United Arab Emirates Takeover Guide

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "United Arab Emirates Takeover Guide"

Transcription

1 United Arab Emirates Takeover Guide Contact Sameer Huda and Ahmad Sergieh Hadef & Partners

2 Contents Page THE REGULATORY FRAMEWORK FOR TAKEOVERS 1 CONTROLS ON FOREIGN INVESTMENTS 1 FREE ZONES WITHIN THE UAE 2 TAKEOVER CONTROLS 2 FINANCIAL ASSISTANCE 2 MATTERS OF TAXATION 3 DUTIES OF DIRECTORS 3 LEGAL STATUS OF SHARES IN THE UAE 4 PUBLIC ACQUISITION 4 DISCLOSURE REQUIREMENTS 4 TAKEOVER DEFENCES 5 PRIVATE ACQUISITIONS 6 CONCLUSION _2_ takeover guide - united arab emirates

3 THE REGULATORY FRAMEWORK FOR TAKEOVERS Stock markets are relatively new in the United Arab Emirates ( UAE ). The Dubai Financial Market ( DFM ) opened for trading in March, 2000, followed by the Abu Dhabi Stock Market ( ADSM ), which commenced operations in November, The regulatory framework that governs these markets is still evolving. As a result, no comprehensive Takeover Code has yet been developed in the UAE. Nasdaq Dubai, which was formerly known as the Dubai International Financial Exchange has been operating in the Dubai International Financial Centre since The DFM and ADSM list onshore UAE companies (companies not incorporated in the free zone areas of the UAE). Nasdaq Dubai lists companies incorporated in various jurisdictions, however, Nasdaq Dubai is regulated by the Dubai Financial Services Authority ( DFSA ). Takeover transactions as relates to onshore companies are governed by various rules that can be found in the Regulations promulgated by the UAE s Securities & Commodities Authority ( SCA ), which serves as the UAE s primary regulator of the DFM and ADSM securities markets. The SCA is an independent legal authority charged with the achievement of several diverse goals. The SCA Regulations aim to protect investors and ensure the stability of the financial system in the UAE. Particular emphasis is placed on the assuring of true transparency of the UAE s securities markets and, thus, the maintenance of a level playing field among all actual and prospective investors. In addition to the SCA s Regulations, both the DFM as well as the ADSM are each selfregulating organisations in that they have established their own listing rules, settlement procedures, and a variety of other rules that act to supplement the primary Regulations imposed by the SCA. The markets are permitted to individually adopt provisions that are more, but not less, restrictive in nature than the requirements established under SCA s Regulations. Non-compliance with either SCA Regulations or the rules of the individual markets themselves may result in the imposition of monetary sanctions, fines, and other various available remedies such as court orders. Various rules in the Federal Law No (8) of 1984 concerning Commercial Companies ( Commercial Companies Law ) apply to takeover transactions, especially in private acquisition deals. CONTROLS ON FOREIGN INVESTMENTS The United Arab Emirates imposes a number of restrictions on foreign investors. The Commercial Companies Law requires that at least 51% of all UAE limited liability companies be owned by nationals of the UAE on the basis, a maximum of 49% of the UAE company is owned by a foreign investor. UAE companies can be 100% owned by investors from the six countries that comprise the Gulf Co-operation Council ( GCC ). This requirement extends to limited liability companies, closed companies, and joint stock companies. In addition, UAE or GCC nationals, according to the Commercial Companies Law, must represent the majority in the Board of any company incorporated in the UAE. In the UAE a substantial number of companies do include in their Memorandum of Association a provision that stipulates that shares shall only be owned by UAE nationals. Companies that carry out certain activities may also have further restrictions in addition to those stipulated under the Commercial Companies Law. As an example, Federal Law No. 19 of 2006 from the Ministry of Economy and Planning, amending its Article 11, provides as follows: _2_ takeover guide - united arab emirates page 1

4 "Insurance companies incorporated in UAE or to be incorporated in UAE shall have the form of Joint Stock Companies. All shares shall be nominal shares and at least 75% of the share capital will be owned by UAE national natural persons or by juridical entities wholly owned by UAE national shareholders." Finally, it should be noted that foreign investors are not subject to any foreign exchange or investment control in the UAE. FREE ZONES WITHIN THE UAE The purpose of free zones in the UAE is to provide economic spaces within which market-oriented activities provide an alternative to non-free zones which are subject to restrictive laws and cover all other parts of the UAE and the GCC region. Economic spaces designated as free zones are empowered to make their own rules and regulations. Enterprises set up in free zones are considered "offshore", that is, beyond UAE boundaries from a legal perspective. Nevertheless, these free zones generally follow UAE civil and commercial laws, save and except in most cases for the Commercial Companies Law. The main distinguishing feature of companies that are incorporated in the free zones is that many of the restrictions otherwise imposed by, for example, the Commercial Companies Law, do not apply to the free zone companies. There are a number of free zones in the UAE in which foreigners are allowed to own up to 100% of companies domiciled there, but the activities of these companies are subject to certain restrictions. The number of shareholders in free zone companies is limited, and the maximum number of shareholders per company varies from one free zone to the other. TAKEOVER CONTROLS According to SCA Regulation No. 3/2000, relating to Disclosure and Transparency, every natural or juristic person that wishes to purchase 20% or more of any listed company in the UAE shall notify the market (that is, the DFM or ADSM) before it places the purchase order for execution on the floor. The markets are empowered to refuse such offers, after consulting with the SCA, if they believe that the offer would prejudice the interests of the national economy. Financial institutions and banks are required to obtain the approval of the Central Bank whenever they intend to enter into a transaction that would lead to their ownership of 5% or more in a listed company in any market in the UAE. FINANCIAL ASSISTANCE There is no concept of financial assistance in the UAE. The UAE law does not specifically deal with the issue of a company incorporated in the UAE assisting in the acquisition of shares in itself or its holding company. Under the Commercial Companies Law, unless limited by the constitution, directors have full authority to represent and bind a company provided their actions are corroborated by stating the capacity in which they act. However, unless permitted by the constitution, directors need advance shareholder approval to: conclude loans exceeding three years; sell or mortgage company real estate or premises; _2_ takeover guide - united arab emirates page 2

