Federal Law No. 391-FZ on Amendments to Certain Legislative Acts of the Russian Federation of December 29, 2015
The Law introduced amendments to various regulatory acts in the area of bankruptcy, notaries, appraisal activities and concession agreements. We will touch on the changes most important for the real estate market:
1 Legal Developments
1.1 New Saudization Rules Proposed
Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy of Saudization is enforced and implemented through several programs and regulations in Saudi Arabia, including the Nitaqat Program.
The Restructuring, Insolvency and Bankruptcy Group considers the English law position.
Wrongful Trading
Lending to a foreign company? If you choose English law to govern your facility documents and provide for the English court to have exclusive jurisdiction, an English scheme may be a viable means of restructuring the debt later, if the need arises.
Sultani Decrees
Sultani Decree No. 44/2012
Ratifies an Annex to the Agreement on the Avoidance of Double Taxation between the Government of the Sultanate of Oman and the Government of the Republic of France.
Promulgated on 27 August 2012 Effective on promulgation.
Sultani Decree No. 45/2012
Sultani Decrees
Sultani Decree No. 19/2012
Appoints HE Liyutha bint Sultan bin Ahmed Al Mughairi – the Omani delegate at the United Nations in New York – as non-residential ambassador to the Republic of Cuba and the Republic of Venezuela.
Promulgated on 31 March 2012.
Effective on promulgation.
Sultani Decree No. 20/2012
Promotes Salim bin Said bin Salim Al Rahbi to the position of Supreme Court judge.
Promulgated on 31 March 2012.
Effective on promulgation.
FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:
Section 38 provides a mechanism by which a creditor can take the place of the trustee in any proceeding where the trustee refuses or fails to act. Essentially, the creditor stands in the place of the trustee and, if successful in the proceeding, is entitled to keep all proceeds, except those that exceed the total of the creditor’s claim and the creditor’s costs of the proceeding. Any surplus proceeds received by the creditor are the property of the bankrupt’s estate.
CEIOPS holds annual conference: CEIOPS has held its annual conference. The event included a panel session on Solvency II and discussion by Sharon Bowles of the new European Supervisory Authorities.
FSA has censured a firm in voluntary liquidation for failings in selling and promoting geared traded endowment policies. Integrity Financial Solutions provided and advised on the policies. FSA found the product information it produced was misleading, which may have led IFAs to advise customers to buy an unsuitable product. It also found the firm’s own sales arm did not record information on customers and could not evidence why the product was suitable. FSA would have recommended a £350,000 fine if the firm were not in liquidation.