...| NAFTA and Environmental Protection: Falling Short of the Mark | | | 4/11/2011 | A Look at Some of the Lasting Consequences of Investor Protection Measures | | After the negotiation of the North American Free Trade Agreement in 1992, there has been an increase in the use of Chapter 11 to defend foreign investor rights. The poignant question remains whether these rights do and should take precedence over environmental considerations. This Paper looks at the treatment of investor protection measures and environmental protections contained within NAFTA with a view to their application within international arbitration cases. | NAFTA and Environmental Protection: Falling Short of the Mark A Look at some of the lasting consequences of investor protection Measures Contents Introduction 2 NAFTA Investor Protection Measures 3 Article 1102: National Treatment 3 Article 1103: Most-Favored-Nation Treatment 6 Article 1104 & 1105: Domestic & International Minimum Standards 7 Article 1110: Expropriation and Compensation 8 The Basis for Legal Challenges 11 NAFTA Environmental Protections 13 Article 104: Environmental and Conservative Agreements 14 Article 1114: Environmental Measures 16 Language across all Environmental Provisions 17 Enforcement of Environmental Protections 18 Cases of NAFTA Chapter 11 Arbitration 19 Ethyl Corporation v. Canada 20 S.D. Myers v. Canada 21 Concluding Remarks 22 Bibliography 26 Introduction In Canada, we are proud of our...
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...Investment Banking and Venture Capital Assignment No:-2 Regulation of Venture Capital By SEBI - What is Venture Capital? Venture Capital financing is a process whereby funds are pooled in for a period of around 10 years and investing it in venture capital undertakings for a period of 3 to 5 years with an expectation of high returns. To protect the funds of the investors against the risk of losses, venture capital fund provides its expertise, undertake advisory function. Venture Capital financing had been a popular source of funding in many countries and served as a lucrative bait to create a similar industry in India as well. Regulations of Venture Capital: VCF are regulated by the SEBI (Venture Capital Fund) Regulations, 1996. The regulation clearly states that any company or trust proposing to carry on activity of a VCF shall get a grant of certificate from SEBI. Section 12 (1B) of the SEBI Act also makes it mandatory for every domestic VCF to obtain certificate of registration from SEBI in accordance with the regulations. Hence there is no way that an Indian Venture Capital Fund can exist outside SEBI Regulations. However registration of Foreign Venture Capital Investors (FVCI) is not mandatory under the FVCI regulations. A VCF and registered FVCI enjoy several benefits: • No prior approval required from the Foreign Investment Promotion Board (FIPB) for making investments into Indian Venture Capital Undertakings (VCUs). • As...
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...Table of Contents Capital Account Transactions Pages 03 to 08 FEMA Regulations – Capital Account Types of Capital A/c Transactions Foreign Institutional Investors Pages 09 to 11 Foreign Direct Investment Pages 12 to 15 American Depository Receipts Pages 16 to 17 Global Depository Receipts Pages 18 to 19 External Commercial Borrowings Pages 20 to 21 Foreign Currency Convertible Bonds Pages 22 to 25 Capital Account Convertibility Pages 26 to 28 Tarapore Committee and Current Status Pages 29 to 35 What is Capital Account Transaction? Capital account transaction is defined as a transaction which:- ➢ Alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India. In other words, it includes those transactions which are undertaken by a resident of India such that his/her assets or liabilities outside India are altered (either increased or decreased). For example:- (i) a resident of India acquires an immovable property outside India or acquires shares of a foreign company. This way his/her overseas assets are increased; or (ii) a resident of India borrows from a non-resident through External commercial Borrowings (ECBs). This way he/she has created a liability outside India. ➢ Alters the assets or liabilities in India of person resident...