5 write off or absolve or compromise debts; agree to conciliation or arbitration; conclude company contracts for a director's own benefit; or participate in another business substantially the same as the company's. MATTERS OF TAXATION The UAE s taxation regime is prone to notable shifts as fiscal legislation is subject to frequent examinations in order to reflect fluctuating market conditions. This can occur, for instance, with respect to transfer taxes since, at present, the UAE does not impose any stamp duty; tax deductions which are non-existent for the time-being in the UAE; and thin cap rules which only affect the banking and insurance industries. Indeed, in these two industries, the rules pertaining to minimum capitalisation and debt/equity ratios are frequently amended. DUTIES OF DIRECTORS Duties to the company Directors are expected to have a positive role in the management of the company, as they owe a fiduciary duty to the company. In addition, if a director fails to attend the board meetings for three consecutive meetings without a justifiable excuse, then this act will constitute a deemed resignation from the board. Directors are also prohibited from having any involvement in a business which competes with the business of the company, including taking part in trading activities on their own account. Directors are also required to notify the board if they have any conflicting interests with those of the Company. Duties to shareholders Directors are subject to shareholders scrutiny over their decisions, and shareholders can dismiss directors via the general assembly. Directors owe a duty to the company s shareholders for all acts of fraud, abuse of power, violations of the law and the company s articles and other governing instruments, and general mismanagement of the enterprise. Duties to employees The law is silent as to the directors duties towards employees. Duties to creditors Directors owe a duty to third parties which includes creditors for all acts of fraud, power abuse, and violations of the law and the company articles, as well as general mismanagement of the corporation s business and financial affairs _2_ takeover guide - united arab emirates page 3

6 Liability of directors Directors may incur: civil liability for negligent performance of their duties; and/or criminal sanctions for violations of specific requirements concerning the organisation and operation of the company. LEGAL STATUS OF SHARES IN THE UAE The UAE Commercial Companies Law No. 8/1984 states specifically that in Private and Public Joint Stock Companies, all issued shares shall have the same rights and equal liabilities. Thus, issuing non-voting shares is not permitted under UAE law. The same rule applies to Limited Liability Companies. Companies incorporated in free zones may not generally issue shares of more than one class. However, some free zones companies, such as the Dubai Technology and Media Free Zone, allow different classes of shares with the relevant authority's approval. PUBLIC ACQUISITION The UAE lacks any comprehensive code that regulates takeover transactions. Therefore, the form of offer can consist of cash, securities, or a combination of both. Due to the absence of a takeover code in the UAE, there are no separate sets of rules that are directed toward takeovers. However, the main condition that is imposed by SCA Regulations is the need to obtain the approval of the director general of the market on which the target is listed for transactions that aim at acquiring more than 20% of any listed company. The director general of the market can, after consultation with the Authority, prohibit the transaction if in his opinion it prejudices the interests of the national economy. There is no condition that the offer must cover the whole share capital and equity related securities giving access to the share capital, that is the concept of mandatory offer is not recognised in the UAE. Financial institutions and banks are required to obtain the approval of the Central Bank whenever they intend to enter into a transaction that would lead to them owning 5% or more in a listed company in the market. Timing and procedure Due to the absence of a dedicated takeover code in the UAE there are no set timing requirements for takeover transactions. The only procedural requirement is the approval of the director general of the market upon which the company is listed. DISCLOSURE REQUIREMENTS Buyers in the DFM must disclose their ownership in a listed company if it reaches a 5% threshold. This threshold is reduced with respect to companies listed in the ADSM to 3%; the market also requires disclosure of any buying or selling of 1% over the 5% DFM threshold or 1% over the 3% ADSM threshold. In addition, any buyer that owns a 10% or more interest in the shares of a Parent, Subsidiary, Affiliate, or Allied Company of the company listed in the market shall immediately notify the market authority thereof _2_ takeover guide - united arab emirates page 4

7 The SCA regulations impose an affirmative disclosure obligation on all companies by requiring that all material information that can influence the market price of the company be disclosed promptly. This would include a friendly takeover agreement, as such information will most likely have an impact on market prices. TAKEOVER DEFENCES The fact that there is no takeover code in the UAE leaves the question as to whether various takeover defences are legally enforceable or not subject to the general provisions of the Commercial Companies law. Frustrating action Since nothing under general UAE law governs frustration actions, the approval of shareholders to have any frustrating action carried out against an offer is not required, provided the offer has not yet been tendered. This rule, of course, does not apply to any planned frustrating action that is specifically mentioned in the Commercial Companies Law as one of those actions subject to prior shareholder consent. Defence measures Companies based in the UAE may take measures specifically designed to frustrate potential bids, provided such measures are not inconsistent with the general law of the land. Whether or not a particular defence measure is legally acceptable or not depends on the specific circumstances of the case. Poison pills The extent to which a company based in the UAE may, through various schemes, render the value of its share capital prohibitively expensive in order to oppose a bid, hinges upon whether or not such action is in the company s interests. This rule is based on the same principle requiring the directors of a company to act in the best interests of the company. Limits on shareholders voting rights UAE law does not allow attempts to limit, through the Articles of Association, the effective voting rights of any particular shareholder owning, say, 50% or more of the shares in a company. Absence of cross-ownership Limitations The UAE does not impose limits on reciprocal shareholding. In other words, the UAE does not regulate the extent to which companies may be shareholders in each other. Squeeze-out procedures The concept of a squeeze-out is not recognised under UAE law, and therefore the bidder cannot force a "squeeze-out" of the minority from the company. This means that partial takeovers are permitted and the minority shareholders have no legal remedy if a new major shareholder enters the company except to accept the new ownership structure or sell their shares in the market without having the ability to oblige the major shareholder(s) to acquire the minority stake in the company _2_ takeover guide - united arab emirates page 5

