The dissolution of BPMIGAS — impact and consequences
On Tuesday, 13 November 2012, Indonesia’s Constitutional Court declared Badan Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (BPMIGAS), the state upstream oil and gas regulator, unconstitutional. The decision arose from a judicial review of Law No. 22 of 2001 concerning Oil and Gas (the Oil and Gas Law). Chief Justice Mahfud MD declared that the Articles of the Oil and Gas Law, that had hitherto given BPMIGAS the right to represent the Government of Indonesia, function as the upstream oil and gas regulator, manage the nation’s oil and gas resources, and execute contracts with foreign companies, were unconstitutional.
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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.