Sultani Decrees

Sultani Decree No. 39/2016

Enacting the Law on the continued validity of the licences of foreign accountancy and audit firms and the exemption of Omani owners of such firms from the full time requirement.

The Law extends the validity of the licences and the exemption up to 31/12/2017 renewable by a decision from the Ministers Council.

Issued on 18 August 2016. Effective from the day after the date of publication.

Sultani Decree No. 40/2016

Introduction

Nigel Barnett talks about bribes and other proprietary rights in insolvencies.

Introduction

For over 150 years, it has been a principle of English law that if an agent takes a bribe or a secret commission, he is liable to account to his principal for the amount received. However, there has been conflicting authority and academic debate as to whether the principal merely has a personal claim against the agent or whether he can assert a proprietary claim to the monies received and any profits made therefrom.

MiFID 2 package published in OJEU: The text of the recast Markets in Financial Instruments Directive (MiFID 2) and its related Regulation (MiFIR) were published in OJEU on 12 June and will come into force on the 20th day following that of their publication. Member States have to transpose MiFID 2 by 3 July 2016 and both it and MiFIR will apply from 3 January 2017.

The UK Treasury and Financial Conduct Authority (FCA) have been drip-feeding the industry rules and practical details of the transfer of consumer credit (CC) regulation to FCA. FCA has now published the final form of its detailed rules in its Consumer Credit Sourcebook (CONC), with feedback and practical advice. The rules apply from 1 April 2014 with limited grace periods only. It is critical that all firms carrying on credit-related regulated activities know what the changes mean for them.

In a thorough appellate decision, a United States District Court in Florida has reversed the portion of a Bankruptcy Court’s determination that the repayment of over $400 million in loans was a fraudulent transfer. As discussed in more detail below, the decision is significant in the context of complex, multiple entity structures in determining (i) which affiliated entity (or unpaid creditors of that entity) can recover a transfer and (ii) what constitutes reasonably equivalent value for the transfer.

As noted in our July 2010 newsletter, lawyers are not immune from the recession.

Mr Petricevic is the former director of Bridgecorp and currently faces criminal charges of fraud that carry with them the possibility of a maximum of 49 years in prison.

The government placed the Hubbards, their companies (Aorangi Securities and Hubbard Management Funds), and seven charitable trusts in statutory management in June 2010. 

The much anticipated Mainzeal judgment is released