Search results for

Corporate governance has become a fashionable term in Switzerland in recent times. Nonetheless, there is no legal definition of the term under Swiss law. Corporate governance rules are increasingly found in various enactments, such as the Swiss Federal Code of Obligations (company law) or the Federal Law on Stock Exchanges and Securities Trading and the listing rules based thereon.

The New Zealand government has announced its intention to reform consumer credit law by introducing a new Consumer Credit Bill. The Bill will replace both the Credit Contracts Act 1981 and the Hire Purchase Act 1971. It aims to reduce the imbalance between lenders and consumers by implementing a stricter disclosure regime, increasing penalties and giving the Commerce Commission the power enforce the law and obtain redress on behalf of consumers. It is hoped that these measures will protect consumers and enable them to make more informed credit decisions.

European capital markets team of the year: Linklaters & Alliance Project finance team of the year: Allen & Overy Cross-border M&A team of the year: Shearman & Sterling Structured finance team of the year: Clifford Chance Capital markets team of the year - France: Cleary, Gottlieb, Steen & Hamilton Capital markets team of the year - Italy: Grimaldi Clifford Chance Capital markets team of the year - Germany: Hengeler Mueller Capital markets team of the year - Spain: Uría & Menéndez Capital markets team of the year - UK: Allen & Overy Central and eastern European team of the year: Linklaters & Alliance Equity deal of the year: Orange

Shearman and Freshfields team up for $505 million private equity deal

The chairman of the UK Financial Services Authority (FSA) has called for increased due diligence on credit derivatives deals to prevent litigation over possible legal flaws.

Whether it is by means of a corporate acquisition, the formation of a joint venture or the creation of a Mexican subsidiary or branch, foreign enterprises doing business in Mexico always face the need to send foreign nationals to oversee their investments or operations in Mexico. The economic slowdown has now brought the need for some of these entities to lay off or reduce the workforce of their business ventures in Mexico. This has raised a very significant issue as to whether or not the foreign expatriates are entitled to severance payments under the labour laws of Mexico. Although the Mexican labour laws are federal in nature, the labour courts are local and do not form part of the judiciary, but rather of the state or local executive branch. Their decisions are not public or published and, unless this issue is taken by means of constitutional review to the federal circuit courts, there is no possibility of looking for a court precedent. In fact, even if a circuit court takes a particular view on the topic, such a precedent is, in general terms, not binding on any other circuit courts within the country. We have not found any circuit court precedent that may give some guidelines on the issue at stake. As surprising as it may seem, foreign expatriates rendering services in Mexico on account of foreign companies have been opting to sue in the Mexican labour courts against: (i) the Mexican entity; and (ii) the foreign parent and/or sister entity, claiming severance payments under the labour laws of Mexico.

On October 11 2001, the House of Lords handed down judgment on eight appeals relating to claims by banks for possession of marital homes under mortgage. In each case the security was granted by a wife to secure her husband's debts. The wives were claiming that the security was unenforceable because they had signed under the undue influence of their husbands.

In a recent decision, the Ontario Securities Commission(OSC) "killed the pill" put in place by coffee shop chain Second Cup to block the hostile takeover bid by Cara Operations.

A provision of the Bank of Italy dated November 31 2002 has finally set out rules for authorization to trade in units of common investment funds not established pursuant to the relevant EU regulation (including Directive 85/611/EEC relating to undertakings for collective investment in transferable securities, the so-called UCITS Directive). These are referred to as non-harmonized funds.

Shares of companies listed on the Athens Stock Exchange are held with the Central Securities Depository (CSD) in book entry form. At the same time a direct registration system is in effect, according to which shares are recorded in the ultimate investor's name. No provisions or market practice exist to allow for omnibus accounts and settlement occurs at the final investor level. Transfers between investors are possible only through a market transaction, as off-exchange transfers are subject to various restrictions. This situation is creating problems with international broker-dealers effecting transactions on behalf of their clients, in the event of mistakes in the allocation of shares bought or other situations when a change is necessary in the way stock holdings have been recorded.