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...NRI’s Guide to Investment in Immovable Property and Tax Planning Rajkumar S. Adukia B.Com (Hons.), LL.B, ICWAI, FCA radukia@vsnl.com/rajkumarfca@gmail.com 093230 61049/ 093221 39642 Preface The last few years have seen tremendous growth in the real estate sector of India. Adding impetus to the growth is the liberal policy adopted by the Government of India towards foreign investment in this sector. It appears as if this is the right time for the NRIs to invest in immovable property in India. A time to make their money work at home, while they work abroad. With this book, I have made an attempt to provide answers to the problems commonly faced by a NRI who has already invested or is desirous of investing in immovable property in India. This guide is a simple primer on NRI investments in immovable property, repatriation of proceeds and tax incidences on remittances. This guide provides a detailed outlook on some standard issues in NRI investment in immovable property, repatriation and tax planning, providing non-residents guidance to investing in immovable property in the country. With a view to cover the issues of acquiring immovable property in India as well as outside India, I have divided the guide into two parts. Part A deals with acquisition of immovable property in India and Part B talks about acquisition of immovable property outside India. Part A consists of 27 chapters dealing with a host of topics right from the definition of NRI/PIO to differences between...
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...What options do Foreign Investors have when States violate agreements? Foreign investment has played a critical role to the World’s economy, so promoting and protecting foreign investment can bring big benefits for the developing and developed countries. So when States violate agreements, the foreign investors may have some main options to protect their rights in the investment. First is the ICSID Convention and it stands for the Convention on the Settlement of Investment Disputes, also known as the Washington Convention, which is formulated by the World Bank. The Convention made the establishment on the International Centre for Settlement of Investment Dispute, which is an international organization to solve the investment dispute between the contracting states and the nationals of other Contracting States. The aim of the Center is to “promote an atmosphere of mutual confidence between States and foreign investors conducive to increasing the flow of private international investment.” Otherwise, there are sets of rules about arbitration or conciliation. So after meeting the requirements, foreign investors can be protected efficiently according to the ICSID Convention when the States violate the agreements. Another one is the BITs and it means bilateral investment treaties. The purpose of the BITs is to make a benefit to the State and also for the benefit of an investor, so according to the BITs, the rights of the foreign investors can be protected successfully when the...
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...Mergers & Acquisitions in India With specific reference to Competition Law This research paper is a copyright of Nishith Desai Associates. No reader should act on the basis of any statement contained herein without seeking professional advice. The authors and the firm expressly disclaim all and any liability to any person who has read this research paper, or otherwise, in respect of anything, consequences by any such and of of anything in February 1, 2010 done, or omitted to be done person reliance upon the contents of this research paper. Nishith Desai Associates www.nishithdesai.com TABLE OF CONTENTS I. II. Introduction .................................................................................................................................................... 3 Mergers and Amalgamations: Key Corporate and Securities Laws Considerations. ...................................... 7 III. Acquisitions: Key Corporate and Securities Laws Considerations................................................................. 10 IV. Competition Law ............................................................................................................................................ 21 V. Exchange Control............................................................................................................................................ 24 VI. Taxes and Duties ...................................................................................................
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...niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Core practice areas include International Tax, International Tax Litigation, Litigation & Dispute Resolution, Fund Formation, Fund Investments, Capital Markets, Employment and HR, Intellectual Property, Corporate & Securities Law, Competition Law, Mergers & Acquisitions, JVs & Restructuring, General Commercial Law and Succession and Estate Planning. Our specialized industry niches include financial services, IT and telecom, education, pharma and life sciences, media and entertainment, real estate and infrastructure. Nishith Desai Associates has been ranked as the Most Innovative Indian Law Firm (2014) and the Second Most Innovative Asia - Pacific Law Firm (2014) at the Innovative Lawyers Asia-Pacific Awards by the Financial Times - RSG Consulting. IFLR1000 has ranked Nishith Desai Associates in Tier 1 for Private Equity (2014). Chambers and Partners has ranked us as # 1 for Tax and Technology-Media-Telecom (2014). Legal 500 has ranked us in tier 1 for Investment Funds, Tax and Technology-Media-Telecom (TMT) practices (2011/2012/2013/2014). IBLJ (India Business Law Journal) has awarded Nishith Desai Associates for Private...
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... China's M&A laws allow foreign investors to restructure investments and expand their market presence Local "equity exchange centers" have been established in Beijing, Shanghai, and in Shenzhen, Guangdong Province, in some cases for specialized, high-technology deals. These centers are to serve both as sources of information on available deals and as expediters for the government approval processes. The new merger options will facilitate intracorporate restructuring. Foreign investors wishing to consolidate their Chinese investments onshore--for internal reasons or perhaps to reflect offshore developments such as a merger of parent corporations--can now do so by merging their existing FIEs. It is virtually impossible to effect a simultaneous closing of a Chinese M&A deal. Various escrow and letter-of-credit arrangements are sometimes used to bridge the gap, but the laws governing these arrangements are not well developed in China. | Gone are the days when foreign companies wishing to invest in China were limited to greenfield investments. They may now purchase operating Chinese businesses and may restructure their existing investments in China through mergers, spin-offs, and holding companies that were impossible only a few years ago. These developments are not confined to foreign investors. Domestic Chinese companies are also merging and acquiring one another, and the more successful among them have begun to buy out foreign investors. The result of all...
