecedented measures by central banks around the world injecting hefty funds to shore up financial institutions and large corporations except for Lehman Brothers. In recent weeks, the Hang Seng index fell to a level not seen since the SARS crisis and a malicious SMS was enough to spark a run by depositors on a major bank in Hong Kong.

Dramatic changes took place in the communication laws and regulations of the main liberalised electronic communications markets in the recent years in response to rapid technological advancements and marketplace changes in the communications sector. The general trend in the aforesaid regulatory changes is a movement away from sector specific regulation towards relying on competition law in order to facilitate a more innovation and economic-driven communication market.

On 7 October 2008, the UK Government published its Banking Reform Proposals – the Banking Bill 2008 (the "Bill"). The Bill will replace and enhance the existing emergency legislation (which expires in February 2009) – the Banking (Special Provisions) Act 2008 (the "Special Provisions Act").

The author of this article discusses some possible new problems the real estate market may face in California as the economic crisis and credit crisis grows. The article also focuses on some new construction law problems in California related to the credit crisis and the relates the type of calls attorneys are now getting from the public in fear of losing their homes.

The author has prepared these draft forms for use in TARP, the $700 billion Troubled Asset Relief Program. While the forms may need some tweaking, in this humorous article the author provides draft forms not just for TARP 1, but also for TARP 2 when financial institutions need to request additional funds.

This legal author discusses the $700 Billion Bailout Plan, the Troubled Asset Relief Program (TARP) and what it means for federal regulations lawyers who will be called to interpret the law and the truckloads of new regulations that will likely follow. After years of deregulation in the U.S. and internationally, one thing is certain in these uncertain times. There are going to be a great deal more regulations put on the financial and other industries.

As at the end of August 2008, there were 65 “Qualified Foreign Institutional Investors” (“QFII”) approved in China. QFII was allowed into China’s securities market pursuant to the Provisional Measures for Administration on Domestic Securities Investment in China by QFII (“Provisional Measures”) issued by the China Securities Regulatory Commission (“CSRC”) and the People’s Bank of China (“PBC”), effective from 1 December 2002.

One of the most paramount questions on the mind of every entrepreneur on the verge of starting their own business or intending to expand their business is how to raise capital. This article seeks to consider the various types of financing options and the legal considerations that are available to start up businesses and companies with the desire to expand in Nigeria.

By the twilight of the last administration in Nigeria, a plethora of discontentments on the Privatization exercise had reached fever pitch. A panoply will include NITEL, MTEL, NEPA, oil sector reforms, power sector reforms, ports reforms, sale of Ajaokuta and Delta Steel, Daily Times, A.P, ALSCON, NAFCON, constant labour disputes, the concession of Unity Schools, concession of Trade Fair Complex, the draconian sale of Federal Government properties in Lagos and Abuja etc.....

This article notes the changes to the world's financial system that are likely as a result of the global financial crisis. The author describes the concerns of the European Union with the U.S. and the effect America's mortgage meltdown is having on the countries in Europe.

The definition of foreign investment is contained in paragraph 1, article 6 of the Investment Promotion Act.

In the last days of September 2008 and in an effort to address the turmoil in the global financial markets, the National Bank of Ukraine amended its Regulation No. 363 establishing interest rate limitations for foreign loans provided to Ukrainian residents which was in place since August 2004.

This briefing reviews the battle between the Information Commissioner's Office (ICO) and the Financial Services Authority (FSA) over information disclosure.

Turkey has made various legal improvements to reach a modern arbitration system. The reforms were not only proceed at international level such as being signatory to multinational treaties such as the New York Convention and the Washington Convention, but also at domestic level including the adoption of Model Law and amendments at Turkish Constitution of 1982.

In line with global trend towards a higher standard of corporate governance based on the principles of integrity, transparency and accountability, the duties and liabilities of the directors of the listed companies in Hong Kong (the “Directors”) have therefore become more stringent over the past few years.

This article has been prepared for companies and individuals proposing to invest in business in the Republic of Uzbekistan. It is a summary of some of the main legal considerations to be taken into account in making any such investment.

