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Member Publications
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Changes Enacted by the Credit Card Accountability, Responsibility, and Disclosure Act of 2009
Ulmer & Berne LLP, June 2009, Ohio
On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (“CCARDA”). CCARDA amends several federal laws and regulations, including the Truth in Lending Act, the Fair Credit Reporting Act, and Regulations AA and Z. Some of these changes are effective as of August 20, 2009, while others will become effective nine months and 15 months from enactment...
| M&A Activity in Singapore 2008/2009
Stamford Law Corporation, June 2009, Singapore
SINGAPORE I...
| Liability for Negligence: A Costly Reminder
Shoosmiths, June 2009,
Indemnity clauses and negligence - a review of the impact of the judgment in the Buncefield disaster case on the effect of indemnity clauses and whether a party can recover under an indemnity clause where it caused the damage by its own negligence...
| Luxury Brands Handed Licence to Sue
Shoosmiths, June 2009, England
The European Court of Justice (ECJ) has ruled that luxury brand owners can use their trade mark rights to prevent licensees selling goods to discount stores in breach of licence. Facts In 2000, Dior entered into a trade mark licence with Societe Industrielle Lingerie (SIL) for the manufacture and distribution of corseted clothing bearing the 'Christian Dior' trade mark...
| Individuals in the Firing Line?
Shoosmiths, June 2009, England
We are increasingly being asked: “Is it more likely that individuals rather than companies will be prosecuted under the new Health and Safety Offences Act 2008?”. The new Act, which came into force in January 2009, did not introduce any further duties on either organisations or individuals, but it did dramatically increase the penalties that can be imposed for breaches of existing health and safety legislation...
| Competition Act Amendments: Greater Scope for Policy Decisions in Investigations
Altius/Tiberghien, June 2009, Belgium
On May 6, 2009, the Belgian legislature amended the Belgian Competition Act. Most of the amendments are of a procedural nature and are of minor importance. However, the clarification of the prescription rules and the option of dismissing cases on policy grounds catch the eye. The amendments entered into force on May 29, 2009.The Belgian Competition Act was the subject-matter of a thorough reform in 2006...
| Grey and Counterfeit Goods in Transit: Trademark Law in No-man’s Land.
Altius/Tiberghien, June 2009, Belgium
Trademark owners often try to stop grey-market and counterfeit goods while in external transit through an EU member state. However, ECJ rulings are unclear as to the extent to which this is possible.Parallel traders purchase trademarked goods outside Europe and import them into the European Community, where higher prices apply. These grey-market goods put pressure on the trademark owner’s profit margins, as they are sold at below market price...
| New Belgian rules on contributions in kind and acquisition of own shares (share buy-back)
Altius/Tiberghien, June 2009, Belgium
IntroductionDirective 2006/68/EC of the European Parliament and the Council of 6 September 2006 has amended the Second Company Law Directive in relation to maintenance of capital.On 8 October 2008, the Royal Decree (hereafter the “Royal Decree 10/2008”) implementing the Directive was adopted and substantially modified the Belgian Companies Code (hereafter “BCC”) in respect of contributions in kind, purchase of own shares and financial assistance...
| Landmark Decision on Sick Leave and Paid Holiday is no Vacation for Employers
Shoosmiths, June 2009, England
The House of Lords has today given its long awaited judgement in the Stringer case (previously known as Ainsworth). The House of Lords allowed the employees' appeal, overturning the Court of Appeal's earlier decision and substituting the decision of the Employment Appeal Tribunal...
| Controversial and Significant Equality Bill Published
Shoosmiths, June 2009, England
The long-awaited and controversial Equality Bill (the Bill) has been published and laid before Parliament. Public consultations are scheduled on several of the measures outlined in this very significant piece of legislation, though it is not expected to come into force until the end of next year. With a General Election likely in June 2010, it remains to be seen how quickly the Bill will progress and how much of it will survive...
