The Australian Consumer Law (ACL) commenced on 1 July 2010 and contains a prohibition against unfair contract terms in standard form consumer contracts. This article explores some of the potential impacts the new laws may have on developers and financiers in relation to 'off the plan' contracts. Read more.

The German Federal Court of Justice has ruled that an investor's ignorance of errors in his or her investment consultant's advice, or of the advice itself being wrong, cannot be considered to be based on gross negligence just because the investor has failed to read through the prospectus and thereby to check his investment consultant's advice and information for accuracy. Read more.

On 31 March 2010, the German government introduced cornerstones relating to a bank stabilisation fund to be funded by all banks and to implement reorganisation procedures allowing for liquidation of credit institutions of systemic importance without putting the financial markets at risk. Further to these cornerstones and following the conclusion of the consultation period, on 25 August 2010, the German government issued the draft Restructuring Act. The Act is expected to enter into force in 2010. Read more.

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On 26 July 2010, the Financial Services Agency of Japan (FSAJ) decided to extend temporary measures regarding restrictions on short selling and purchases of own stocks by listed companies to stabilise the capital markets in Japan. This article outlines the regulatory and temporary measures on short selling of stocks in Japan. Read more.

In a recent decision of the third branch of the Supreme Court, it was held that taxation of inheritance tax imposed on the lump sum paid under a life insurance policy at the time of the insured person's death and income tax on the annual payments made to the relevant beneficiary under the policy, was double taxation and therefore in breach of Japanese tax laws. The decision may have application to other similar types of insurance such as personal pensions insurance, educational insurance or any other type of insurance where the payout may be made by instalments. Read more.

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On 23 July 2010, the President signed a new law aiming to eliminate gaps in the current regulation of administrative liability for breaches of currency regulations. The law amends the Administrative Offences Code to expand the scope of such breaches. It comes into force on 26 October 2010. Read more.

The mandatory offer requirement, established by the Law on Joint Stock Companies, was not applicable in the context of a share pledge enforcement until 1 January 2010. On 27 July 2010, the President signed a law extending the term during which this requirement is not applicable to 1 January 2011. Read more.

In July, the President signed two laws aiming to improve the rules on combating money laundering. This updates provides brief details of the amendments. Read more.

On 23 July 2010 the President signed Federal Law No. 181-FZ amending the Law on Banks and Banking Activity. The Law entered into force on 6 August 2010. The Law on Banks and Banking Activity prohibits the top executives of a credit organisation from holding positions in other credit organisations. The amendments introduce an exemption from this rule and provide that the sole executive body of a subsidiary credit organisation may hold positions (other than chairman) in the collective executive body of a parent credit organisation.

On 27 July 2010, the President signed Federal Law No. 219-FZ regarding a public register of bankruptcy-related data. The Law entered into force on 30 July 2010. The Federal Law No. 296-FZ, dated 30 December 2008, established the Unified Federal Register of Information on Bankruptcy. Rules on the creation and maintenance of the Register were meant to be developed by 1 July 2010. This deadline has now been extended to 1 July 2011.

Click here for the full text of this month's Russian Federation updates.

PLC Global Finance has published a special update, covering recent developments in the Russian Federation, contributed by White & Case LLP. This month's special update is on:

This, and other special updates, are available on the Russian Federation contents page, located on the PLC Global Finance home page.

On 5 July 2010, the Monetary Authority of Singapore (MAS) issued its response to feedback received on its 16 December 2009 consultation paper entitled " Consultation paper on proposed requirements for bank's private equity and venture capital investments". To implement the proposals in the consultation paper, the Banking Regulations have been amended with effect from 5 July 2010. The MAS has also issued a revised version of MAS Notice 360, "Private Equity and Venture Capital Investments". Read more.

In response to the UK's regulatory system failing to recognise and respond to emerging problems in the UK's financial system, the government published its first consultation paper on reforming the UK regulatory framework in July. The paper envisages three new authorities that are to replace the Financial Services Authority. Read more.

Employers attempting to avoid defined benefit pensions scheme liabilities received a sharp warning from The Pensions Regulator (TPR) when the first contribution notice under the Pensions Act 2004 was issued in June. A Belgian company, VDW, which sold its UK subsidiary under a pre-pack insolvency in 2006 and left its pension liabilities for the Pension Protection Fund, has been ordered by TPR to pay GB£5.1 million to the UK pension scheme, despite VDW not being a scheme employer. The panel concluded the sum sought was reasonable since that amount was required to restore the scheme to solvency. Read more.

HM Revenue & Customs has launched a Double Taxation Treaty Passport (DTTP) Scheme for overseas corporate lenders, which is intended to simplify and improve the system of applying for double taxation treaty relief on interest payments made by UK borrowers. The scheme is open to overseas corporate lenders only; individuals are not eligible. Read more.

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The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law on 21 July 2010. The Act represents a comprehensive banking and securities law overhaul primarily aimed at financial sector reform, but it contains a number of executive pay provisions that will apply to nearly all US public companies. This article summarises the key parts of the legislation related to compensatory matters generally. Read more.

On 21 July 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, an event which marked the culmination of a multi-year effort in Washington to enact legislation intended to respond to the financial crisis. Several provisions of the Act became effective upon enactment, while many more will be phased in over the next few years. Given the breadth of the Act, nearly every financial institution operating in the US as well as many commercial companies (including companies with securities that are registered in the US) will see their operations impacted in some way. This article provides more detail on the Act's objectives and highlights some important reforms included in the Act. Read more.

On 1 July 2010, the US Securities and Exchange Commission (SEC) unanimously adopted rules under the US Investment Advisers Act of 1940, targeted at 'pay to play' practices among investment advisers that manage, or seek to manage, assets for US state and local government bodies (such as public pension plans and, of significance to mutual funds, state college savings plans or state and local employee savings plans). This article highlights four main elements of new SEC Rule 206(4)-5 that substantially track the terms of the original SEC proposals made last summer, as well as some exceptions to the rules. Read more.

In its recent decision in In re Visteon Corp., the US Court of Appeals for the Third Circuit ruled that a debtor whose retiree benefits plans provide for the unilateral right by the debtor to terminate such plans at any time will nevertheless be required to comply with section 1114 of the Bankruptcy Code to terminate them post-petition. The decision is a further example of the Third Circuit's tendency to narrowly construe the provisions of the Bankruptcy Code. Read more.

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