8 PRIVATE ACQUISITIONS An acquisition of a target business in the UAE can be achieved either by buying the shares in the company, or the assets which make up that business. The choice will depend on a number of factors. Procedural requirements applicable to the sale of company property and shares There are requirements to be followed in a transfer of company property, including the need to provide notice thereof and to have the related documents reviewed and recorded by a Notary Public. In the UAE, a Notary Public is not only empowered to examine such documents but also to reject them in cases where they do not entirely conform to relevant UAE legal requirements. These procedural requirements apply across the UAE, including any free zone other than the DIFC, pursuant to laws such as Federal Law No. 18 of 1993, as amended. As a result, every piece of real estate owned by a company being bought out is required to be conveyed by documentary transfer of title. Other types of company assets, such as moveable equipment, must be conveyed by transfer of possession. Furthermore, under Article 45(1), in order to purchase a company s assets, the buyer must cause an abstract of the contract of sale to appear in two Arabic dailies of the country where the contract was executed. The second publication of the contract must occur within seven days of the first, in order to afford creditors sufficient opportunity to file objections to the contract within ten days from the second publication. Under specific circumstances, expiry of the notice period occurs sixty days following the last publication. The shares of a company represent the ownership of its assets. However, contrary to other types of company assets, where a company s shares are acquired, they are transferred as a whole and there is no need to transfer each share individually. In other words, the entire registration of the private company is transferred into the name of the purchaser, subject to local law requirements, and there is no need to register the transfer of each share. Nonetheless, one needs to be aware of the cumbersome procedures followed in the UAE as regulatory consent is required and documentation needs to be notarised. Stamp duty that needs to be paid is relatively nominal and it is based on the value of the transaction, with an upper limit of 10,000 Dirham in Dubai. Further, the local regulator s (including in the free-zones) consent is needed before commencing any transfer of the shares. Also, any of the company s current trading agreements that do not expressly provide for cancellation or change of control, remain in force (subsequent to the assignment of shares). Legal effect of a private acquisition on the status of employees Where the private acquisition of a company occurs, the employees, other than foreign workers, follow the company into the hands of the acquirer. Since in the UAE, foreign workers are necessarily sponsored, the transfer of a foreign worker s sponsorship to a new employer is generally not allowed under the combined effect of Federal Law No. 13 of 1996, and of Ministerial Order No. 13 of This is despite the fact that the employer is still the company as the sponsorship is an additional requirement for foreign workers in the UAE, hence a new application needs to be made to the relevant authorities. However, there are limited circumstances under which exceptions to this rule are permitted. Ministerial Order 1991 governs these exceptional cases by determining the conditions which an employee must meet to be considered transferable. These conditions require mainly compliance by the foreign worker with specific procedural and documentary modalities set out in Ministerial Order The foreign worker s inability to meet these conditions bars him from transferring his sponsorship and, consequently, his passport will be subject to a six-month suspension _2_ takeover guide - united arab emirates page 6

9 Only foreign workers who are recognised, for instance, as part of a professional or senior management category may avoid the six-month suspension. For those foreign workers unable to avail themselves of this limited exception, the only solution is to enter into a new employment contract using the prescribed form to be filed with the Ministry of Immigration and Labour. The form must clearly show the name of the new employer. The basic prescribed contract form is usually further detailed by international companies by way of an additional contract of their own making which contains clauses in line with international usage. As for UAE nationals whose employment is transferred to a new employer as a result of the acquisition of the company s shares, their employment continues uninterrupted, since no legal procedure for employment transfer applies to them. CONCLUSION We understand that the regulator in the UAE is in the process of drafting a comprehensive takeover code to fill the existing regulatory gap and to ensure that investors are offered a more protective environment. The current regulatory framework for takeover transactions is still undeveloped and the only existing requirement, other than disclosure requirements, is limited to the need to get officials consent _2_ takeover guide - united arab emirates page 7

United Arab Emirates

United Arab Emirates United Arab Emirates Afridi & Angell Amjad Ali Khan BASIC INFORMATION ON THE TYPES OF LIMITED LIABILITY COMPANIES AND ON THE RIGHTS OF SHAREHOLDERS 1. What types of companies enjoy limited liability? If

More information

ON CIRCULATION OF CREDIT INFORMATION AND ACTIVITIES OF CREDIT BUREAUS THE REPUBLIC OF ARMENIA LAW

ON CIRCULATION OF CREDIT INFORMATION AND ACTIVITIES OF CREDIT BUREAUS THE REPUBLIC OF ARMENIA LAW THE REPUBLIC OF ARMENIA LAW ON CIRCULATION OF CREDIT INFORMATION AND ACTIVITIES OF CREDIT BUREAUS Adopted October 22, 2008 Article 1. Subject of Law CHAPTER 1 GENERAL PROVISIONS 1. This law regulates terms

More information

IBA Guide on Shareholders Agreements

IBA Guide on Shareholders Agreements IBA Guide on Shareholders Agreements South Africa Edward Nathan Sonnenbergs Inc 1. Are shareholders agreements frequent in South Africa? Shareholders agreements are widely used in South Africa. The use

More information

Briefing Note UAE Corporate Governance Regime

Briefing Note UAE Corporate Governance Regime February 2010 Briefing Note UAE Corporate Governance Regime At a Glance > Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between

More information

Malaysia Takeover Guide

Malaysia Takeover Guide Malaysia Takeover Guide Contact Lee Won Chen Rahmat Lim & Partners chen.leewon@rahmatlim.com Contents Page THE REGULATION OF TAKEOVERS 1 THE REGULATORY MAZE BROAD CONCEPTS 1 MANDATORY OFFERS 4 VOLUNTARY

More information

Mexico. Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López. Von Wobeser y Sierra, S.C.

