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Prepare for the flood

The Inter-minister Committee of Finances, Warranties and Insurances has issued the Norm with respect to stabilisation of the interest rate for medium and long-term export credit facilities, which entered into force on January 13 2009.

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved the issuance of a Manual of Regulations on Foreign Transactions, which supersedes the old regulatory framework under BSP Circular 1389 as amended. The Manual embodies the third phase of reforms in the regulation of foreign exchange (forex) transactions.

In an economic downturn, many companies may find themselves in a position of not being able to pay their debts when they are due. Being in this position is precarious, as there is a risk of the company being wound up, causing hardship to employees, creditors and shareholders. In addition to that, creditors will rush to enforce the debts owing to them, which is usually a disorderly state of affairs. This may eventually lead to the demise of the company. But there are mechanisms in place to address the inability to pay debts, depending on what the cause is.

On November 17 2008, a committee organised by the Ministry of Economy, Trade and Industry to study new employee stock ownership plans released its report. The report mainly aims to maintain and enhance the global competitiveness of Japanese companies by promoting the introduction of new employee stock ownership plans. Actually, some companies have already started to introduce such new plans (Japanese ESOPs), which are named and somewhat modeled after employee stock ownership plans in the US. However, the number of companies with new plans is still small because there are some potential legal, accounting and tax issues associated with such new plans. Therefore, in order to make new plans more prevalent, the committee studied these issues, and released a report that suggests possible solutions.

The British Virgin Islands Financial Services Commission (FSC) has made significant changes to the BVI's Ant-Money Laundering and Terrorist Financing Code of Practice affecting all BVI entities and professionals and further modifying the Code's effects on BVI mutual funds and fund managers and administrators.

Government input in competition law can be useful, but at the risk of dangerous precedent

How foreign investors can extract their money from China, and avoid lawsuits for improper withdrawal

M&A financing rules in China will make domestic deals easier, but only by Chinese persons and only within one industry

Does a person have to disclose cooperation with a significant shareholder in a US company even if it doesn’t own shares?