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Omnibus accounts in Poland – new solutions available to foreign investors and custodians
30 December 2011
Publication
On 16 September 2011, the Act Amending the Act on Trading in Financial Instruments and Other Acts was adopted (the "Amendment Act"). The Amendment Act introduces to Polish
law omnibus accounts ("Omnibus Accounts"), i.e. securities accounts...
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Rachunki zbiorcze w Polsce – nowe rozwiązania dla zagranicznych inwestorów i banków powierniczych
30 December 2011
Publication
W dniu 16 września 2011 r. uchwalona została zmiana ustawy o obrocie instrumentami finansowymi oraz innych ustaw ("Ustawa Zmieniająca"). Ustawa Zmieniająca wprowadza do polskiego systemu prawnego rachunki zbiorcze (omnibus accounts)
("Rachunki...
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A decade of experience with the money laundering offence
29 December 2011
Publication
On 14 December 2011, the tenth anniversary of the entry into force of specific money laundering prohibitions in the Dutch Criminal Code ("DCC") was marked. Just two weeks before the conversion to the euro a new, broadly defined offence was implemented...
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Italian Government Guarantees - Easing the pressure on Italian Banks
23 December 2011
Publication
The Italian government has reacted to the financial crisis by adopting
Legislative Decree No. 201/2011 (the "Decree") which contemplates several
stability measures. As far as the Italian banking system is concerned, Article 8
of the Decree provides...
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Retail Distribution Review - Countdown to implementation
23 December 2011
Publication
With a planned implementation date of 31 December 2012, it is now just over 12 months before the Retail Distribution Review (RDR) comes into effect.
It is widely recognised that the RDR will have a significant impact on the way most advisors, product providers...
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Changes to the Enforcement Regime for Russian Security (Russian)
23 December 2011
Publication
At the end of November 2011 the Russian parliament adopted a law amending the procedure for the enforcement of Russian security. The law was officially published on 7 December 2011 on the official legal information web-site of the Russian Federation and will...
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A Year-end Retrospective on Suitability: Back to Basics
23 December 2011
Publication
Looking back at 2011, no one would deny that the Financial Services Authority has made significant inroads in delivering on its promise to intervene in retail (including wealth management) markets to prevent consumer detriment and secure redress for consumers....
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EU Aviation Emissions – ECJ Decision on US airlines' case
23 December 2011
Publication
On 21 December 2011, the European Union Court of Justice (the "ECJ") handed down its long-awaited judgment on the validity of the extension of the EU emissions allowance trading scheme (the "EU ETS") to aviation emissions. This arose from...
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Newsletter Real Estate, Spotlight Dezember 2011 'EuGH erweitert Prüfungspflicht der Baugenehmigungsbehörden deutlich'
23 December 2011
Publication
Die Dezember-Ausgabe unserer Reihe Spotlight befasst sich mit einem interessanten Urteil des EuGH vom 15.09.2011, das sich mit der Frage beschäftigt, inwieweit die deutschen Baugenehmigungsbehörden im Rahmen der Erteilung einer Baugenehmigung dem Gebot...
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NY State Court Rules that Common Law Claims are not Preempted by Martin Act
22 December 2011
Publication
On December 20, 2011, the New York Court of Appeals held that New York State's "blue sky" law, the Martin Act, does not preempt private plaintiffs from bringing traditional common law claims, including breach of fiduciary duty and gross negligence....
