The elderly and those who have lost the most will get preference in upcoming arbitration, free of cost, for investors left with worthless bonds after the rescue of four small lenders, Banca Etruria, Banca Marche, CariFe and CariChieti, according to a draft decree of Italian Govt. Twelve panels of five members each will be set up and will make their recommendations to the National Anti-Corruption Authority (ANAC). The panels will be made up of officials who have performed the same roles for the Bank of Italy or stock exchange commission (CONSOB). Arbitration will take a maximum of 120 days and will be decided by a majority vote. The arbitrators will be tasked with deciding whether bank officials who sold investors subordinated bonds – a relatively risky investment instrument – did so according to the rules of transparency and correct practice. The four failed lenders’ 3.6-billion-euro government-decreed rescue in November, financed by healthy Italian banks, saved jobs and protected account holders, but shares and bonds in the banks are now worthless. The small investors whose savings went up in smoke are seeking government compensation. The government has set up a 100-million-euro fund which savers’ groups say will not be enough. FASANO avvocati, in cooperation with MSDA, launched a web site (in Italian) dedicated to such collective claims rising up: www.investimentotradito.com
Author: PaperStreet Web Design
Pierfrancesco C. Fasano will be panelist at Economic Conference on “Botticino, the basin of marble and the challenges of global competition” organized in Botticino (Brescia – Italy) by Brescia Chamber of Commerce, Classic Botticino Marble Consortium and other regional authorities and stakeholders, for the 150 years Italy unification celebration and 100 years “Altare della Patria” (All wars memorial monument build in Rome by Classic Botticino Marble) celebration. Speech title: “Local identity protection in the global scenario. The Collective Trademark Marmo Botticino Classico showcase”.
(Contributors: Lunaskaya Advocates – Jakarta) Foreign Investment shall be any investing activity for running business within the territory of the Republic of Indonesia, made by any foreign investor using either foreign capital entirely or joint capital with domestic capital. Foreign Investor shall be any individual foreign citizen, foreign corporation, or foreign state making investment within the territory of the Republic of Indonesia. Foreign Capital shall be any capital owned by any foreign country, individual foreign citizen, foreign corporation, foreign legal entity, and/or Indonesian legal entity, whose capital is owned partially or entirely by foreign party. Unless otherwise stipulated by the law, any foreign investment shall be in form of limited liability companies based on the law of the Republic of Indonesia. Any investors shall have the right to make transfer or repatriation in foreign currency to, among others: capital; profit, bank interest, dividend, and any other revenue; funds required for: purchasing raw materials and support materials, intermediate products, or final product; reimbursement of capital goods in order to secure the investment; additional fund required for financing investment; fund for loan repayment; payable royalty or interest; income of any foreign individuals working in any investment company; the proceeds of any sale or liquidation of investment; compensation for any loss; compensation for any takeover; payment made for technical aid, payable costs for technical service and management, payment made under project contract, and payment for intellectual property right; and proceeds of asset sale. Any investment companies shall be entitled to use experts of […]
1. Ask the experience in this field. 2. Ask whether he/she handled matters similar to yours. 3. What could be the possible out come of your case. 4. Whether you have any alternatives in solving the matter. 5. How long could it take to solve the matter. 6. Ask fees. What could be the total expenses. 7. How will he keep you informed of the progress of your case. 8. Ask what kind of approach will he/she take to solve the matter. 9. Who else will work in your matter.
By a Circular dated May 20, 2011, the Ministry of Corporate Affairs (MCA) has clarified that participation by Directors in meetings of the Board or Committee of Directors through electronic mode will be recognized. Hitherto only physical meetings were recognized as meetings for purposes of the (Indian) Companies Act, 1956. The said Act provides for passing of resolutions by circulation and for appointment of alternate Directors, which provided alternatives. However, it was a long-standing industry demand to recognize meetings through electronic mode. Under the Circular, there are certain conditions subject to participation through electronic means will be recognized. Simultaneously, the MCA has issued another Circular recognizing participation by shareholders in meetings through electronic mode. The Circulars are a step in the right direction. Going along the MCA will have to address the issues that crop up before there is complete clarity on attending meetings through video-conferencing.
As INVITALIA Business Network Partner, FASANO is supporting the Italian Govt. Agency for Inward Investment assigned by Arab Fund interested in investing to innovative “clean tech” field Italian enterprises.
An incorporation of newco under the IT Law must be notarized by IT public notary; if the investors is from non EU countries where law provides caps/permissions to FDI, IT notary should find out the respect of so called reciprocal condition of the investment (in other words, on reciprocal basis, the IT investor would be equally treated as resident/citizen of country of investment). Tips & Tricks: it’s controversial issue, the IT notary is called by IT law to comply the incorporation with IT law (tip) and keep the silence (trick).
It is likely that the Italian Patent and Trademark Office (Italian PTO) will allow opposition proceedings with respect to trademark applications made on and after 1 May 2011. To date, litigation has been the only method of contesting the validity of conflicting trademarks in Italy and the introduction of opposition proceedings will offer holders of trademarks a “cheaper and faster alternative.”