By Prof Stefano Loconte, Loconte & Partners
Although Italy is a civil law country, it has recognised the common law trust since 1992 with the adoption of The Hague convention of July 1985, but up until now, the Italian civil law code has not contained any provisions concerning trusts. However, it is possible to set up a trust with foreign law subject to The Hague Convention and in accordance with public policy. In Italy, domestic trusts are considered to be those that have only their proper law as a foreign element.
By Armen Danielyan, AC Delovoy Profil JSC.
Three years ago, a wave of bank licence revocations began and this continues to impair the russian banking sector. As a result of the impact of the crisis, an increasing number of banks have allowed violations in their work which places them on the list for a licence reduction. If the general public deposits in these banks are insured, customers’ current account balances are simply frozen until the situation is resolved. The problem of selecting the correct bank for an account is of increasing relevance.
By Francis P. Donovan and Jean-Philippe Bolduc, Ravinsky, Ryan, Lemoine, LLP
As part of a bailout provided by the Canadian government to General Motors during the 2008 financial crisis, over 200 GM dealerships were closed, with GM offering dealers compensation pursuant to Ontarian wind down agreements. A class action was filed in Ontario, alleging that the firm Cassels Brock and Blackwell LLP gave negligent legal advice to the dealers. Cassels Brock added 150 Canadian law firms, which had also given dealers advice pursuant to the agreements, as third party defendants.