| Summary of Major Issues in the President's Financial Industry "White Paper"
Dykema, June 2009,
On June 17, 2009, the Obama administration issued a "white paper" which proposes a sweeping reorganization of financial-market supervision. The plan would touch almost every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded. The plan will undoubtedly be modified during the Legislative process. Banks in other countries have already objected to the proposed international effects...
| Patent and Trademark Bulletin for the District of Massachusetts April/May 2009
Nutter McClennen & Fish, LLP, June 2009, Massachusetts
| Protecting your Trade-marks from Facebook Usernames
Lavery, de Billy, L.L.P., June 2009, Quebec
As of June 13, 2009, Facebook Inc. allows Facebook users to create personalized usernames for their Facebook pages on a first-come, first-served basis. This new username availability now enables users to have their Facebook page and profile at an Internet address in the following format: “facebook.com/user”. Prior to the implementation of this new policy, each user was randomly assigned a unique identification number (for example: id = 123456789)...
| New Cleveland Ordinance Qualifies Some Historic Building Owners for 10 More Years of Tax Abatement
Ulmer & Berne LLP, June 2009, Ohio
On June 8, Cleveland City Council passed legislation that should be of interest to owners of residential historic tax credit projects converting to condominiums at the end of the recovery period. Last year, the Ohio Legislature amended the Ohio Revised Code (ORC 3735.67) on “Applying for Exemption from Taxation” to grant qualifying historic properties an additional 10 years of tax abatement...
| Survey of Austrian Insolvency Law and its Current Developments
Dorda Brugger Jordis, June 2009, Austria
Austrian law distinguishes between composition proceedings in accordance with the Composition Code (Ausgleichsordnung-AO) and bankruptcy proceedings in accordance with the Bankruptcy Code (Konkursordnung-KO). Bankruptcy proceedings have to be opened if the debtor is unable to pay. In particular, inability to pay must be assumed if the debtor suspends payments. Inability to pay does not require that creditors are actively seeking payment...
| Ohio Historic Preservation Tax Credit Application Period Approaching
Ulmer & Berne LLP, June 2009, Ohio
On June 4, 2009, the Ohio Department of Development (the Department) announced that it will begin accepting new applications for the Ohio Historic Preservation Tax Credit Program (the Program) on July 1, 2009. The Program, originally enacted in 2006, was renewed as part of the $1.57 billion Ohio Bipartisan Job Stimulus Plan on June 12, 2008. Under the Plan, $120 million of the $1.57 billion has been set aside for the Program; $41...
| The FDIC Postpones Launch Date for the Legacy Loans Program
Ulmer & Berne LLP, June 2009, Ohio
On June 3, 2009, the Federal Deposit Insurance Corporation (FDIC) announced that the June launch of a test of the Legacy Loans Program (LLP) would be “postponed.” According to FDIC Chair Sheila Bair, “banks have been able to raise capital without having to sell bad assets through the LLP….” In turn, this has reduced the urgency to provide banks with an outlet for troubled real estate mortgage loans...
| “Red Flag” Update: Rules Compliance Deadline Delayed to August 1, 2009 by FTC
Ulmer & Berne LLP, June 2009, Ohio
The compliance deadline for the Red Flag (identity theft prevention) rules promulgated by the Federal Trade Commission (FTC) has been delayed to August 1, 2009. These rules require many businesses to implement written identity theft prevention policies and programs designed to identify warning signs of actual or potential identity theft (i.e...
| Changes to the Labour Market Opinion (LMO) Program
Lawson Lundell LLP, June 2009, British Columbia
The Labour Market Opinion (LMO) program of Service Canada has recently changed: extension applications for LMOs are no longer permitted. Instead, each request to continue to employ a foreign worker will be treated as a new LMO request and will need to be supported by evidence of updated recruitment activity...
| Ulmer & Berne LLP Prevails – Federal Court Jury Finds National Bank Not Liable for Aiding and Abetting Ponzi Scheme
Ulmer & Berne LLP, June 2009, Ohio
Ulmer & Berne LLP attorneys Frances Floriano Goins and Thomas L. Anastos recently obtained a jury verdict absolving a national bank client of liability for allegedly aiding and abetting a large-scale, Ponzi-type investment scheme...
