Mondaq Business Briefing articles from July 2008

Mondaq Business Briefing archives from July 2008

The Global Section 95 Election And Other Elections For Post-1994 Application Of Foreign Affiliate Amendments.(Bill C-28)
July 1, 2008... Bill C-28, the final 2007 Budget Bill, was enacted on December 14, 2007. In addition to measures implementing aspects of the March 19 2007 federal Budget, Bill C-28 also contained numerous technical amendments to the foreign affiliate rules...

Sustainable Development In Infrastructure Projects - More Than Just An Utopian Ideal?
July 1, 2008... This article appeared in iCON, October 2006 and was written by Sarah Thomas, Partner at Pinsent Masons. No one can have escaped the stark warnings on climate change and the need for those responsible for funding, procuring and building...

First UK Prison Sentences For Criminal Price-Fixing Will Encourage Greater Competition Law Compliance.(Case overview)
July 1, 2008... The sentencing, on 11 June 2008, of 3 former executives to significant terms of imprisonment for their part in a global cartel to fix the price of marine hoses will send a powerful message around the UK business community that the courts will...

EO Special Edition - New IRS Form 990 Changes The Landscape For Public Disclosure By Exempt Organizations.(exempt organizations )
July 1, 2008... In June 2007, the IRS released a draft of a revised Form 990 and provided the public with an opportunity for comments. This new IRS Form 990 was designed to be a significant departure - in both format and substance - from the old Form 990....

SEC Begins Small Business Cost-Benefit Study Of Section 404 Of The Sarbanes-Oxley Act Of 2002 And Proposes One-Year Extension Of Final Compliance Requirements For Smaller Companies.(Securities and Exchange Commission)
July 1, 2008... On February 1, 2008, the SEC announced that its professional staff has commenced a cost-benefit study of the upcoming auditor attestation requirement for smaller companies under Section 404(b) of the Sarbanes-Oxley Act of 2002. The...

Time Is Money.(U.S. Department of Labor)(Fair Labor Standards Act)
July 1, 2008... Two Recent DOL Opinions Illustrate The Administrative Exemption The U.S. Department of Labor (DOL) recently issued two opinion letters providing guidance to employers on how to apply the Administrative Exemption under the Fair Labor...

Oh, What A Tangled Web We Weave: Resume Fraud As A Defense To Employment Claims.
July 1, 2008... In an increasingly competitive job market, job-seekers are quick to take whatever steps they can to present themselves as qualified and attractive candidates to employers. Although there is no agreement on the prevalence of resume fraud,...

Hyperlinking Policy.(web navigation)
July 1, 2008... Hyperlinks are an integral part of the World Wide Web. They allow users to navigate the internet using just a mouse or to source files located on remote servers. The use of hyperlinks is so prevalent few people stop to consider the legal...

REACH: Only Representative Rules Change Again.(Registration, Evaluation, Authorisation and Restriction of Chemical)
July 1, 2008... Overview Pre-registration of substances under REACH started on 1 June 2008 and ends on 1 December 2008. Substances on their own, in preparations or in articles (i.e. finished products) which are not pre-registered during that period...

Going Green - Do Your ICT Credentials Make The Grade?(information communication technology)
July 1, 2008... For many businesses information communication technology (ICT) infrastructure is now one of the largest contributors to their carbon footprint. Driven by investor and consumer environmental concerns, organisations are implementing...

Implications Of The Emerging Patent Litigation In India.
July 1, 2008... Patent litigation, it seems, has emerged from the shadows for the time being. The nation-wide debate on the denial of patent to 'Gleevec', the cancer drug of the Swiss pharma major Novartis and also on the Patent Act being TRIPS compliant...

Assignment' Looked Into By Copyright Board.(Copyright Act, 1957)(Case overview)
July 1, 2008... The substantive point of law covered in the present case, Bharati Dutta v. Dr. Saradindu Basu & Anr. 2008 (37) PTC 178 (CB), pertains to section 19A (2) of the Copyright Act, 1957. The particular section enumerates the mode of assignment of...

NSW Planning, Environment & Government Update - June 2008.(Environmental Planning & Assessment Amendment Act 2008 )
July 1, 2008... Comprehensive changes to NSW planning laws have now been passed and will soon take effect, but some important changes have been made since the Draft Exposure Bill and are detailed in this update. The Environmental Planning & Assessment...

