The Act regarding the Appropriateness of the Management Board’s Remuneration (Gesetz zur Angemessenheit der Vorstandsvergütung, VorstAG) came into force on August 5, 2009. It falls into line with a number of legislative reactions regarding the current financial and economic crises.
Mayer Brown LLP, a leading global law firm, announced today that the firm is ranked by Benchmark Litigation 2010 in three national practice categories - Antitrust, Appellate, and General Commercial Litigation. In addition, eight attorneys are nationally ranked as “Stars” in their practice area.
On August 26, 2009, the New York Stock Exchange (NYSE) submitted for Securities and Exchange Commission (SEC) approval proposed changes to the NYSE’s corporate governance listing rules. While the NYSE intends for these amendments to become effective on January 1, 2010, the SEC has not yet issued this proposal for comment.
The Race Discrimination Ordinance ("RDO") comes into force today, 10 July 2009. This is the same day as the final version of the Code of Practice on Employment under the Race Discrimination Ordinance is published on the Equal Opportunities Commission ("EOC") website!
The Draft Ministerial Regulation on Advertising of Alcoholic Beverages (the "Draft Ministerial Regulation"), aimed at controlling visual advertising of alcoholic beverages in Thailand, was approved in principle by the Thai Cabinet on 26 May 2009.
The Ministry of Commerce of the People's Republic of China ("MOFCOM") released a new regulation relating to overseas investment by Chinese enterprises, the 'Administrative Measures for Overseas Investment' (the "Measures") on 16 March 2009 which became effective on 1 May 2009. The stated purpose of the Measures is to promote and regulate overseas investment by Chinese enterprises.
The Securities and Exchange Commission ("SEC") has issued a Notification setting out actions which will be considered as "acting in concert" beginning 1 August 2009.
Recently, the Securities and Futures Commission released two Takeovers Panel decisions made in 2008. The first one (released on 19 January 2009) relates to whether a waiver of a mandatory takeover offer obligation should be granted to Swire Pacific Limited ("Swire") for acquiring additional voting rights in Hong Kong Aircraft Engineering Company Limited ("HAECO") from Cathay Pacific Airways Limited ("CX").
On 17 February 2009, the Securities and Futures Commission postponed the implementation date of its revised advertising guidelines and enhanced disclosure requirements in relation to the content of existing marketing materials in respect of collective investment schemes to 1 July 2009 to give certain issuers more time to implement these measures.
The State Administration of Industry and Commerce ("SAIC") promulgated the Administrative Measures on Registration of Capital Contribution with Equity Interests ("Measures") on 14 January 2009, which will take effect on 1 March 2009.
As mentioned in our Client Alert of 31 December 2008 (http://www.mayerbrown.com/publications/article.asp?id=5977&nid=11166), the Listing Committee of The Stock Exchange of Hong Kong Limited had decided to defer the implementation of the Hong Kong Listing Rule amendment regarding extension of the black out period to 1 April 2009 .
Foreign companies will find it easier to offer securities to their directors and employees in Thailand -- thanks to two notifications passed by the Securities and Exchange Commission ("SEC").
The Industrial Estate Authority of Thailand (the "IEAT") has recently issued a new notification regarding the types of service businesses allowed to operate in industrial estates.
16 March 2007 - American corporations are currently witnessing a sea change in their corporate governance. Over the past several years institutional and activist shareholders have pursued and partially achieved significant alterations in the balance of power between shareholders and incumbent boards of directors, with further potentially fundamental changes yet to come.
March 2005 - Amendments to the Federal Sentencing Guidelines became effective November 1, 2004. With corporate scandals raising sensibilities regarding corporate governance issues, these amendments expanded the requirements that an organization facing criminal liability must meet to demonstrate that it has implemented an effective compliance and ethics program.
11 February 2005 - On November 23, 2004, the staff of the Division of Corporation Finance of the Securities and Exchange Commission answered in writing 30 frequently asked questions (the "FAQs") with respect to the new Form 8-K requirements that were effective on August 23, 2004. Based on the staff's interpretations contained in the FAQs relating to Item 601(b)(10) of Regulation S-K with regard to compensatory plans, contracts or arrangements, and subsequent indications of the staff's views in this area, public companies should re-examine their past practices with respect to the exhibits they file as part of the Form 10-K.
31 January 2005 - Earlier this month, outside directors of WorldCom and Enron agreed to use their personal funds to settle shareholder litigation arising from the collapse of their companies.
25 January 2005 - On 15 December 2004, the Securities and Exchange Commission adopted a massive set of rules for asset-backed securities
("ABS") under the Securities Act of 1933 and the Securities Exchange Act of 1934 ("Regulation AB"). The final rules reflect numerous changes that have been incorporated to address issues raised in comment letters received by the SEC in response to the initial proposal released on 3 May 2004 (the "Proposal").
20 December 2004 - On November 23, 2004, the staff of the Division of Corporation Finance of the Securities and Exchange Commission
answered in writing 30 frequently asked questions (the "Frequently Asked Questions") they had been receiving on the Form 8-K changes that were effective August 23, 2004.
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