This article outlines how the China Securities Regulatory Commission (“CSRC”) relaxed China’s restrictions on foreign participation in securities companies.

Since 1999 Nigeria has experienced a profound level of structural, political and economic changes that have made it one of the emerging markets in Africa. Nigeria has evolved to the point where there are excellent investment opportunities in multiple asset classes, including public equities, debt, and private equity.

Regional Documentation: Transfer Pricing Regulations are expanding through Latin America not only in terms of the number of countries they involve, but also the levels of document requirements. The solution for Small and Medium-sized Enterprises (SMEs).

Regarding the necessity of Turkish economy to boost the public-private partnerships (PPPs), CMB contributed to the topic by issuing the draft “Infrastructure Investment Trust” in order to enhance the investment climate.

Due to the fact that China has become the world's leading manufacturing base, this article highlights the need for foreign companies to carefully select and monitor their OEM suppliers in China.

China has undergone rapid development in the past two decades due to the opening of its market and its recent succession into the WTO. This article discusses the rules and regulations for foreign franchisors establishing and operating in China.

On March 6th 2008, the Official Gazette published Resolution Number 526/2008 of the National Securities Commission (the “NSC”) which delegates to the Argentine Association of Common Investment Funds (the “AACIF”) the duty to carry out the registry of the qualified ones agents of common investment funds (the “Registry”).

Marital homes are often purchased in the joint names of husbands and wives. It is also common that the husband would get a bank loan and mortgage the marital home as security. In such circumstance, the wife as joint owner will be required by the mortgagee bank to stand surety for the loan.

China's tax refund policy for re-investment with profit by foreign investor

The Capital Markets Board of Turkey (CMB) released the restrictions governing the some of the financial operations of sports activities business listed corporations with a set of principles.

The China stock market boom and its subsequent decline is certainly “old news.” In July 2007, the chairman of HSBC’s Asia-Pacific division described the domestic demand for its shares in China as “mind-boggling.” However, between October 2007 and April 2008, the country's stock market indices fell by nearly 50 percent.

Malta's commitment to the fight against money laundering and the funding of terrorism is firmly rooted in the country's interest in safeguarding its role as a reputable financial services centre, and buttressed by the country's status as a full member of the European Union and signatory to the main international multilateral treaties intended to tackle the affliction of money laundering in the world’s financial markets.

Capital Markets Board of Turkey (CMB) issued the new awaited communiqué regulating the mandatory principles set for publicly-open joint-stock companies which came into force on 19th March.

Any dispute arising from or in connection with this Contract shall be submitted to China International Economic and Trade Arbitration Commission for arbitration which shall be conducted in accordance with the Commission’s arbitration rules in effect at the time of applying for arbitration. The arbitral award is final and binding upon both parties.

China is no longer the ‘Sleeping Dragon’, but is now moving full fledged ahead as an undisputed economic force in the international market. With the world’s largest population at 1.6 billion and its increasing wealth there is no denying its tremendous consumer power.

The Cour de cassation (French civil and commercial supreme court) has rendered a decision on the 26th of February 2008 (Commercial Chamber of the Cour de cassation – decision n°07/10761) regarding the liability of financial investments companies.

After spending all that time on researching your holiday home or retirement property purchase in the Land of Smiles, Thailand and with the stress of property negotiations and many a restless night, the end is within reach. All that needs to be done now is the transfer of property to your name at the Thai Provincial Land office.

For the purpose of harmonisation with the Directives 2004/39/EC of the European Parliament and of the Council on Markets in Financial Instruments (“the MiFID”), and Directive 2006/31/EC of the European Parliament and of the Council of April 5 2006 Cyprus enacted on November 2007 the Law 144 (I)/2007 (“the Law”), that provides for the Supply of Investment Services, the Exercise of Investment Activities, the Function of Regulated Markets and other related issues”.