Finding The Right Home.
July 1, 2008... Interesting framework and EU membership are making Gibraltar an attractive domicile for hedge funds. If a promoter or fund manager wants to have his hedge fund, which, for instance, has been constituted in the Caribbean, registered as an...

ECJ Prolongs Market Access For "Free Riders".(European Court of Justice)(Case overview)
July 1, 2008... Overview On 22 May 2008, the European Court of Justice ("ECJ") delivered its judgment in case C-361/06, Feinchemie Schwebda and Bayer CropScience v College voor detoelating van bestrijdingsmiddelen. This important decision concerns the...

Regional Climate Change Initiatives: An Overview.
July 1, 2008... Article by Perkins Coie And Fasken Martineau Originally published May 1, 2008 Introduction Concerns about climate change have sparked global efforts to regulate carbon dioxide and other "greenhouse gases" (GHGs). Recent, and...

Amendments To The Copyright Act.(World Intellectual Property Organization)
July 1, 2008... The Conservative Government introduced important new amendments to Canada's Copyright Act on June 12 which are designed to update the law to reflect the development of digital technologies, in particular the internet. The amendments...

Outgoing Directors Should Be Wary Of Looking To Corporate Bylaws For Protection.
July 1, 2008... Corporate bylaws often extend certain protections to former directors, including (for example) the advancement of litigation-related expenses to a director who is sued in connection with his or her corporate duties (a sort of...

Canada Launches AWS Auction.(Advanced Wireless Services)
July 1, 2008... Canada's Advanced Wireless Services (AWS) Spectrum Auction commenced on May 27, 2008, with twenty-seven qualified bidders participating.1 The bidders include Bell Mobility, Bragg Communications, Quebecor/Videotron, Rogers Communications,...

Five Common Employment Law Hazards For Start-Ups.
July 1, 2008... Emerging, venture capital-backed companies typically face a host of legal considerations but have limited personnel and monetary resources to address all of them comprehensively. Often lacking in-house human resources and legal expertise,...

Today's The Day: The Ontario Human Rights Process Changes.(Human Rights Code Amendment Act, 2006)
July 1, 2008... This is a reminder that the Human Rights Code Amendment Act, 2006 comes into force on June 30, 2008, with important implications for employers. The Act, which was passed in December 2006 as Bill 107, amends the Ontario Human Rights Code and...

Lie To The ACCC At Your Peril - The ACCC Commences Criminal Prosecution For Breach Of Section 155 Of The Trade Practices Act.(Australian Competition and Consumer Commission)
July 1, 2008... In a high profile case demonstrating the seriousness with which Australia's competition regulator, the Australian Competition and Consumer Commission (ACCC) will pursue those involved in breaches of the Trade Practices Act (TPA), the ACCC...

Changes To The Federal Lobbyists Registration Act.
July 1, 2008... Important changes to the Federal "Lobbyists Registration Act" take effect on July 2, 2008. The newly-named "Lobbying Act" increases both the reporting requirements for registered lobbyists and the penalties for non-compliance. The major...

When Will "Conditions Apply" Cover You?
July 1, 2008... Many advertisers treat "conditions apply" as a magical incantation. I have known some to include these words in an advertisement, believing that they are then covered for all manner of exclusions. I have also known advertisers who include...

Supreme Court Of Canada Decides The "Keays v. Honda Canada" Case.(Case overview)
July 1, 2008... On June 27, 2008 the Supreme Court of Canada released its decision in Keays v. Honda Canada,1 the most anxiously awaited employment decision in recent memory. As will be seen, the Court took the occasion to clarify the approach that is to...

Application Under CPR Part 18.1 For Further Information: Two Apparently Contradictory Judgements.(Civil Procedure Rules)
July 1, 2008... CPR Part 18.1 provides for the court to make an order requiring a party to clarify any matter which is disputed in legal proceedings, alternatively to give additional information in relation to such a matter. In the case last year of...

Bata Succeeds On Procedural Grounds.(Bata India Ltd. v. Khadim Holdings Pvt. Ltd.)(Case overview)
July 1, 2008... Trademarks in serving the purpose of oidentificationo and obrand-establishmento often become the bone of contention as regards attainment of the status of a generic word. While the issue of deceptive similarity may also cloud such a matter,...

Global Recognition For Hassans And James Levy.
July 1, 2008... In an event unique in Gibraltar's legal history, Hassans, Gibraltar's largest law firm, in May this year achieved a double accolade. At an impressive ceremony in Barcelona the firm's Senior Partner James Levy QC received a Life Time Achievement...