Mexico. Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López. Von Wobeser y Sierra, S.C. Mexico Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López Market overview 1 What kinds of outsourcing take place in your jurisdiction? In Mexico, a subcontracting regime (understood as the regime

More information

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act)

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act) FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.

More information

Setting Up a Business in Dubai International Financial Centre. Facts Sheet

Setting Up a Business in Dubai International Financial Centre. Facts Sheet Setting Up a Business in Dubai International Financial Centre Facts Sheet Financial activities that may be carried out within the DIFC Accepting deposits Providing Credit Dealing in Investments as Principal

More information

GUIDE TO DIRECTORS DUTIES UNDER THE BVI BUSINESS COMPANIES ACT 2004

GUIDE TO DIRECTORS DUTIES UNDER THE BVI BUSINESS COMPANIES ACT 2004 GUIDE TO DIRECTORS DUTIES UNDER THE BVI BUSINESS COMPANIES ACT 2004 CONTENTS PREFACE 1 1. Directors of Companies in the BVI 2 2. Statutory Duties of Directors in the BVI 3 3. Disclosure of Director Interests

More information

New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE

New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE from Legal Middle East New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE May 2015 In brief After years of speculation regarding

More information

The Authority s Board of Directors Decision No. (1) of Concerning the Regulation for Investment Management

The Authority s Board of Directors Decision No. (1) of Concerning the Regulation for Investment Management The Authority s Board of Directors Decision No. (1) of 2014 Concerning the Regulation for Investment Management The Chairman of the Board of Directors of the Securities and Commodities Authority, Having

More information

Law No. (25) of 2009. Concerning. The Dubai International Airport Free Zone.

Law No. (25) of 2009. Concerning. The Dubai International Airport Free Zone. Concerning The Dubai International Airport Free Zone 1 We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai, After perusal of Law No. (2) of 1996 Establishing the Dubai International Airport Free Zone and

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

Securities and Commodities Regulations in the United Arab Emirates. by Afridi & Angell

Securities and Commodities Regulations in the United Arab Emirates. by Afridi & Angell Securities and Commodities Regulations in the United Arab Emirates by Afridi & Angell The Emirates first stock exchange, the Dubai Financial Market, has been trading since mid 2000. A stock exchange was

More information

English Translation of Finance Companies Control Law

English Translation of Finance Companies Control Law English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

Norway Takeover Guide

Norway Takeover Guide Norway Takeover Guide Contacts Øystein Rød, partner, and associates Øyvind Skaara and Cathrine Schlytter Killi Advokatfirma Ræder DA www.raeder.no Contents Page INTRODUCTION 1 RELEVANT NORWEGIAN LEGISLATION

More information

Exempt companies THE NEW UAE COMMERCIAL COMPANIES LAW APRIL 2015

Exempt companies THE NEW UAE COMMERCIAL COMPANIES LAW APRIL 2015 THE NEW UAE COMMERCIAL COMPANIES LAW APRIL 2015 The UAE has introduced a new Commercial Companies Law (UAE Federal Law No. 2 of 2015) (the New CCL), which replaces the previous Commercial Companies Law

More information

MORTGAGE BROKER AGREEMENT

MORTGAGE BROKER AGREEMENT MORTGAGE BROKER AGREEMENT This Mortgage Broker Agreement (the "Agreement") is entered into by and between: ST. CLOUD MORTGAGE, a California Corporation (the "Lender"), and (the "Mortgage Broker") as of

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

Not an Official Translation On Procedure of Coming into Effect of the Law of Ukraine On State Regulation of the Securities Market in Ukraine

Not an Official Translation On Procedure of Coming into Effect of the Law of Ukraine On State Regulation of the Securities Market in Ukraine Not an Official Translation Translation by Financial Markets International, Inc., with funding by USAID. Consult the original text before relying on this translation. Translation as of July 1999. RESOLUTION

More information

TRADING TERMS AND CONDITIONS

TRADING TERMS AND CONDITIONS TRADING TERMS AND CONDITIONS 11 JULY 2014 IMPORTANT NOTICE These terms and conditions must be read in conjunction with our Financial Services Guide (FSG), the Application and, if you are approved for the

More information

Federal Law No. 2 of 2015

Federal Law No. 2 of 2015 Federal Law No. 2 of 2015 Issued on 1/04/2015 Corresponding to 17 Dhi Al-Hijjah 1436 H. ON COMMERCIAL COMPANIES Abrogating Federal Law No. 8/1983 dated 20/03/1984 We, Khalifa Bin Zayed Al Nahyan, President

More information

United Arab Emirates

United Arab Emirates The United Arab Emirates is a federal state composed of seven emirates including Abu Dhabi and Dubai. The federation came into effect in 1971, but each emirate maintains a varying degree of control over

More information

Trading Terms and Conditions

Trading Terms and Conditions Trading Terms and Conditions 23 MAY 2016 Important notice These terms and conditions must be read in conjunction with our Financial Service Guide (FSG), the Application and, if you are approved for the

More information

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL

More information

[This translation is provided for guidance. The governing text is the Arabic text.] Form of Consultancy Engineering Services Contract (Supervision)

[This translation is provided for guidance. The governing text is the Arabic text.] Form of Consultancy Engineering Services Contract (Supervision) [This translation is provided for guidance. The governing text is the Arabic text.] Form of Consultancy Engineering Services Contract (Supervision) Section One Contract - Basic Document It has been agreed