On November 9, 2007, the Official Gazette published General Resolution No. 519 (the “Resolution”) of the National Securities Commission (the “NSC”), which incorporates to the NT 2001 Norms (the “Norms”) new regulations for the creation of financial trusts and closed common investment funds for easing the financing of small and medium-sized undertakings (henceforth, “SMUs”).

General Resolution No. 514 (the “Resolution”) of the National Securities Commission (the “NSC”), introduces new articles in Chapter XXVI of the Rules of the NSC (N.T. 2001) (the “Rules”), concerning information to be published in the Financial Information Highway.

On October 23, 2006, Resolution No. 12/2006 of the Public Registry of Commerce (the “Resolution”) was published in the Official Gazette. The Resolution, adds to the Regulations of the Public Registry of Commerce (“Regulations of the PRC”) contained in General Resolution No 7/2005 (“Resolution 7/05”), dispositions on the application of the irrevocable contributions to cover losses in the local companies and limited liability companies, that receive this kind of contributions.

On December 27, 2006, the Supreme Court of Justice (the “Court”), in the case “Massa, Juan Agustín vs. National Government”, that refers to a complaint filed by an individual who had dollar deposits in a private bank prior to the enactment of Law 25,561 and Decrees 214/2002, 471/2002 and 905/2002 and all the other related rules that imposed the conversion into pesos of dollar deposits.

Tourism investments in Uruguay, South America, has increased in the last years. This industry is increasing its participation, year after year, in the GDP of the country. Uruguay is regionally famous specially for the hundred of kilometres of beaches in its coast and the interest shown by international hotel chains to have presence in the country, especially in Montevideo, the well known beach resort Punta del Este and Colonia, close to Buenos Aires.

The Supreme Court recently recognized and established the jurisdiction of the Cypriot courts to issue discovery and disclosure orders - known as Norwich Pharmacal and Bankers Trust orders.

This article provides a short account of the Cyprus Republic (“Cyprus”) legislative guidelines (hereinafter the “guidelines”) in connection to publicity and the release of information and inside information when securities and financial instruments are offered to the public and/or admitted to trading on a regulated market. It should be noted that the present merely serves as an indicative supplement to the existing legal framework set below and it should be read closely together with the same.

The prohibition of financial assistance by a Cyprus company to purchase its shares or the shares of its holding company often stands as an obstacle in local and international acquisition finance transactions. However, expert legal advice may assist in providing alternative structures and solutions.

A new beginning.

The Banking system of the Kyrgyz Republic consists of the National Bank of the Kyrgyz Republic (National Bank) and commercial banks.

Transactions in Foreign Currency

Financial Reporting Since 28 September 2001, International Standards of Financial Reporting issued by the International Accounting Standards Committee (London) are accepted as the financial reporting standards of the Kyrgyz Republic.

Since investments are a major prerequisite for economic development in the Kyrgyz Republic, investment legislation of the country is quite liberal. This article is part of the Information and Reference Guide “Business in the Kyrgyz Republic: Legal Aspects” for potential investors planning to do business in the Kyrgyz Republic.

Investment fever: bank acquisition in Ukraine

Islamic banking is often thought to be financing the needs of the Muslim community only. In fact, it really refers to a system of banking activity that is consistent with Islamic principles and following the Islamic economics.

The basic prerequisites for the approval of applications by non-EU nationals wishing to undertake a direct investment in Cyprus are highlighted by a recent circular by the Cyprus Central Bank, elaborating on the provisions contained in article 10 of the Capital Movement Law 115(I)2003.

Being a unique combination of an ancient people and a young developing state Republic of Armenia is currently becoming more attractive for foreign investors. That has been the reason for us to select regulation of foreign investments as the topic for the present short article.

Business practices and relationships in China are very different from those commonly encountered in the US, and attorneys relocating to Asia should familiarize themselves with local customs. Here are some tips and tricks to minimize the risk of causing offense.

If you are starting a new business and trying to determine which form of entity to create, we can help you make the right choice. It is impossible to make an informed decision without understanding the basic characteristics of the various kinds of business organizations established and recognized by state and Federal laws.