Monthly Archives: February 2015

ILN Today Post

Board spills: ASIC proposals to make it harder for shareholder activism: ASIC Consultation Paper 228: Collective Action by Investors – Regulatory Guide 128 and ASIC Class Order [CO 00/455]

ASIC has released a consultation paper on collective action by investors[1] and updated its guidance on the takeovers and substantial holding notice implications of investors taking collective engagement with listed entities.

The potential results of ASIC’s guidance (intended or unintended) is to make it harder for investors to join together to call a general meeting and propose a board spill resolution.  This is because ASIC includes in the draft updated regulatory guide[2] its analysis that a group of investors signing a board spill notice[3] is likely to give each signatory a relevant interest in all of the other signatories’ shares and if the total shareholding within the group of signatories is more than 20% then all the signatories will be in breach of the 20% takeover threshold[4]. More…

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ILN Today Post

Extended EDR membership exemption for commercial credit providers

On 25 February 2015, the Attorney-General’s Department announced that the exemption for commercial credit providers to be a member of an external dispute resolution scheme (EDR) would be extended.

Under section 21D(2)(a)(i) of the Privacy Act, a credit provider is not permitted to disclose credit information  about an individual to a credit reporting body unless it is a member of an approved EDR. More…

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ILN Today Post

KLA Compliance & Anti-Corruption team is recognised by Latin Lawyer

The article “Who’s Investigating”, published by Latin Lawyer in 2014, points out the anti-corruption investigations and who are the compliance lawyers in key economies. Latin Laywer puts KLA as a recognised name in the field and details the work developed by Anti-Corruption partners Isabel Franco and Paulo Prado, as well as the firm’s compliance team.

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ILN Today Post

Isabel franco participates in Special Report of Financier Worldwide magazine

n the Special Report on Corporate Fraud & Corruption “Anti-corruption and bribery developments in Latin America”, published by Financier Worldwide for their February issue, the magazine moderated a discussion among Isabel Franco from KLA-Koury Lopes Advogados, Roberto Hernández-García from COMAD, S.C., Mauricio Almar from Halliburton,  Ivan E. Velez from KPMG LLP, and Patrick Henz from Primetals Technologies. In the report, Isabel Franco said: “Most lawyers are sceptical of the value of these leniency agreements, but only time will tell how they will actually work.”

The complete Q&A Forum is available on the Financier Worldwide’s website:http://www.financierworldwide.com/forum-anti-corruption-and-bribery-developments-in-latin-america

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Multistate Tax Update – February 26, 2015

Ohio

In late January, the Ohio Tax Credit Authority (OTCA), the agency charged with reviewing and approving applications for tax credit assistance, granted tax incentives to 14 business projects throughout the state. The Plain Dealer reported that these projects are expected to create or retain more than 2,400 jobs, result in more than $32.5 million per year in new payroll, and spark millions in business investments. Six of the recipients are in Central Ohio, and six are in the Cincinnati area. The remaining two are near Dayton and Toledo.

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Access Board Seeks to Revise Accessibility Standards for Information and Communications Technology of Federal Agencies and Certain Technology Manufacturers, Moving to Functionality-Based Approach

On February 18, 2015, the U.S. Architectural and Transportation Barriers Compliance Board (the “Access Board”) announced the release of its Notice of Proposed Rule Making (“NPRM”), refreshing and revising the existing accessibility requirements under Section 508 of the Rehabilitation Act of 1973 (“508 Standards”) and Section 255 of the Communications Act of 1934 (the “255 Guidelines”), and merging them into a single rulemaking intended to support the accessibility of Information and Communications Technology (“ICT”) for individuals with disabilities in the federal sector.

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Ontario Court Addresses Rarely Considered E&O Exclusion

By David Buxton-Forman

In its recent decision in Hollowcore v. Visocchi, the Ontario Superior Court of Justice analyzed a rarely considered exclusion typically found in the errors and omissions (“E&O”) policies issued to engineers and architects. The exclusion removes cover for losses arising from the professional’s failure to complete drawings, specifications or schedules in time, unless the delay is the result of error or inaccuracy in the document preparation. It appears the Hollowcare judgment is the first reported judicial comment on this exclusion in Canada.

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ERISA at 40: A Time to Assess Multiemployer Defined Benefit Pension Plans

As the 40th anniversary of the landmark Employee Retirement Income Security Act (ERISA) is noted, an article by Allen B. Roberts featured in the Winter 2014 Benefits Law Journal observes that participating employees and contributing employers – as the primary stakeholders in the fortunes of multiemployer defined benefit pension plans – may not be among the celebrants. Employees who should benefit from retirement contributions and the employers who fund the payments are encountering a world different from that anticipated with the passage of ERISA. Increasingly, employers and their employees are questioning whether the promise of retirement security can be delivered cost effectively — or at all — by defined benefit pension plans maintained under union contracts. While some employers have avoided, or moved away from, the defined benefit plan model – favoring defined contribution plans or other retirement programs – those having ongoing commitments must face the current and prospective realities of the multiemployer defined benefit plans to which they are obligated to contribute.

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Happy 6th Blogiversary to Zen & the Art of Legal Networking!

Today marks six years since Zen & The Art of Legal Networking made its debut in the legal blogging world. In some ways, it feels like it’s been longer than that, while in others, the time has just flown!

I’ve only ever marked this “blogiversary” three other times – on the second, fourth and fifth anniversaries, when I shared a sort of “state of the blog,” things I had learned, and tips for blogging. Blogiversaries, like anniversaries, should be a time of reflection, so today has got me thinking about what I’ve learned in the past year, specifically six things I can share with you from Zen. 

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ILN Today Post

Kochański Zięba Rapala & Partners: Szymon Gałkowski – new head of Banking, Finance & Restructuring

Szymon Gałkowski, advocate, to date one of the Partners in the Banking, Finance and Restructuring Department in Kochański Zięba Rapala & Partners (KZRP), has been promoted to the position of the Managing Partner of the Banking, Finance and Restructuring Department. At the same time, please be informed that we have ended our cooperation with Mr. Piotr Gałuszyński and Mr. Jacek Czabański.

In his new role, Szymon Gałkowski will be supported by the existing team of 15 experienced lawyers specialized in banking, finance, bankruptcy and restructuring law.

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