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On 15 May, the U.K. Takeover Panel published its response to a consultation paper proposing to extend the U.K. Takeover Code's jurisdiction to now apply to all companies which have their registered offices in the U.K., the Channel Islands or the Isle of Man — regardless of their location of central management and control — if they are listed on a multilateral trading facility in the U.K., such as the Alternative Investment Market. The amendments will take effect on 30 September 2013.
Charged with adulterating drugs, failing to file reports and making material false statements to the FDA, generic drug manufacturer Ranbaxy USA Inc. pleaded guilty to seven felony charges and agreed to pay $500 million to resolve criminal and civil False Claims Act liability. The largest drug-safety settlement with a generic drug manufacturer to date, the settlement demonstrates that the U.S. enforcement agencies overseeing the pharmaceutical industry intend to focus on manufacturing issues, not just advertising and promotion claims.
With the future of renewable energy tax incentives uncertain and the traditional providers of renewable energy capital hard to come by, it is only natural that unregulated utilities have begun to consider alternate sources of capital for new projects. The three leading alternatives — real estate investment trusts, master limited partnerships and umbrella partnership C corporations — are promising capital vehicles, but they have a number of meaningful differences. The best choice for a given project will depend on a utility owner’s particular operating and financing model.
The new U.K. "employee shareholder" status, which will allow employers to provide employees with company shares in exchange for waiving certain rights, is receiving a cold reception from both corporations and labour groups. However, in this mailing we identify the ways in which the new provision might confound its critics.
May 8, 2013 | Skadden, Arps, Slate, Meagher & Flom LLP | Vivienne C. LaBorde, Emily M. Lam, J. J. Harwayne Leitner, Coleen M. McGrath, David J. O'Connell, Sarah E. Paul, Fred T. Goldberg, Jr., Daniel L. Kurtz
On April 25, 2013, the IRS released its Final Report for the Colleges and Universities Compliance Project, a multi-year analysis of tax-exempt colleges and universities. The report focuses on two issues, both of which are key concerns for all 501(c)(3) public charities: unrelated business taxable income and executive compensation.
On April 30, 2013, the New York Court of Appeals issued a significant decision on the reach of New York’s judgment enforcement laws. By clarifying the scope of New York’s post-judgment execution procedures, Commonwealth of the Northern Mariana Islands v. Canadian Imperial Bank of Commerce provides added certainty for banks and financial institutions with offshore subsidiaries.