Legal Update
May 17, 2013
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Mayer Brown Legal Update
On May 14, 2013, a new collective bargaining agreement (Tarifvertrag) (“CBA”) for the Metal and Electricity Industry has been concluded between the Bavarian employers’ association for the Metal and Electricity Industry “VBM” and the Bavarian section of the nation-wide trade union “IG Metall”.
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Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial & Taxation; Industry, Enterprises, Research; Agriculture & Fisheries; Energy; Environment; Health & Consumer Protection; Telecoms & Medias; Justice & Home Affairs; Euro & Economy; Future of Europe; External Relations & Accession
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Mayer Brown Legal Update
On March 22, 2013, ISDA opened the DF Protocol 2.0 for adherence to market participants. The DF Protocol 2.0 is part of ISDA’s documentation initiative aimed at assisting the derivatives industry in implementing and complying with the regulatory requirements imposed under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
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Mayer Brown Legal Update
The next milestone date in the Commodity Futures Trading Commission’s (“CFTC’s”) phase-in of mandatory clearing occurs on June 10, 2013, when so-called “Category 2 entities” must begin clearing swaps subject to the mandate. Securitization vehicles, insurers, investment funds and non-swap dealer financial institutions will generally be Category 2 entities. The effect of the June 10 phase-in on the operations of securitization vehicles, in particular, is unclear.
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Lettre d’Information
Mai 2013
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Réduction du budget défense : et si on donnait véritablement leur chance aux contrats de services?
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Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial & Taxation; Industry, Enterprises, Research; Agriculture & Fisheries; Energy; Environmental; Health & Consumer Protection; Telecoms & Medias; Transport; Justice & Home Affairs; Euro & Economy; Future of Europe; External Relations & Accession
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Mayer Brown Legal Update
The legal update stipulates the guidelines on import, export, and distribution of goods by foreign-invested enterprises in Vietnam.
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Mayer Brown Legal Update
Companies that make share-based awards (such as share or stock options, LTIP awards or RSUs) to employees in the UK must file an annual report with the UK tax authority, HM Revenue & Customs (HMRC).
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Mayer Brown Newsletter
We are pleased to present the May 2013 edition of our Trustee Quarterly Review.
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Mayer Brown Newsletter
Calculation and Payment of Economic Compensation (cont'd)
- Is an employer in the PRC obliged to make a severance payment to its employee when the employment contract comes to an end due to the expiry of its agreed duration (rather than due to the employee being terminated)?
- Where economic compensation is payable, how is it calculated?
- What is the "Calculation Base", and is it capped?
- How is the "Service Period" defined?
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Mayer Brown Legal Update
The Enterprise and Regulatory Reform Act 2013 (the Act), enacted on 25 April 2013, will make changes to the process of assessing mergers, acquisitions and corporate joint ventures (“mergers”) when it comes into force in April 2014. It will not alter the turnover and share of supply thresholds that establish whether a deal qualifies for review; nor will it affect the test used to decide whether to block or clear a deal – this will continue to depend on whether the deal concerned will result in a substantial lessening of competition in any market.
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Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial & Taxation; Industry, Enterprises, Research; Environmental; Health & Consumer Protection; Telecoms & Medias; Transport; Justice & Home Affairs; Euro & Economy; Future of Europe; External Relations & Accession
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Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial & Taxation; Industry, Enterprises, Research; IP Rights, Trade Marks, Patents; Agriculture & Fisheries; Energy; Environment; Health & Consumer Protection; Transport; Justice & Home Affairs; Euro & Economy; Future of Europe; External Relations & Accession
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Mayer Brown Legal Update
When negotiating a loan portfolio transaction (whether for performing or non-performing loans), it is crucial at the outset of the negotiation that the potential seller and the bidders/ potential buyers agree on the transaction’s general terms and conditions.
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Mayer Brown Legal Update
Announced on the State Administration of Industry and Commerce (SAIC) website on 3 May 2013, the Guideline on the Handling of Evidence for Anti-monopoly Cases (Liaoning Guideline) issued by Liaoning Administration of Industry and Commerce (AIC) represents the next phase of Anti-Monopoly Law (AML) enforcement activity by the SAIC.
