The Federal Government has announced that it will shortly draft regulations which carve out funded class actions from the definition of "managed investment scheme" under the Corporations Act 2001. The announcement is in response to the decision of the Federal Court in Brookfield Multiplex Limited v International Litigation Funding Partners Pty Limited [2009] FCAFC 147, which found that funded class actions were managed investment schemes as defined by the Corporations Act. This announcement and
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The SEC proposed regulations that will replace Rule 12b-1 with new regulations "designed to enhance clarity, fairness and competition when investors buy mutual funds," according to SEC Chairwoman Mary Schapiro.
The Securities and Exchange Commission has adopted new Rule 14a-11 under the Securities Exchange Act of 1934 that will require public companies to permit any shareholder or group of shareholders owning at least 3% of a public company’s voting stock for at least three years to include director nominees in company proxy materials.
Welcome to this month's issue of the Heavyweight. To whet your appetite before diving into this relative short issue, you will see reference to an article on the possible abolition of s. 4 Statute of Frauds Act (under Documentation), a plea from the Ministry of Justice for evidence in the continuing attempt of the EC to create a European Contract Law (Contract) and a case on the competition aspect of a confidentiality clause (Competition).
On August 25, 2010, the Securities and Exchange Commission ("SEC"), by a 3-2 vote, adopted new Exchange Act Rule 14a-11 and related rule amendments, which are commonly referred to as the "proxy access" rules.
Earlier in 2010 we featured the article "M&A transaction or IPO: Why not pursue both?" in which Stikeman Elliott M&A partner Curtis A. Cusinato discussed the advantages of "dual-track" IPO/M&A process
In mid-August, it was reported in the press that the National Development and Reform Commission (NDRC) had received complaints that the commercial banks in China have engaged in price-fixing conduct. Pursuant to the Anti-Monopoly Law, conduct amounting to price-fixing is prohibited.
As a source of steady income, trust companies had been taking loans off the books of banks and repackaging them up as trust products. China Banking Regulatory Commission ("CBRC") became alarmed when the volumes grew too big and in early July, CBRC abruptly closed down the entire business by ordering trusts to halt all cooperation with banks.