Keays v. Honda Canada Inc. - Supreme Court Of Canada And Honda In Accord.(Kevin Keays )
July 1, 2008... Today the Supreme Court of Canada released its long-awaited landmark decision in Keays v. Honda Canada Inc., arguably the most important employment law case in Canada in years. The case dealt with a number of legal concepts including the...

An Inconvenient Rule: Change Your Compliance Climate.
July 1, 2008... Between the UN Climate Change Conference last December and the popularity of Al Gore's global warming documentary "An Inconvenient Truth", environmental protection has never before garnered such a great degree of public attention and...

SEC Publishes Proposed Rule to Modify Oil and Gas Reporting Requirements.(United States Securities and Exchange Commission)
July 1, 2008... Originally published June 30, 2008 Keywords: Keywords: SEC, reporting requirement, oil reserves, gas reserves, Rule 4-10, Regulation S-X, proved oil, Royal Dutch Shell On June 26, 2008, the US Securities and Exchange Commission...

Licensed Premises Changes To POPEs And Trial Periods.(Place of Public Entertainment)
July 1, 2008... gadens lawyers will shortly release a separate more comprehensive Update on changes to laws relating to licensed premises. In the meanwhile, the following reforms are noteworthy. Place of Public Entertainment (POPE) The package of...

Leniency Regimes: Greece.(leniency policy )
July 1, 2008... Background 1. What is the relevant legislation containing the leniency policy and what is the enforcing body? Article 9(4) of Law 703/1977 on the control of monopolies and oligopolies and the protection of free competition, as in force,...

Irish Regulatory Provisions For Using Derivatives In Long/Short And 130/30 Strategies in UCITS Funds.
July 2, 2008... 1. Introduction Under UCITS III, UCITS funds may invest in derivative instruments for investment purposes as well as for EPM purposes. The Financial Regulator has, through its UCITS Notices and Guidance Notes prescribed, in detail,...

Amended Mechanic's Liens In Illinois Lose Effectiveness.
July 2, 2008... Illinois mortgage lenders, and probably owners as well, got a break from the Illinois Appellate Court (Court) when the Court issued its decision in Cordeck Sales Inc. v. Construction Systems, Inc, (Cordeck Sales) 2008 WL 919684 (1st Dist....

New 2008 Auction Procedure For Subsoil Use Special Permits.
July 2, 2008... On 17 June 2008, a new auction procedure came into force for the sale of special permits for subsoil use in 2008. The new auction procedure is prescribed in the Resolution. It is more transparent and straightforward than previous...

The General Anti-Avoidance Rule: Are We Moving Away From Consistency, Certainty And Predictability.
July 2, 2008... The General Anti-Avoidance Rule (the "GAAR"), contained in section 245 of the Income Tax Act (Canada) (the "Act"), is a provision which allows the Canada Revenue Agency ("CRA") to redetermine the tax consequences of a transaction(s) entered...

CRTC To Look At Broadcasting In New Media.(Canadian Radio-television and Telecommunications Commission)
July 2, 2008... On May 15, 2008, the Canadian Radio-television and Telecommunications Commission (CRTC) issued a public notice indicating that it would be commencing a proceeding later this year to examine broadcasting delivered and accessed over the...

Government Unveils Renewable Strategy Plan.
July 2, 2008... The UK Government issued today a consultation paper on the UK's Renewable Energy Strategy. The aim of this paper is to set out the measures which the UK will need to take, in addition to already existing measures, to meet the UK's share of...

FOS: Court Of Appeal Decisions.(Financial Ombudsman Service )
July 2, 2008... Recent Court of Appeal Judicial Review and Appeal decisions confirm FOS procedures are lawful and reasonable Introduction The Court of Appeal has recently confirmed in Judicial Review Proceedings before it that the Financial Ombudsman...

New Oil And Gas Safety Rules.
July 2, 2008... New safety rules for the oil and gas industry will come into force on 1 August 2008. The new rules, which were adopted on 6 June 2008 by the State Committee for Industrial Safety, Labour Protection and Mining Supervision: will...

The Supreme Court Considers Conflicts Of Interest In Benefit Claims Procedures.(Employee Retirement Income Security Act of 1974)(Case overview)
July 2, 2008... On June 19, 2008, the Supreme Court issued an opinion in Metropolitan Life Insurance Co. v. Glenn, holding that where an insurance company both determines an appeal for ERISA benefits and pays that claim, a conflict of interest as described...