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Mayer Brown Newsletter
In this edition of Mayer Brown’s Global Energy Industry Review, we look at the Brazilian use of the phrase “local content,” which has begun to appear more frequently in the laws, internal policies and tender protocols of governments and companies around the world, particularly with regards to the oil & gas industry. We also explore how the local content requirement is affecting research and development in Brazil’s oil & gas industry.
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Mayer Brown Legal Update
In The Joint and Several Liquidators of QQ Club Limited (in liquidation) v. Golden Year Limited (HCCW 245/2011, 9 April 2013) (QQ Club), the Court of First Instance held that a liquidator's costs in pursuing an avoidance claim are "fees and expenses properly incurred in preserving, realizing or getting in the assets", and are payable out of the company's assets in priority to all other payments prescribed in rule 179 of the Companies (Winding-up) Rules. In reaching this conclusion, the court distinguished the English Court of Appeal's decision in Lewis v. Commissioner of Inland Revenue and others [2001] 3 All ER 499 (Lewis v. IRC), which has attracted a considerable amount of criticism in England.
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Mayer Brown JSM has published its Guide to Doing Business in Myanmar (May 2013). The guide includes information of interest to foreign and local investors and explains various legal issues that may arise when doing business in Myanmar.
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Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial & Taxation; Agriculture & Fisheries; Energy; Health & Consumer Protection; Telecoms & Medias; Euro & Economy; Future of Europe; External Relations & Accession
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“They do a great job – mostly because they have so much experience, they have the depth of resources to advise on anything.” - Chambers Asia Pacific 2013
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Mayer Brown Legal Update
An update on the current situation of arbitration cases of China International Economic and Trade Arbitration Commission (CIETAC), CIETAC Shanghai Sub-Commission (CIETAC Shanghai) and CIETAC South-China Sub-Commission (CIETAC South-China) and some practical recommendations in handling such cases in light of the uncertainties.
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Mayer Brown Legal Update
Nearly three years after the High Court decision on the case of BNY Corporate Trustee Services Ltd v Eurosail UK 2007 – 3BL PLC and others was handed down, the case has run its course in the Supreme Court. The case, which considers the correct interpretation of the balance-sheet insolvency test in section 123(2) of the Insolvency Act 1986, is of importance to insolvency practitioners, financial institutions, legal advisers, company directors and companies.
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We have now had sight of an unofficial translation of the long-awaited new Foreign Investment Law, signed into law by President Thein Sein on 2 November 2012.
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On 8 October 2012, the Chancellor of the Exchequer, George Osborne, announced that the British Government will soon be consulting on “a generous new tax regime for shale so that Britain is not left behind as gas prices tumble on the other side of the Atlantic.”
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Mayer Brown Legal Update
In this issue: China: China Insurance Regulatory Commission raises cap for domestic investors in insurers; China: Insurers must implement new anti-money laundering rules by 2015; Hong Kong: Effect of new data privacy rules on direct marketing by insurance companies; Hong Kong: Launch of Risk-based Capital Model; Myanmar: Update on Insurance Industry; Singapore: Amendments to the Insurance Act; Singapore: Financial Holding Company Act 2013; UK: Chief Executive of the Prudential Regulation Authority ("PRA") voices concerns over the implementation of the Solvency II directive; UK: Director of Supervision for the FCA delivers speech on the importance of culture as the driving behaviour of firms and how the FCA will assess this; US: NAIC Spring 2013 National Meeting; US: Update on the NAIC Solvency Modernization Initiative (E) Task Force and its Working Groups; US: Reinsurance (E) Task Force and the NAIC List of Qualified Jurisdictions; US: Federal Home Loan Bank Legislation (E) Subgroup; US: Mortgage Guaranty Insurance (E) Working Group; US: President Obama's 2014 Fiscal Year Budget Proposes Deduction for Reinsurance Premiums Paid to Non-US Affiliates; Argentina: Amendments to Argentinean Insurance Laws
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