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...EFFICIENCY AND SUCCESS OF GOVERNMENT REGULATIONS LaToya Wallace ac502-01 Regulation December 21, 2011 Efficiency and Success of Government Regulations Introduction Over the years, the US has seen and recovered from major financial setbacks. With the uncovering of each new company scandal, legislation has been swift to put ordinances and laws into place to prevent the same mistake from happening twice. Although some of the events majorly affected every American, some were swiftly and quickly identified which helped offset some of the major repercussions that could have possible be occurred. Three such laws that were implemented due to financial catastrophe include the Securities Act of 1933 & 1034, the Foreign Corrupt Practices Act of 1977, and the Sarbanes - Oxley Act. I. Securities Act of 1933 & 1934 A. Summary of Regulation * Securities Act of 1933 * First major federal legislation to regulate the offer and sale of securities * Created by Congress during the aftermath of the stock market crash of 1929 and during the ensuing Great Depression * Purpose is to make sure that buyers of securities receive complete and accurate information before investing (Graham, Hazarika, & Narasimhan, 2011) * Securities Act of 1934 * Created to provide governance of securities transactions on the secondary market (after issue) and regulate the exchanges and broker-dealers in order to protect public investors ...
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...Pricing…………………………………………………………… 7-14 7206 Terms……………………………………………………………. 7-15 7207 Interest Rate Risk……………………………………………… 7-16 7208 Matching Maturities……………………………………………. 7-17 7209 Foreign Currency Risk………………………………………… 7-18 7210 Financial Derivatives…………………………………………... 7-19 7300 Planning………………………………………………………… 7-21 7400 Risk Measurement and Board Reporting…………………… 7-22 7401 Mix and Yields…………………………………………………. 7-25 7402 Growth………………………………………………………….. 7-26 7403 Financial Margin……………………………………………….. 7-27 7404 Interest Rate Risk Measurement…………………………….. 7-28 7405 Monitoring Derivatives………………………………………… 7-35 7500 Risk Management……………………………………………… 7-36 7501 Reliance on Qualified and Competent Staff and Volunteers 7-37 7502 Managing Interest Rate Risk… ……………………………… 7-38 Executive Summary The goal of asset/liability management (ALM) is to properly manage the risk related to changes in interest rates, the mix of balance sheet assets and liabilities, the holding of foreign currencies, and the use of derivatives. These risks should be managed in a manner that contributes adequately to earnings and limits risk to the financial margin and member equity. Proper management of asset/liability risk is facilitated through board approved policy, which sets limits on asset and liability mix, as well as the level of interest rate risk and foreign currency risk to which the credit union is willing to expose itself. Policy should also set...
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...The essential facts/rules/regulations the NRIs must know NRI Guide 2012 2012 A Comprehensive Guide for Indians residing outside India Prakash Nair Prakash@yourownadviser.com www.yourownadviser.com . 1|Page NRI GUIDE (Ver 1.00) (A Comprehensive Guide for Indians residing outside India) Prepared by Prakash Nair Prakash@yourownadviser.com www.yourownadviser.com 2|Page NRI Guide 2012 www.yourownadviser.com PREFACE This NRI guide has been compiled with the help of information available in official website of various government departments like Reserve Bank of India, Income Tax Department, Government of Kerala and other reliable sources. I have taken adequate care to provide current and authentic information. This NRI Guide is intended to serve as a ready reference book to guide NRIs on various matters affecting their financial and other related subjects. This does not purport to be a legal document. So I am not sure that, any errors occurred while compiling this reference guide. In case of any variation between what has been stated in this NRI Guide and the relevant Act, Rules, Regulations, Policy Statements, Government Orders/Circulars etc., the latter shall prevail. Kindly note that, rules related to NRIs are subject to change. Errors and omissions are expected. Ver.2 of this NRI Guide will be published soon with more useful information. Prakash Nair Prakash @yourownadviser.com www.yourownadviser.com Date : 12-Jan-2012 Your suggestions,...
