NYSE Rule 452 governs the situation where NYSE member brokers are permitted to vote shares for proxy proposals without specific instructions from their clients. In recent years, the situations where brokers have been permitted to vote without direction from their clients have been limited so that brokers are now prohibited from voting uninstructed shares for the election of directors and from voting on executive compensation proposals.
In a unanimous opinion, the Illinois Supreme Court has ruled that the citizen suit provision of the Illinois Surface Coal Mining Land Conservation and Reclamation Act, 225 ILCS 705, et seq. (the “Mining Act”), does not allow for judicial review of the terms of mining permits issued by the Illinois Department of Natural Resources (IDNR)—even if it is alleged that permit terms violate the Mining Act itself.
Yesterday, a decision of the Local Court of Bonn, Germany, became public denying a company seeking redress from cartelists access to a leniency application and documentary evidence submitted in the context of a cartel proceeding.
In Walker v. Medtronic, Inc., No. 10-2219, ___F.3d___ (January 25, 2012), the US Court of Appeals for the Fourth Circuit held that the Medical Device Amendments to the Food, Drug, and Cosmetic Act preempt state-law claims arising from the alleged malfunction of a Class-III medical device that had received premarket approval from the Food and Drug Administration and had complied with all requirements imposed by the agency.
An extensive Private Investment Funds practice involving more than 100 lawyers from the firm’s worldwide offices. Our lawyers’ broad market experience enables fund sponsors, advisers and investors to structure funds and investments creatively and efficiently to maximise fund-raising flexibility and opportunities.
A new and dynamic approach to resolving complex cross-border financial disputes was unveiled this month with the opening conference in The Hague of PRIME Finance, the Panel of Recognised International Market Experts in Finance.
2012 is set to bring with it some important changes to UK employment law. There are some key dates that employers should ensure they have in mind and are prepared for. These are outlined below. Employers also need to be alert to the large number of proposals still under consideration by the Government, which are expected to be implemented later this year.
A recent Illinois Supreme Court decision, Sandholm v. Kuecker, creates additional complexity when seeking dismissal based on Illinois’s anti-SLAPP (“Strategic Lawsuit Against Public Participation”) statute.
Scenario
An organization is named as a defendant in a putative class action in the Southern District of New York. In-house counsel notices the long order that follows the complaint, including a twelve-page form that the parties are to complete regarding electronic discovery. In-house counsel is concerned about gathering all of that information so early in the litigation, and wonders if other courts are requiring similar early due diligence with respect to electronic discovery.
On 22 December 2011, the European Commission (“EC”) published a press release
and guidelines (the “Guidelines”) on the application of the Gender Directive
(2004/113/EC) (the “Directive”) in light of the decision of the European Court of
Justice (“ECJ”)
Securities and Futures Commission ("SFC") published its "Guidelines to fund managers on dealing disclosure obligations under Rule 22 of the Code on Takeovers and Mergers (Takeovers Code)" ("Guidelines") on 29 December 2011 to set out some practical guidance which fund managers (being "associates" as defined in the Takeovers Code) may follow to ensure timely and appropriate compliance with their dealing disclosure obligations under the Takeovers Code.
Hong Kong Exchanges and Clearing Limited ("HKEx") published its listing decision "HKEx-LD23-2011" on 30 December 2011 in which it decided that the listed issuer ("Listco") was required to restore its public float to at least 25 percent before it could resume trading of its shares.
In December 2011, the PRC Ministry of Human Resources and Social Security ("MOHRSS") issued a circular ("Circular") urging local HRSS bureaux to enforce the Interim Measures on Participation in PRC Social Insurance of Foreigners Employed in China (the "Interim Measures").
France has recently lifted a cap on registration duties (droits d’enregistrement) applicable to certain transfers of equity interests in corporations listed or headquartered in France, which may have a significant impact on the way block trades involving French companies are structured. Buyers and sellers of shares listed on the French securities markets, as well as their financial and legal advisors, will need to take into account the potential increased transaction costs of block trades.
The Pensions Regulator has issued a financial support direction ("FSD") to ITV plc ("ITV") and four of its subsidiaries in connection with the Boxclever Group Pension Scheme (the "Scheme"). ITV has appealed the issuing of the FSD to the Upper Tribunal.
Hong Kong Exchanges and Clearing Limited ("HKEx") published its listing decision "HKEx-LD22-2011" on 30 December 2011. HKEx determined that a fund/asset manager ("Manager") who was holding approximately 12 percent of the shares of a listed issuer ("Listco") on behalf of clients of certain funds managed by it was not a connected person of Listco under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules").
The European Commission (“EC”) has proposed a comprehensive reform of EU data protection laws. Whilst at first glance the proposals may give pension schemes cause for concern, they have no immediate implications as they will not take effect for at least two years.
California’s impact on national and even global business reaches far beyond its state line. Whether you are based in California, have operations here or do business in the state, regulatory and judicial decisions made here can affect your business significantly.
Happy New Year from the Mayer Brown Electronic Discovery & Records Management Practice. We hope you found our Tips of the Month to be a valuable resource in 2011. To begin the new year, we are pleased to present a compilation of the year’s tips for easy reference.
These publications provide information and comments on legal issues and developments. They are not a comprehensive treatment of the subject matter covered and are not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed.
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