| Adoption of the IFRS International Financial Reporting Standards
SMS - San Martin, Suarez y Asociados, June 2009, Argentina
Technical Resolution 26 – FACPCE Dated March 20, 2009 the FACPCE (Argentine Federation of Economic Sciences Professional Boards) approved Technical Resolution No. 26 “Adoption of the International Financial Reporting Standards of the Board” effective as from the years commenced after January 1st, 2011, not admitting an earlier application...
| Mergers and Acquisitions in Central America
Morgan & Morgan, June 2009, Panama
Mergers and acquisitions are important tools used by business groups for expansion purposes and to maximize their operating efficiency. Through mergers and acquisitions, companies may grow in their original market or more importantly still, in new markets, thus achieving through the operating structure acquired immediate access to such markets...
| Due Diligence & Compliance in Offshore
Morgan & Morgan, June 2009, Panama
Since the fall of the Berlin wall, high-tax countries seem to have discovered the offshore world as a substitute for the lost “enemy”. A world without wars became a dream of all peoples and taxpayers expected governments to pay back the “peace cent”. At the time the communist system was breaking down, it was found out that riding the money-laundering horse one could catch the tax evaders as well...
| The Interview: The Function of Panama’s Open Ship Registry
Morgan & Morgan, June 2009, Panama
MMG: Dr. Enrique de Alba, shipping is a fascinating topic throughout history and seems to be a high technical matter in the maritime world. What is the function of ship registries in the world economy? Enrique de Alba: The function of open registries in the world economy is to facilitate the maritime commerce between the nations...
| Limited Partnerships in the BVI
Morgan & Morgan, June 2009, Panama
On 1st January 1997, the Partnership Act 1996 (the Act) came into force in the BVI. It features two types of partnerships, the Limited Partnership and the General Partnership. The Limited Partnership is the most common one. In the Act, the Limited Partnership is defined as partnership formed by two or more persons with one or more General Partners and one or more Limited Partners...
| Tax Havens: A Question of Perspective
Morgan & Morgan, June 2009, Panama
Different offshore jurisdictions such as Panama and the BVI compete for the favour of Swiss asset managers. But what is a tax haven really? The answer depends above all on the focus. In the middle of the 1980s, the offshore world was still small. In the financial centre of Zurich, almost only two kinds of Domicile Company were available: the Liechtenstein and the Panama Company...
| The International Banking License in the Republic of Panama
Morgan & Morgan, June 2009, Panama
I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama...
| The Panamanian Company
Morgan & Morgan, June 2009, Panama
Since the introduction of Law 32 of 1927, the Law on Corporations of the Republic of Panama has remained virtually unchanged, serving both Panamanians and well as foreigners to put in order, protect and plan the transfer of their patrimony in an orderly fashion...
| The Private Foundation of The Bahamas
Morgan & Morgan, June 2009, Panama
In 2004, the Bahamas adopted the figure of the private foundation in what became the first attempt by a Common Law jurisdiction to integrate the vehicle, which has been traditionally associated with civil law jurisdictions. A foundation is the endowment of a patrimony for a specific purpose (object), which is set forth in the document that creates and internally organizes the foundation, called the foundation charter...
| New Maritime Legislation in Panama
Morgan & Morgan, June 2009, Panama
I. Background The need to amend the Panamanian maritime legislation, amongst others, came as an effort to incorporate long standing practices that had been developed but were not regulated in our national laws, to promote the registration of vessels in our registry by attracting new tonnage and rewarding both loyalty to the flag and compliance with safety standards of vessels already registered in Panama...
| Ulmer & Berne LLP Prevails in a Multifaceted Arbitration
Ulmer & Berne LLP, May 2009, Ohio
Ulmer & Berne recently successfully defended a national brokerage firm in a multifaceted arbitration with a disgruntled former independent financial advisor. A financial advisor who previously worked for the national brokerage firm filed a claim in arbitration on December 3, 2007, claiming that he was forced to resign because the firm would not allow him to continue to serve Chicago-based clients following his move to Colorado...
