Banking and Finance Law Articles

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.

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 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.

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...

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.

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.

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.

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.

The Maltese flag has earned the confidence of several reputable ship owners, ship financiers and ship management companies as attested by the increasing registered tonnage. As at end of June 2008, the total number of Malta-flagged vessels was nearing the 5,000 mark with a total gross tonnage of over 32 million tonnes and an average age of 16.72 years. The current registered tonnage makes Malta the eighth largest maritime flag in the world and the second largest in Europe.

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.