More information

Registration of Credit Institutions and the Licensing of Banking Activities

Registration of Credit Institutions and the Licensing of Banking Activities Registration of Credit Institutions and the Licensing of Banking Activities The procedures for registering credit institutions and licensing banking operations, verifying the legitimacy of shareholding

More information

QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY

QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY The purpose of this insider policy is to summarize the insider trading restrictions to which directors, officers, consultants

More information

Memorandum. General Overview Employment Law/ United Arab Emirates

Memorandum. General Overview Employment Law/ United Arab Emirates Memorandum General Overview Employment Law/ United Arab Emirates 1. General 1. Brief Introduction Employment relationships in the private sector in the UAE are subject to UAE Federal Law No 8 of 1980 on

More information

CONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules

CONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1

More information

Real Estate Investment Funds Regulations

Real Estate Investment Funds Regulations Real Estate Investment Funds Regulations Contents Part 1 : Preliminary Provisions Article 1 : Preliminary... 5 Article 2 : Definitions... 5 Part 2 : Authorization Article 3 : Authorization Requirements...

More information

LIMITED LIABILITY COMPANY AGREEMENT CANTOR EXCHANGE, LLC

LIMITED LIABILITY COMPANY AGREEMENT CANTOR EXCHANGE, LLC LIMITED LIABILITY COMPANY AGREEMENT OF CANTOR EXCHANGE, LLC THE UNDERSIGNED is executing this Limited Liability Company Agreement (this Agreement ) for the purpose of forming a limited liability company

More information

[ ] numbers in brackets refer to the clause number in the regulations.

[ ] numbers in brackets refer to the clause number in the regulations. DMCC COMPANY REGULATIONS (1/03) AT A GLANCE This document sets out to summarise the main Company Rules and Regulations applicable within the DMCC Free Zone. You are recommended to read the full edition

More information

Directors and Officers Liability Insurance

Directors and Officers Liability Insurance Directors and Officers Liability Insurance New Zealand Proposal form Completing the Proposal form 1. This application must be completed in full including all required attachments. 2. If more space is needed

More information

COMPANY LAW OF MONGOLIA CHAPTER 1 GENERAL PROVISIONS

COMPANY LAW OF MONGOLIA CHAPTER 1 GENERAL PROVISIONS COMPANY LAW OF MONGOLIA CHAPTER 1 GENERAL PROVISIONS Article 1. Purpose of the Law 97.1. The purpose of this Law is to regulate the establishment, registration and reorganization of a company, its management

More information

AMENDED AND RESTATED ARTICLES OF INCORPORATION OF BEST BUY CO., INC. ARTICLE I NAME. The name of this corporation shall be Best Buy Co., Inc.

AMENDED AND RESTATED ARTICLES OF INCORPORATION OF BEST BUY CO., INC. ARTICLE I NAME. The name of this corporation shall be Best Buy Co., Inc. AMENDED AND RESTATED ARTICLES OF INCORPORATION OF BEST BUY CO., INC. ARTICLE I NAME The name of this corporation shall be Best Buy Co., Inc. ARTICLE II REGISTERED OFFICE; REGISTERED AGENT The registered

More information

Fees and Bank Guarantee

Fees and Bank Guarantee Fees and Bank Guarantee Ministerial Resolution No. (444) for 2006 A.D. Dated 25/6/2006 A.D. Regarding the Rules and Procedures for Fees Exemption Minister of Labour : *After reviewing Federal Law No. (1)

More information

Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc. (Financial Supervision Act)

Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc. (Financial Supervision Act) KREDITTILSYNET Norway Translation updated August 2003 Translated by Government Authorised Translator Peter Thomas This translation is for information purposes only. Legal authenticity remains with the

More information

Standard Conditions. for Grants Made by the. World Bank. Out of. Various Funds

Standard Conditions. for Grants Made by the. World Bank. Out of. Various Funds Standard Conditions for Grants Made by the World Bank Out of Various Funds Dated February 15, 2012 ARTICLE I Introductory Provisions Section 1.01. Application of Standard Conditions. These Standard Conditions

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

PERSONAL PROPERTY LAW

PERSONAL PROPERTY LAW --------------------------------------------------------------------------------------- PERSONAL PROPERTY LAW DIFC LAW No. 9 of 2005 -----------------------------------------------------------------------------------

More information

BAHRAIN STOCK EXCHANGE LAW

BAHRAIN STOCK EXCHANGE LAW BAHRAIN STOCK EXCHANGE LAW INDEX CHAPTER 1 Establishment and Objectives of the Exchange CHAPTER 2 Exchange Administration CHAPTER 3 Membership of the Exchange CHAPTER 4 Admission to Listing and Trading

More information

Title: Code for Dealing in Securities

Title: Code for Dealing in Securities GSK Policy Title: Code for Dealing in Securities Official Short Title: Code for Dealing in Securities Key Points No employee may deal in GlaxoSmithKline plc securities ( GSK securities ) if he or she is

More information

Merger & Acquisition Rules

Merger & Acquisition Rules Merger & Acquisition Rules This is a translation of the Official Arabic version of Merger and Acquisition Rules. In case of any discrepancies, the Arabic version shall prevail. 1 Article (1) In the application

More information

GUIDE TO LIMITED PARTNERSHIPS IN GUERNSEY

GUIDE TO LIMITED PARTNERSHIPS IN GUERNSEY GUIDE TO LIMITED PARTNERSHIPS IN GUERNSEY CONTENTS PREFACE 1 1. Introduction 2 2. What is a Limited Partnership 2 3. Formation of the Limited Partnership 2 4. Management of the Limited Partnership 3 5.