| Labour and Employment Law Update
Lawson Lundell LLP, May 2009, British Columbia
Robertson v. West Fraser Timber Co. Ltd., 2009 BCSC 602 Employee not constructively dismissed when employer’s unilateral reduction in his remuneration was small and he waited too long to complain about changes to his duties. Robertson was employed by West Fraser Timber (“WFT”) and its predecessor Weldwood for twenty-nine years...
| Investment Guide in Mozambique
PLMJ - A.M. Pereira, Saragga Leal, Oliveira Martins, Judice e Associados, May 2009,
General socio-economic overview The Republic of Mozambique is situated on the east coast of southern Africa. It is bordered to the north by the Republic of Tanzania, to the northeast by Malawi and Zambia, to the west by Zimbabwe, to the south by Swaziland and to the south and west by South Africa. It is therefore very strategically located, providing a gateway to six other countries...
| The New Timesharing Legislation
Altius/Tiberghien, May 2009, Belgium
Things change over time. This is also the case in the timesharing business. The European legislator, who is well aware of this and already dealt with this type of business by adopting a directive on 26 October 1994, has recently adopted a new legislative act dealing with timesharing, thus bringing European legislation up-to-date. It was deemed necessary to modify the former European legislation to the evolutions in the business...
| Real estate outsourcing: a trend that is here to stay?
Altius/Tiberghien, May 2009, Belgium
Companies (listed and unlisted) spinning off real estate at Belgian or at both Belgian and European level is common practice. In comparison to the U.S. market, the trend is only just in its early stages here. Outsourcing often conceals widely varying realities:- a company shareholder may want to divide his corporate assets among his future heirs...
| Dominant Pharmaceutical Companies Can Refuse to Sell to Pure Exporters
Altius/Tiberghien, May 2009, Belgium
In recent years parallel trade in the pharmaceutical sector has been a hot topic. On September 16 2008 the European Court of Justice published its eagerly anticipated judgment on the refusal to supply by dominant pharmaceutical companies in the Syfait II Case. Recently, the Belgian competition authorities have also addressed this subject when dismissing an appeal by Bofar, an exporter of pharmaceutical products...
| Congress Begins to Fill in the PPIP Details
Ulmer & Berne LLP, May 2009, Ohio
On Wednesday, May 20, 2009, President Obama signed into law new provisions to aid homeowners attempting to avoid foreclosure on their homes. That new law is called the “Helping Families Save Their Homes Act of 2009.” Included within that Act is additional legislation called the “Public-Private Investment Program Improvement and Oversight Act of 2009” (PPIPIO)...
| Nothing is Certain but Death and Taxes
Tilleke & Gibbins International Ltd., May 2009, Thailand
Nothing is certain but death and taxes. There is a lot of truth in this saying, at least for part of it. No matter where you are in the world or who you are, you cannot escape death. However, you can limit your exposure to taxes if you clearly understand tax principles. Unlike death for which there are no guidelines and which is truly the unknown, there are tax laws which we can study and apply to our benefit...
| If a Tenant Company Goes into Liquidation a Liquidator can Rid the Tenant of its Lease. This Process is Called Disclaimer.
Shoosmiths, May 2009, England
In 1996, the case of Hindcastle v Barbara Attenborough Associates settled the effect of disclaimer on a lease guarantee but since then a new leasehold regime has been introduced. A recent case, Shaw v Doleman, has revisited the effect of disclaimer in this context. Original tenants of leasehold property paid a high price in the property crash of the 1990s...
| Businesses' Collective Sigh of Relief at Law Lords' Ramp Ruling
Shoosmiths, May 2009, England
A lot hinged on the answer to the following question for thousands of businesses and organisations across the UK. When is equipment used at work not work equipment for the purposes of the Provision and Use of Work Equipment Regulations 1998? It was put before the House of Lords at a hearing on 4 February 2009, exactly one year after the same question was considered by the Court of Appeal...
