BC Lung Foundation’s Post

An analysis by the Times sheds light on the Court of Appeal's decision regarding the conviction of 3 traders for rigging Libor. The traders had appealed on the basis of a direction to the jury by Mr Justice Cooke that Libor could not be manipulated for "commercial advantage." The Court of Appeal upheld the conviction, citing the clandestine approach of the traders. This decision may have implications for future cases and could potentially head to the Supreme Court. Meanwhile, the aftermath of Libor fixing is expected to result in years of litigation, compounded by the cessation of publishing Libor on June 30th, 2023. As commercial cases linked to Libor continue to arise, it will be interesting to see how courts approach the issue of manipulation going forward. #Libor #traders #conviction #CourtOfAppeal #litigation Hayes appeal: British and US courts ‘left on different wavelengths’ https://lnkd.in/ezjh-SQ9

The Supreme Court in Arena Alceon NZ Credit Partners, LLC v Grant [2024] NZSC 166 has held that overseas shareholders can be subject to the liquidators’ demands for company information. Our Guy Goodwin and Raiyan Azmi highlight this key judgment. https://loom.ly/SBkTwkY

Another way to exploit innocent people—this is nonsense in my opinion. What is yours? The FBR has banned bringing commercial quantities of goods from abroad, allowing only one mobile phone for personal use. Items over $1,200 are now classified as commercial trade and cannot be cleared, even with duties or fines. Meanwhile, the FBR faces a massive tax revenue shortfall of Rs. 356 billion, highlighting flaws in policies and administration. #FBR #TaxPolicies #EconomicChallenges #PublicBurden #PakistanEconomy #PolicyImpact #TravelRestrictions #SpeakUp https://lnkd.in/gihT3Fdr

In case you missed it, a rare decision on the LIBOR transition last month in the English Commercial Court. - Following broadly successful efforts by regulators and market participants to replace the troubled rate in commercial contracts over a number of years, there still remain a handful of "tough legacy" contracts out there which defy amendment or maturity. - "Synthetic" LIBOR rates have been published over the past few years to support these contracts. These particular rates came to an end in Sept this year. - This case followed. The dividends on preference shares were LIBOR-linked and the High Court implied a term into the underlying contract that an alternative rate, in this case the risk-free SOFR rate, would apply in the absence of LIBOR to allow the shares to continue their lives. - A useful decision to be aware of as it is likely more LIBOR "zombie" rates will raise their heads in contracts in the coming months. https://lnkd.in/eTpF3_Us #LIBOR #EvershedsSutherland

#Qubic_Advisory Services Limited emerged victorious in a groundbreaking ruling by the Upper Tribunal against HM Revenue and Customs. The case revolved around VAT penalties related to the provision of Qubic skillfully argued that these obligations were not applicable to their transactions, as they involved the transfer of ownership within highly secure storage facilities, rather than physical delivery of gold to customers. The tribunal's ruling highlights the crucial significance of comprehending the intricate implementation of VAT regulations to contemporary trading practices, particularly in the realm of investment gold, where physical transfer is frequently not involved. This case not only saves Qubic from substantial financial penalties but also establishes a vital precedent for analogous future conflicts. #Monty_Jivraj

Recently the Federal Court dismissed two shareholder class actions against the Commonwealth Bank of Australia and held that they were not required to notify investors of enforcement action by AUSTRAC prior to that action being commenced. Ruling in favour of CBA, Justice Yates found that CBA did not breach its continuous disclosure obligations nor engage in misleading or deceptive conduct. We examine the implications for future class actions and disclosing entities, find out more: https://lnkd.in/gDB6wQri #FederalCourt #shareholder #classactions #AUSTRAC #continuousdisclosure

BSEC fines 75 individuals, institutions Tk26cr in FY24 for violating laws, manipulating shares The Bangladesh Securities and Exchange Commission (BSEC), the country's stock market regulator, fined 75 individual investors and institutions (listed companies and intermediaries) in the immediate past fiscal year 2023-24 on charges of violating securities laws and manipulating shares Link in Comments #BSEC #ShareMarket #StockMarket #TBSnews

Minister of Commerce and Consumer Affairs Andrew Bayly is proposing a raft of changes to New Zealand’s capital markets regime, including assisting KiwiSaver funds in making direct investments and reducing the cost of listing on the NZ Exchange. By Victoria Young #nzbusiness #nzpol https://lnkd.in/gCPrYNz2

The #yen struggled to hold its line against the #dollar on Tuesday after making sharp gains the previous day sparked by suspected #intervention by #Japanese authorities. #USD #DXY #EUR #YEN #GBP #ZAR #marketnews #marketmovements #marketupdates #globalupdates #globalnews #financialmarkets #financenews #mercurydailybrief https://lnkd.in/dHsGrRaR