More information

Corporate Governance Regulations

Corporate Governance Regulations Corporate Governance Regulations Contents Part 1: Preliminary Provisions Article 1: Preamble... Article 2: Definitions... Part 2: Rights of Shareholders and the General Assembly Article 3: General Rights

More information

ANZ Share Investing TRADING TERMS AND CONDITIONS 23 MAY 2016

ANZ Share Investing TRADING TERMS AND CONDITIONS 23 MAY 2016 ANZ Share Investing TRADING TERMS AND CONDITIONS 23 MAY 2016 Important notice These terms and conditions must be read in conjunction with our Financial Services Guide (FSG), the Application and, if you

More information

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section

More information

The Company Director Checklist. United Arab Emirates

The Company Director Checklist. United Arab Emirates The Company Director Checklist United Arab Emirates Contact: Ibrahim Elsadig (ibrahim.elsadig@snrdenton.com) BKHP/RA/IES/99525.00000/137161.07 Item Section Check Item Section Check Understand Understand

More information

ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY

ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY 1. Introduction and Purpose ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY Almonty Industries Inc. (the Corporation ) is a Canadian company, it is a reporting issuer in Canada and its securities are listed

More information

France Takeover Guide

France Takeover Guide France Takeover Guide Contact Youssef Djehane BDGS Associés djehane@bdgs-associes.com Contents Page INTRODUCTION 1 PUBLIC OFFERS IN FRANCE: GENERAL OVERVIEW 1 PUBLIC OFFERS: KEY HIGHLIGHTS 1 PUBLIC OFFERS:

More information

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases.

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases. Company Laws The Companies Law is the principal body of legislation governing companies. Saudi company law recognizes eight forms of companies. The most common forms are limited liability companies (LLC),

More information

DECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES

DECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES DECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES The Chairman of the Board of Directors of the Stocks and Commodities Authority has, After pursuing the provisions of Federal Law No.

More information

PROPOSAL FORM FOR MANAGEMENT LIABILITY AND COMPANY REIMBURSEMENT INSURANCE

PROPOSAL FORM FOR MANAGEMENT LIABILITY AND COMPANY REIMBURSEMENT INSURANCE PROPOSAL FORM FOR MANAGEMENT LIABILITY AND COMPANY REIMBURSEMENT INSURANCE Pursuant to Paragraph 4(1) of Schedule 9 of the Financial Services Act 2013, if you are applying for this Insurance for a purpose

More information

The Amendment of the Loan Agreement (for Business)/ Overdraft Facility Agreement (for Consumption)/ Money Mortgage Agreement*

The Amendment of the Loan Agreement (for Business)/ Overdraft Facility Agreement (for Consumption)/ Money Mortgage Agreement* The Amendment of the Loan Agreement (for Business)/ Overdraft Facility Agreement (for Consumption)/ Money Mortgage Agreement* No. Clause Reference Amendment Sanctions 1. Important notice Standard Chartered

More information

General Terms and Conditions for the Purchase and Maintenance of Hardware

General Terms and Conditions for the Purchase and Maintenance of Hardware General Terms and Conditions for the Purchase and Maintenance of Hardware A COMMON INTRODUCTORY PROVISIONS 1 Object and validity 1.1 The present General Terms and Conditions (GTC) govern the conclusion,

More information

Ministry of Economic Development Male, Republic of Maldives FOREIGN INVESTMENT AGREEMENT

Ministry of Economic Development Male, Republic of Maldives FOREIGN INVESTMENT AGREEMENT Ministry of Economic Development Male, Republic of Maldives FOREIGN INVESTMENT AGREEMENT BETWEEN MINISTRY OF ECONOMIC DEVELOPMENT AND Under the Maldives Foreign Investment Act [Law No. 25/79] [This Agreement

More information

AGREEMENT FOR PRIME BROKERAGE CLEARANCE SERVICES

AGREEMENT FOR PRIME BROKERAGE CLEARANCE SERVICES AGREEMENT FOR PRIME BROKERAGE CLEARANCE SERVICES This Agreement sets forth the terms and conditions under which U U, its successors and assigns (the Executing Broker ) will accept your instructions to

More information

Session of SENATE BILL No. 57. By Committee on Judiciary 1-22

Session of SENATE BILL No. 57. By Committee on Judiciary 1-22 Session of SENATE BILL No. By Committee on Judiciary - 0 AN ACT concerning the Kansas power of attorney act; relating to durable power of attorney; definitions; duties of attorney in fact; laws governing

More information

United States of America Takeover Guide

United States of America Takeover Guide United States of America Takeover Guide Contact Richard Hall Cravath, Swaine & Moore LLP rhall@cravath.com Contents Page INTRODUCTION 1 TENDER OFFERS VERSUS MERGERS 1 IN THE BEGINNING 2 REGULATION OF TENDER

More information

BUYING THROUGH TRUSTS, COMPANIES AND CLOSE CORPORATIONS

BUYING THROUGH TRUSTS, COMPANIES AND CLOSE CORPORATIONS BUYING THROUGH TRUSTS, COMPANIES AND CLOSE CORPORATIONS Presented by Meumann White Attorneys OUTLINE TRUSTS A: BUYING PROPERTY IN THE NAME OF A TRUST - ALREADY IN EXISTENCE B: BUYING PROPERTY IN THE NAME

More information

Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE

Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE Table of Contents CHAPTER 1 GENERAL PROVISIONS... 1 CHAPTER 2 PENSION COMPANIES FOR MANAGING PENSION FUNDS... 5 CHAPTER 3 ESTABLISHMENT

More information

Code of Practice for Directors

Code of Practice for Directors Code of Practice for Directors This Code provides guidance to directors to assist them in carrying out their duties and responsibilities in accordance with the highest professional standards. 1.0 INTRODUCTION

More information

Jebel Ali Free Zone. Free Zone Company

Jebel Ali Free Zone. Free Zone Company Jebel Ali Free Zone Free Zone Company Implementing Regulations No. 1/99 Issued pursuant to Law No 2. Of 1986 Of H.H. Shaikh Maktoum Bin Rashid Al-Maktoum, Ruler of Dubai & The UAE Federal Law No. (8) of

More information

Securities Lending and Borrowing: [1] General Procedures [2] SLB Rules. Version 1.0

Securities Lending and Borrowing: [1] General Procedures [2] SLB Rules. Version 1.0 : Version 1.0 Table of Contents 1. Document History... 3 2. Introduction... 4 3. Definitions... 4 4. Features of the DFM SLB Business Model... 6 5. Restricted Transfers of Borrowed Securities... 15 6.