| Judgment Helps Define Employers' Risk Boundaries
Shoosmiths, May 2009, England
How far do you have to go in carrying out risk assessments when the risks to your employees arise from activities conducted off your premises? It is a question that has always troubled health and safety advisors. The recent decision of the House of Lords in Smith (Jean) v Northamptonshire County Council, 2009 has helped to define the boundaries. In this case a care worker employed by the council was injured at a client's home...
| Temporary Cessation of Operations:An Employer’s Option to Weather the Current Economic Storm
Temporary Cessation of Operation: An Employer's option to Weather the Current Economic Strom
Tilleke & Gibbins International Ltd., May 2009, Thailand
Under the current global economic circumstances of a decline in consumption and accordingly a reduction in purchasing, many businesses have been severely affected and are faced with evaluating how best to handle the drop in business and an idle workforce. One thing that always comes to mind is whether or not to cease business operations temporarily...
| Fixed-Period Employment Contracts
Fixed-Period Employment Contracts
Fixed period of employment contract
Tilleke & Gibbins International Ltd., May 2009, Thailand
Many employers today enter into employment contracts of fixed periods with certain employees. This is because such employers understand that there are benefits to be gained from doing so, benefits relating to, for example, issues of severance pay and remuneration...
| Going Green: The Pros and Cons of Green Computing
Shoosmiths, May 2009, England
In early 2008, 'green computing' and the idea that companies were going to need to implement new measures to improve their green credentials was one of the hot topics in IT. You might have been forgiven for thinking that environmental concern would be among the first casualties of the credit crunch and the resulting recession...
| Key Concepts of Environmental Law
Haynes and Boone, LLP, May 2009, Texas
Environmental laws sweep broadly, regulating a wide range of business activities. Environmental laws create obligations and liabilities that affect not only ongoing businesses, but business transactions as well. They also may form the basis for, or otherwise be relevant to, litigation...
| “The Carbon Revolution – Answering the Call”
Haynes and Boone, LLP, May 2009, Texas
"The Carbon Revolution – Answering the Call” I. Introduction In the 18th and 19th centuries, the Industrial Revolution produced radical transformations not only in technology, including an ever increasing use of fossil fuels, but also in economic policies and social structure...
| Civil Litigation System
PLMJ - A.M. Pereira, Saragga Leal, Oliveira Martins, Judice e Associados, May 2009, Portugal
1- What is the structure of the civil court system? The Portuguese judicial system is complex and the competence of each type of court is defined considering the nature of the dispute to be settled. The main division established is between judicial jurisdiction and administrative and tax jurisdiction. The territory is divided for judicial purposes and normally each municipality has its own judicial court with generic competence...
| ‘Human’ Influenza and Its Repercussions on the Mexican Industry
Moore Stephens Orozco Medina, S.C., May 2009,
a) Influenza and the social impact it had on Mexico and the World Despite the fact that mankind, especially the scientific community, already expected an influenza pandemic, as the ones that are repeated every 20-40 years, this outbreak took by surprise both Mexicans and foreigners, creating fear among citizens...
| New National Licensing Centre
Boga & Associates, May 2009, Albania
The National Licensing Centre is a new public entity with its head office in Tirana. It was established by the Council of Ministers' Decision on the Creation of the National Licensing Centre (1697/2008). The decision entered into force in January 2009. The centre operates under the supervision of the minister of economy, trade and energy and financed by the state budget...
| The Warranty of Quality Did Not Covert Just the Fireplace!
Lavery, de Billy, L.L.P., May 2009, Quebec
On April 20, 2009, the Court of Appeal issued its judgment in three related cases(1) concerning a defect in a fireplace that caused a fire resulting in the partial loss of the building owned by Alpha’s insureds. Alpha sued the immediate seller to its insureds, Basque, as well as the prior owners, Caron and Pellerin, under the rules governing the warranty against latent defects...
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