Switzerland's Cayman Connection.
July 2, 2008... Paul Scrivener, partner with Cayman law firm, Solomon Harris, explores the interaction between the two jurisdictions when it comes to funds of hedge funds Switzerland is a particularly interesting jurisdiction when it comes to the...

Raising The Bar - New Standards Of Best Practice For Hedge Fund Managers?
July 2, 2008... Paul Scrivener of Solomon Harris takes a look at the recent reports of the UK Hedge Fund Working Group and the President's Working Group in the US. Recent statistics indicate that the hedge fund industry is now a two trillion dollar...

Retirement Village Amendment Bill NSW Released.
July 2, 2008... On 26 June 2008, the New South Wales Minister for Fair Trading, Linda Burney, introduced to Parliament the long awaited Retirement Village Amendment Bill NSW (the Bill). While many provisions are similar to the exposure draft released...

New Fair Payment Drafting Published By The NEC Panel Pursuant To OGC Guidance.(National Electrical Code)(United Kingdom. Office of Government Commerce)
July 2, 2008... The NEC Panel has this month issued a new secondary option clause for use where parties wish to implement the recommendations made by the OGC last year in its Guide to best 'Fair Payment' practices. While aimed at the public sector, the...

High Court Alters Eligibility For Unemployment Insurance In Washington State.
July 2, 2008... On June 19, 2008, the Washington Supreme Court relied on legislative history and the plain language of Washington's unemployment insurance law to hold in Spain v. Employment Security Department, No. 7987-8 (June 19, 2008), that the listing of...

Keays v. Honda Canada Inc.(Kevin Keays)(Case overview)
July 2, 2008... The Supreme Court of Canada (SCC) released its much-anticipated decision in the appeal of the landmark case Keays v. Honda Canada Inc. on Friday, June 27, 2008. The decision, which is summarized below, is very favourable for employers...

Private Equity - Is It Win Or Bust?
July 2, 2008... It is only a year ago that The Economist declared Private Equity (PE) the new "Kings of Capitalism". Now, doom mongers are predicting its rapid demise. As so often in life, the truth lies somewhere in-between. PE funds buy...

Supreme Court Issues Three Decisions Affecting The ADEA And ERISA.(Age Discrimination in Employment Act)(Employee Retirement Income Security Act)
July 2, 2008... Adding to a series of recent employment law cases decided by the United States Supreme Court, the Court issued three more opinions affecting employment law on June 19, 2008: two interpreting the Age Discrimination in Employment Act of 1967...

Supreme Court Holds The Line On Tribal Court Jurisdiction.(Case overview)
July 2, 2008... The United States Supreme Court has issued its long-awaited decision in Plains Commerce Bank v. Long Family & Cattle Co., Inc. and has declined to expand the jurisdiction of tribal courts over non-members. While tribes have expressed their...

Strategy For Sustainable Construction.(Business Enterprise & Regulatory Reform)
July 2, 2008... The Strategy for Sustainable Construction was published on 11 June 2008. At first glance, this might seem like a paper to simply file under environmental issues. But between its covers lies a wide-ranging roadmap of the Government's current...

Avoiding Bad Press.
July 2, 2008... Don't be fooled by the press - They're not invincible There is a common misconception carefully fostered by the media - especially the press - that there is nothing that you can do when it hits you with misleading and damaging material....

Australian Domain Names Up For Grabs?
July 2, 2008... So how much is www.sexy.com.au worth and can I sell the name? Actually, RU Sexy already beat you to that name but substitute another prospective domain name of your choice. Up until now it has been difficult to answer questions about the...

Jersey Company Law: Capital Maintenance Requirements Relaxed.
July 2, 2008... Jersey companies will no longer be tied to profits when making distributions to shareholders. A significant relaxation of Jersey's capital maintenance regime will come into force on 27 June 2008 under Companies (Amendment No.9) (Jersey) Law...

The Patent Prosecution Highway.(Brief article)
July 2, 2008... In an interesting development for those seeking patent protection in both Australia and the US, the Australian Patent Office and the USPTO have announced that, as of 14 April 2008, a Patent Prosecution Highway (PPH) will be introduced on a...

