New legal and tax regime for the Spanish REITs
On 27 December 2012, the Spanish government approved Law 16/2012, which provides for long-awaited reform of the current legal and tax regime for Real Estate Investment Trusts. Such a regime has been in place since 2009, when the Spanish government passed Law 11/2009, but in the three years since its enactment, very few market participants have chosen to carry out their investments in the Spanish real estate market through such trusts.
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Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions
On 12 September 2012 the European Commission adopted legislative proposals, including a draft EU Regulation, to establish a single supervisory mechanism for banks which is to be led by the European Central Bank.