June 26, 2009
Authored by: Bryan Cave
On June 10, 2009, the Securities and Exchange Commission (the “SEC”) published the proposed new rules that would, under certain circumstances, require companies to include in their proxy materials nominations for election as directors submitted by eligible shareholders. As reported in our May 21 Client Bulletin, the proposal was adopted by a divided 3-2 vote at an SEC open meeting.
For more information, read the client alert published by Bryan Cave LLP’s Corporate Finance and Securities Client Service Group on June 22, 2009.
On July 15, 2009, Taiwan will become the 41st member of the Government Procurement Agreement (GPA) of the World Trade Organization (WTO). Taiwan’s President Ma Ying-Jeou signed the instrument of accession to the GPA on June 8, 2009, thus clearing the final hurdle for Taiwan to become a member of this plurilateral accord. On June 15, 2009, Taiwan’s delegation to the WTO deposited the accession instrument with the WTO Secretariat.
For more information, read the client alert published by Bryan Cave LLP’s International Trade Client Service Group on June 23, 2009.
Each entity that possessed a financial interest in, or signatory or other authority over, any foreign financial accounts valued at more than $10,000 in 2008 must report that relationship to the IRS by filing a Report of Foreign Bank and Financial Account (“FBAR”) (Form TD F 90-22.1) by June 30th, 2009. As more fully explained below, IRS representatives recently stated that this filing requirement may extend to pension plans and other investors which have an interest in foreign hedge funds.
For more information, read the client alert published by Bryan Cave LLP’s Employee Benefits and Executive Compensation Client Service Group on June 22, 2009.
In response to North Korea’s underground nuclear test on May 25, 2009, the UN Security Council has unanimously passed a resolution imposing new sanctions focused on North Korea’s financial transactions and arms industry. The resolution, written by the United States, strongly criticizes North Korea’s withdrawal from the Treaty on Non-Proliferation of Nuclear Weapons and North Korea’s recent activities related to its missile program.
For more information, read the client alert published by Bryan Cave LLP’s International Trade Client Service Group on June 12, 2009.