Supreme Court Decides That Pre-Confirmation Transfer Tax Exemptions Are No Longer On The Menu In "Piccadilly Cafeterias".(Case overview)
July 2, 2008... On June 16, 2008, the United States Supreme Court (the "Court") held that section 1146(a)1 of Title 11, 11 U.S.C. s. 101 et seq. (the "Bankruptcy Code") only affords a stamp-tax exemption to transfers made pursuant to a confirmed Chapter 11...

Communications Law Bulletin, June 2008.(Federal Communications Commission)(Company overview)
July 2, 2008... The Month In Brief June was a busy month at the Federal Communications Commission ("FCC" or "Commission"), with intense enforcement activity, a rule change that makes Do-Not-Call list registrations perpetual, new broadband reporting...

US Banking Agencies Publish Basel II "Standardized" Risk Capital Proposal for Non-Core Banks.
July 2, 2008... Contents: US Banking Agencies Publish Basel II "Standardized" Risk Capital Proposal for Non-Core Banks SEC Proposes to Eliminate Specific Credit Rating Standards in 1940 Act and Advisers Act Rules SEC Proposes New Rules...

Stock Options Revisited: A Renewed Focus On Net Exercise Provisions.
July 2, 2008... Returning To The Good Old Days Recent changes in the tax laws and accounting pronouncements have spawned a renewed interest in equity grants that are settled in stock. Until the issuance of Accounting Principles Board Opinion No. 25,...

Federal Trade Commission Warns Firms That It Will Challenge Acquisitions That Take Place In Small Increments.
July 2, 2008... On April 28, 2008, the Federal Trade Commission (the "FTC") announced a complaint challenging a string of transactions completed between 2002 and 2005, and proposed a consent order that imposed conduct restrictions on the acquirer in order to...

New Standard For Vapor Intrusion Assessments: An Introduction To ASTM E 2600-08.
July 2, 2008... In March 2008, ASTM International published ASTM E 2600-08: Standard Practice for Assessment of Vapor Intrusion into Structures on Property Involved in Real Estate Transactions. This is the first comprehensive national standard to address...

Evidentiary & Attorneys' Fees Issues Surrounding Tenant Debtor's Assumption Of Lease.(Case overview)
July 2, 2008... A recent case involving a tenant debtor's motion to assume its real property lease demonstrates that bankruptcy courts can and will examine evidence in addition to a debtor's financial capabilities and/or payment of a security deposit or...

Section 409A Compliance Deadline: December 31, 2008.
July 2, 2008... In 2007, the IRS issued final regulations interpreting the requirements imposed on nonqualified deferred compensation arrangements by Section 409A of the Internal Revenue Code. The final regulations were effective January 1, 2008, but the IRS...

Guernsey - Punching Above Its Weight.(GuernseyFinance)
July 2, 2008... Originally published in the HFM Week, Guernsey Report, June 2008 Writing in this supplement last year I was reporting on Guernsey's 'booming' investment funds industry - all the statistics were going through the roof. Given the...

Setting New Highs.(GuernseyFinance)
July 2, 2008... Originally published in the HFM Week, Guernsey Report, June 2008 Kevin Gilligan of Louvre Fund Management looks to the future of Guernsey The Guernsey funds sector continues to reach new highs as the island becomes the jurisdiction...

Guernsey's Biggest Asset.(GuernseyFinance)(dialogue with Wayne Bulpitt )(Interview)
July 2, 2008... Originally published in the HFM Week, Guernsey Report, June 2008 Wayne Bulpitt of Active Group discusses the meaning of hedge funds as an asset class and current trends in the ever changing investment market HFM Week (HFM):...

New Spanish Air Pollution Legislation.
July 2, 2008... A new Spanish Law on air pollution has been published and is likely to lead to increasingly strict controls on air emissions for many sectors. There has been a tendency in the last few years to view all environmental ills in terms of...

The Supreme Court Decides Quanta v. LGE.(Case overview)
July 2, 2008... The highly anticipated decision rules on when a patent is exhausted. On June 9, 2008, in a highly anticipated decision, the Supreme Court of the United States issued its unanimous opinion in Quanta Computer, Inc. v. LG Electronics, Inc....

Court Holds Total Return Swaps Confer 13(d) Beneficial Ownership.(Case overview)
July 2, 2008... Judge Kaplan's decision has significant implications for activist hedge funds and other activist investors, investment and commercial banks that engage in total return swap transactions and companies seeking to defend themselves in corporate...

