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Locke Lord LLP | United Kingdom | 12 Jan 2010

Provision of Services Regulations 2009 now in force

On 28 December 2009, the Provision of Services Regulations 2009 (SI 20092999) (the Regulations) came into force.


Locke Lord LLP | China | 11 Jan 2010

New accounting standards for insurance companies

The Chinese Ministry of Finance (MoF) and the China Insurance Regulatory Commission (CIRC), the insurance industry regulator in the People's Republic of China, have jointly issued detailed rules requiring insurance companies to adopt new accounting standards in compiling their 2009 financial reports.


Locke Lord LLP | USA | 6 Jan 2010

U.S. Securities and Exchange Commission brings civil action against former New Century executives

On December 7, 2009, the SEC charged three former executives of New Century Financial Corporation with securities fraud.


Locke Lord LLP | USA | 24 Nov 2009

Accountants seek injunction to bar FTC Red Flags Rule enforcement

On November 10, 2009, the American Institute of Certified Public Accountants ("AICPA") filed a lawsuit in the U.S. District Court for the District of Columbia on behalf of its nearly 350,000 certified public accountant members against the Federal Trade Commission (“FTC”) to seek an injunction barring the FTC from applying its Red Flags Rule to AICPA members.


Locke Lord LLP | Hong Kong | 16 Oct 2009

Ernst & Young settle the Akai Holdings case

Ernst & Young ("E&Y") has settled the Akai Holdings ("Akai") case with Akai’s liquidator, Borrelli Walsh.


Locke Lord LLP | USA | 29 Jul 2009

N.Y. Insurance Department issues opinion prohibiting contingent annuity contracts

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance.


Locke Lord LLP | United Kingdom | 28 Jul 2009

High Court rules insured's sale of a wrecked vessel was a transaction at an undervalue under s423 Insolvency Act 1986

In Dornoch Ltd & Ors v Westminster International & Ors 2009 EWHC 1782 (Admiralty) Mr Justice Tomlinson held that the sale by Westminster International (Westminster) of the wreck of a vessel, the Fariway for the sum of 1000 Euros to a related company was a transaction at an undervalue under s423 of the Insolvency Act 1986 (which, in basic terms, provides that certain disposals made to connected persons for a value less than a fair value may be set aside by the court).

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