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...1) INTRODUCTION India’s development strategy was based on protection, self-reliance & import substitution before the liberalization policy was accepted & initiated. Foreign capital flows were not looked upon favorably & therefore not encouraged. If there is a deficit in the current account it was financed mainly through deft flows & official development assistance. The policy followed was one which discouraged foreign investment. However, the adverse balance of payment & the economic crisis faced by India forced India to adopt economic reforms. Government restrictions can often result in a currency with a low convertibility. For example, a government with low reserves of hard foreign currency often restrict currency convertibility because the government would not be in a position to intervene in the foreign exchange market (i.e. revalue, devalue) to support their own currency if and when necessary. Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged.1 Currency Convertibility means the ability to freely exchange the currency of one Member State into the currency of another Member State. For example, a Barbadian should be able to easily purchase goods in a store in Port of Spain with his Barbadian dollars and receive his change in Trinidad and Tobago...
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...Unit 3 Research Paper # 1 Business Law Outline Thesis--Government Regulation is needed in the U.S. to keep scandals from ruining our businesses livelihood and the financial futures of all Americans. Introduction Many acts have been created because of controversy and scandals that have and continue to happen in the U.S. These acts were introduced to prevent individuals and businesses from losing everything and to help the government to keep individuals and businesses safe from scams. Without these regulations there would be no standards and companies and corporations could do as they please. They also help to monitor the accounting of companies, keep the scandals at a minimum, and watch for trends so we don’t have another stock market crash. Too many people have lost everything when these types of disasters strike. Securities Acts of 1933 and 1934 The Securities Act of 1933 was enacted as a result of the stock market crash of 1929. It was the first major piece of federal legislation to apply to the sale of securities. The legislation was enacted as the need for more information within and about the securities markets was acknowledged. The 1933 Act was based on the idea that companies offering securities should provide potential investors with sufficient information about both the issuer and the securities to make an informed investment decision. The Securities Act of 1934 established the Securities and Exchange Commission (SEC). The 1934 Act also gives...
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...and corporate administration in the uK, bermuda, india, luxembourg and south africa. steve has worked with a number of financial services companies, the most recent being commercial union, maitland Fund services, Fidelity investments, credit suisse life and Pensions and ernst & Young bermuda. ASHWIN JUGBANDHAN is a Fellow of the association of chartered certified accountants, member of the uK securities & investment institute and general manager at imm. He has experience in global fund administration in mauritius, guernsey and channel islands. He advises multinational corporations and fund managers on regulatory matters, structuring, establishment and funds. He holds a number of directorships, including listed entities. M ” auritius is famed for its idyllic beauty as a holiday destination, but in financial circles, it is also becoming wellknown as one of the most trusted and competent financial services centres globally. In 2008 the financial services sector amounted to 12% of Mauritian GDP, only slightly behind hotels and tourism. Mauritius opened up its financial services industry in the early 1990s and has become the tried and trusted route for any kind of investment, including fund investment, into India. Already, 44% of all foreign direct investment into India has used Mauritius, making the island nation India’s biggest investor. Along the way, Mauritius has built up a pool of talented...
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...Foreign Direct Investment (FDI): Funds invested by an MNC and one nation for starting, acquiring, or expanding an enterprise in another nation. Three reasons corporations make foreign direct investments: To seek access to new markets To grow beyond a small domestic market To achieve cost and other competitive advantages over competitors Foreign direct investment (FDI) is an investment in a business by an investor from another country for which the foreign investor has control over the company purchased. The Organization of Economic Cooperation and Development (OECD) defines control as owning 10% or more of the business. Businesses that make foreign direct investments are often called multinational corporations (MNCs) or multinational enterprises (MNEs). A MNE may make a direct investment by creating a new foreign enterprise, which is called a greenfield investment, or by the acquisition of a foreign firm, either called an acquisition or brownfield investment. Green-field investments occur when a parent company begins a new venture by constructing new facilities in a country outside of where the company is headquartered. There are several reasons why a company opts to build its own new facility rather than purchase or lease an existing one. The primary...
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