More information

TARTISAN RESOURCES CORP. INSIDER TRADING AND BLACK-OUT POLICY

TARTISAN RESOURCES CORP. INSIDER TRADING AND BLACK-OUT POLICY TARTISAN RESOURCES CORP. INSIDER TRADING AND BLACK-OUT POLICY DECEMBER 21, 2010 Table of Contents EXECUTIVE SUMMARY... 3 INTRODUCTION... 3 MATERIAL INFORMATION... 4 PERSONS IN A SPECIAL RELATIONSHIP WITH

More information

BANKING UNIT BANKING RULES OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994

BANKING UNIT BANKING RULES OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 BANKING UNIT BANKING RULES OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 Ref: BR/14/2009 OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 INTRODUCTION

More information

Appendix 1. This appendix is a proposed new module of the DFSA Rulebook. Therefore, the text is not underlined as it is all new text.

Appendix 1. This appendix is a proposed new module of the DFSA Rulebook. Therefore, the text is not underlined as it is all new text. Appendix 1 This appendix is a proposed new module of the DFSA Rulebook. Therefore, the text is not underlined as it is all new text. The DFSA Rulebook Auditor Module (AUD) PART 1 INTRODUCTION 1 APPLICATION

More information

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES CHAPTER 1. GENERAL PROVISIONS CHAPTER 2. FOUNDATION OF LIMITED LIABLITY COMPANY CHAPTER 3.AUTHORIZED CAPITAL OF A COMPANY CHAPTER 4. PROPERTY

More information

INSIDER TRADING AND BLACKOUT POLICY

INSIDER TRADING AND BLACKOUT POLICY HUMAN RESOURCES POLICY Policy Number RH-GEN.10 Date issued 2005-09-08 Date updated Approved at July 30, 2014 meeting of the Board of Directors Issued by Human Resources Department Approved by Management

More information

Policy Title: INSIDER TRADING POLICY # of Pages - 10. Approval Source: Board of Directors

Policy Title: INSIDER TRADING POLICY # of Pages - 10. Approval Source: Board of Directors GIBSON ENERGY (and affiliated companies) POLICY Department Responsible: Legal Policy # CORP 6.0 Policy Title: INSIDER TRADING POLICY # of Pages - 10 Initial Approval Date: August 10, 2011 Revision #: 2

More information

IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) CONTENTS

IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) CONTENTS IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS CONTENTS December 2006 Paragraph Introduction... IN1 IN5 Objective... 1 Scope... 2 6 Government Business Enterprises... 6 Definitions... 7 28 Non-Exchange

More information

COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer

COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer INTRODUCTION In the People s Republic of China ( PRC ), winding up is broadly divided into insolvency winding up and winding up by

More information

INSIDER TRADING AND BLACKOUT PERIOD POLICY STINGRAY DIGITAL GROUP INC. APRIL 21, 2015

INSIDER TRADING AND BLACKOUT PERIOD POLICY STINGRAY DIGITAL GROUP INC. APRIL 21, 2015 INSIDER TRADING AND BLACKOUT PERIOD POLICY STINGRAY DIGITAL GROUP INC. APRIL 21, 2015 1. Introduction 1.1 Expectations INSIDER TRADING AND BLACKOUT PERIOD POLICY STINGRAY DIGITAL GROUP INC. APRIL 21, 2015

More information

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST Institutional and Service Shares of the Goldman Sachs Money Market Fund (the Fund ) Supplement dated July 29, 2015 to the Prospectuses and Summary Prospectuses, each

More information

NATIONAL PAYMENT SYSTEM ACT

NATIONAL PAYMENT SYSTEM ACT LAWS OF KENYA NATIONAL PAYMENT SYSTEM ACT No. 39 of 2011 Revised Edition 2012 [2011] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.

More information

AMP Limited Trading Policy

AMP Limited Trading Policy AMP Limited Trading Policy Approved by the AMP Limited Board on 28 March 2012 AMP Limited ABN 49 079 354 519 Contents 1. Trading Policy... 3 1.1 Guiding principles... 3 1.2 General trading restrictions

More information

INDONESIA Ali Budiardjo, Nugroho, Reksodiputro

INDONESIA Ali Budiardjo, Nugroho, Reksodiputro Bank Finance and Regulation Survey INDONESIA Ali Budiardjo, Nugroho, Reksodiputro I. BANKS AND FINANCIAL INSTITUTIONS SUPERVISION 1) Applicable laws and regulation. Provide a list of the main laws and

More information

Rules of the Rio Tinto Limited Performance Share Plan 2013

Rules of the Rio Tinto Limited Performance Share Plan 2013 Rules of the Rio Tinto Limited Performance Shareholders Approval: [x] Directors' Adoption: [x] Allens 101 Collins Street Melbourne VIC 3000 Australia Tel +61 3 9614 1011 Fax +61 3 9614 4661 www.allens.com.au

More information

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF ARMENIA Adopted on October 24, 2001 CHAPTER 1. GENERAL PROVISIONS Article 1. Scope of the Law This law regulates the legal relationships arising from establishment, activity, reorganization

More information

DELEGATION AGREEMENT

DELEGATION AGREEMENT DELEGATION AGREEMENT This DELEGATION AGREEMENT, (the Agreement ), is by and among New York Stock Exchange LLC, a New York limited liability company, NYSE Regulation, Inc., a New York Type A not-for-profit