Massachusetts Enacts Comprehensive $1 Billion Life Sciences Initiative.
July 2, 2008... Life sciences and biotech companies should evaluate the opportunities for their businesses. On June 16, 2008, Massachusetts Governor Deval Patrick signed into law an "Act Providing for the Investment in and Expansion of the Life Sciences...

New Dutch Water Legislation.
July 2, 2008... A new Act on water management in the Netherlands aims to provide integrated management and fulfil EU water objectives. 2008 is an important year for all parties involved in the process of water management in the Netherlands. The Dutch...

Consequential Losses - A New Definition.
July 2, 2008... The Victorian Court of Appeal has recently considered the difference between 'normal' loss and 'consequential' loss in the context of exclusion clauses. In the decision of Environmental Systems Pty Ltd v Peerless Holdings Pty Ltd [2008]...

The Classification Of Hedge Fund Indices As Financia lIndices.
July 2, 2008... 1. Introduction Pursuant to the new level three guidelines issued by the Committee of European Securities Regulators ("CESR") on 17th July, 2007, CESR has approved in principle the classification of hedge fund indices as financial...

Schemes Of Arrangement Procedural Memorandum.
July 3, 2008... The Scheme Under Sections 86 and 87 of the Companies Law (2007 Revision) an application to the Court can be made for the sanctioning of a compromise or arrangement between a company and its creditors and/or members or any class of them....

Poison Pills After Pulse Data: The "Unique Circumstances" Defence.
July 3, 2008... Article by Stephen Erlichman* Prior to September 27, 2007 securities lawyers, investment bankers, investors and Canadian public companies believed that the law in relation to poison pills had been relatively well settled in Canada. On...

Schemes Of Arrangements: Legal Requirements.
July 3, 2008... INTRODUCTION Under the provisions of Sections 86 and 87 of the Companies Law (2007 Revision) (the "Law"), a Court can sanction a compromise or arrangement between a company and its creditors, or any class of its creditors, or its...

The Trusts (Amendment No. 4) (Jersey) Law 2006.(Law overview)
July 3, 2008... INTRODUCTION The Trusts (Amendment No.4) (Jersey) Law 2006 (the "Amendment Law") came into force on 27 October 2006. The Amendment Law makes a number of changes to Jersey's existing law on trusts, the Trusts (Jersey) Law 1984 (the...

Private Trust Companies In Jersey.
July 3, 2008... REGULATION OF TRUST COMPANIES IN JERSEY The regulation of trust companies and other financial services providers in Jersey is governed by the Financial Services (Jersey) Law 1998 (the "Financial Services Law"). The general rule is that...

New Connecticut Privacy Law Imposes Up To $500,000 In Civil Penalties For Misuse Of Personal Information.
July 3, 2008... Effective October 1, 2008, Connecticut's new Act on the Confidentiality of Social Security Numbers (the "Act")1 will impose substantial new obligations on businesses that collect Social Security numbers ("SSNs") and other personal...

Vessel Security Requirements After Port Calls In Cuba, Iran, Liberia And Certain Other Countries.
July 3, 2008... New Development The U.S. Coast Guard recently imposed new conditions of entry on vessels calling on the United States after port calls in Cuba, Iran, or other ports that it has determined do not maintain effective maritime...

Sea Trials For General Permits For Discharges "Incidental To The Normal Operation Of A Vessel".
July 3, 2008... On June 17, 2008, the U.S. Environmental Protection Agency ("EPA") issued a Notice of proposed permit issuance for two general permits to cover discharges incidental to the normal operation of commercial and recreational vessels under the...

CSX Ramifications.(CSX Corporation v. The Children's Investment Fund Management (UK) LLP)(Case overview)
July 3, 2008... The United States District Court for the Southern District of New York recently held in CSX Corporation v. The Children's Investment Fund Management (UK) LLP, et al (08 Civ. 2764 (LAK June 11, 2008)1 that two hedge funds violated Section...

Revenue Ruling 2008-31: IRS Rules That A Swap Interest In A Broad-Based U.S. Real Estate Index Is Not A U.S. Real Property Interest Under FIRPTA.(Internal Revenue Service)(Foreign Investment in Real Property Tax Act of 1980)
July 3, 2008... On June 12, 2008, the Internal Revenue Service ("IRS") published Revenue Ruling 2008-31, I.R.B. 2008-26 (the "Ruling"), holding that an interest in a notional principal contract that references data from an index derived from a...