More information

FEDERAL LAW NO. 395-I OF DECEMBER 2, 1990 ON BANKS AND BANKING ACTIVITIES

FEDERAL LAW NO. 395-I OF DECEMBER 2, 1990 ON BANKS AND BANKING ACTIVITIES FEDERAL LAW NO. 395-I OF DECEMBER 2, 1990 ON BANKS AND BANKING ACTIVITIES (with the Additions and Amendments of December 12, 1991, February 13, June 24, 1992, February 3, 1996, July 31, 1998, July 5, 8,

More information

DIFC LAW NO. 1 OF 2007

DIFC LAW NO. 1 OF 2007 DATA PROTECTION LAW DIFC LAW NO. 1 OF 2007 Consolidated Version (December 2012) Amended by Data Protection Law Amendment Law DIFC Law No. 5 of 2012 CONTENTS PART 1: GENERAL... 4 1. Title... 4 2. Legislative

More information

United Kingdom Takeover Guide

United Kingdom Takeover Guide United Kingdom Takeover Guide Contact Craig Cleaver Slaughter and May craig.cleaver@slaughterandmay.com Contents Page INTRODUCTION 1 REGULATORY BACKGROUND 1 ACQUISITION STRUCTURES 2 CONSIDERATION 3 CONCERT

More information

Comparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey

Comparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey Comparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey This table has been prepared to provide a comparison of the laws of the British Virgin Islands (BVI), the Cayman Islands,

More information

GUIDE TO SEGREGATED PORTFOLIO COMPANIES IN THE CAYMAN ISLANDS

GUIDE TO SEGREGATED PORTFOLIO COMPANIES IN THE CAYMAN ISLANDS GUIDE TO SEGREGATED PORTFOLIO COMPANIES IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Segregated Portfolio Companies 2 2. Applications 2 3. Registration under the Law 4 4. The Nature of Segregated Portfolios

More information

GUIDE TO INVESTMENT FUNDS IN BERMUDA

GUIDE TO INVESTMENT FUNDS IN BERMUDA GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation

More information

Contact: The Company Director Checklist China

Contact: The Company Director Checklist China Contact: lawrence.guo@jadefountain.com The Company Director Checklist China Item Section Check Item Section Check Understand: qualifications of directors 1 Understanding what the company 11 must do to

More information

Formalities. CROSS-BORDER HANDBOOKS www.practicallaw.com/restructurehandbook 159

Formalities. CROSS-BORDER HANDBOOKS www.practicallaw.com/restructurehandbook 159 Restructuring and Insolvency 2007/08 South Africa South Africa Leonard Katz, Edward Nathan Sonnenbergs www.practicallaw.com/0-234-3973 SECURITY AND PRIORITIES Formalities 1. What are the most common forms

More information

FIDUCIARY AND INVESTMENT RESPONSIBILITIES

FIDUCIARY AND INVESTMENT RESPONSIBILITIES FIDUCIARY AND INVESTMENT RESPONSIBILITIES Purpose (See R. S. 11:261) The legislature recognizes that the fiscal integrity of various governments of and within this state and the financial security of employees

More information

Corporate Finance and Mergers &

Corporate Finance and Mergers & Corporate Finance and Mergers & Acquisitions 25 Corporate Finance and Mergers & Acquisitions Canada has well-developed and sophisticated capital markets. The main sources of capital are Canadian chartered

More information

BELIZE INTERNATIONAL FINANCIAL SERVICES COMMISSION STANDARD CONDITIONS FOR A SECURITIES TRADING LICENCE

BELIZE INTERNATIONAL FINANCIAL SERVICES COMMISSION STANDARD CONDITIONS FOR A SECURITIES TRADING LICENCE BELIZE INTERNATIONAL FINANCIAL SERVICES COMMISSION STANDARD CONDITIONS FOR A SECURITIES TRADING LICENCE This License is issued subject to the following conditions:- 1. The Licensee shall at all times comply

More information

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Millicom International Cellular S.A. ("Millicom") is a company incorporated and governed under the laws of the

More information

SOUTH AFRICAN COMPANIES ACT: CHAPTER 5-112-116, 124 Fundamental Transactions, Takeovers And Offers

SOUTH AFRICAN COMPANIES ACT: CHAPTER 5-112-116, 124 Fundamental Transactions, Takeovers And Offers This document contains selected sections of the South African Companies Act and the Delaware General Corporation Law applicable to mergers and acquisitions. It is intended to be used in connection with

More information

SECURITIES TRADING AND INVESTMENT POLICY

SECURITIES TRADING AND INVESTMENT POLICY STEWART INFORMATION SERVICES CORPORATION SECURITIES TRADING AND INVESTMENT POLICY I. PURPOSE AND SCOPE This Policy is intended to provide guidance to all Company Employees of Stewart Information Services

More information

Authors: Tunç Lokmanhekim, Nazlı Nil Yukaruç and Çağla Yazdıç, ELIG, Attorneys-at-Law

Authors: Tunç Lokmanhekim, Nazlı Nil Yukaruç and Çağla Yazdıç, ELIG, Attorneys-at-Law Corporate Governance Tips for Mergers & Acquisitions Authors: Tunç Lokmanhekim, Nazlı Nil Yukaruç and Çağla Yazdıç, ELIG, Attorneys-at-Law I. Introduction This article is prepared for demonstrating the

More information

Bulgarian companies and financial institutions have been slow to tap the

Bulgarian companies and financial institutions have been slow to tap the 27 Structuring cross-border securitisations in Bulgaria Vassil Hadjov and Boyko Bratanov Bulgarian companies and financial institutions have been slow to tap the cross-border securitisation market. In

More information