- Law Library Home
- About the Law Library
- Find Legal Resources
- Research Help
- Research & Educational Opportunities
- News & Events
- Visiting the Law Library
- Contact Us
Related Resources at the Library
Global Legal Monitor (GLM)
The Global Legal Monitor is an online publication from the Law Library of Congress covering legal news and developments worldwide. It is updated frequently and draws on information from the Global Legal Information Network, official national legal publications, and reliable press sources. You can search previous news by searching the archive.
For questions about articles or copies of materials in the Law Library’s collections, contact us at glm@loc.gov.
Current News
|
Search Legal News Archives Get Global Legal Monitor in PDF RSS |
China: Foreign Exchange - Foreign Exchange Regulations Revised
To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_659_text
(Sept. 11, 2008) On August 5, 2008, the State Council of the People's Republic of China (PRC) published the revised Regulations on the Administration of Foreign Exchange, which took effect on the same day (Chinese text available on the PRC Central People's Government official website, http://202.123.110.5/zwgk/2008-08/06/content_1066085.htm (last visited Aug. 25, 2008)). The Regulations, first promulgated in 1996, had not been revised since 1997.
According to a government news release, the Regulations reflect the fundamental changes in China's economy and currency situation in the past decade. In response to the rapidly increasing foreign exchange reserve, the Regulations tighten control of the inflow of foreign exchange and its conversion into renminbi, China's currency, in order to achieve balance of payments. The old regulations, by contrast, focused on control of outflow of foreign exchange. In order to prevent financial crises and enhance the open economy, the Regulations seek to strengthen the monitoring of cross-border capital flow and establish an emergency mechanism for the balance of payments. (Waihui Guanli Tiaoli Da Jizhe Wen [Answering the Journalists' Questions: On the Foreign Exchange Administration Regulations], XINHUA, Aug. 6, 2008, available at http://news.xinhuanet.com/fortune/2008-08/06/content_9000392.htm.) Xinhua News Agency, citing statistics provided by the People's Bank of China (PBOC), the central bank of China, stated that China's cumulative foreign exchange reserve stood at US$1.809 trillion by the end of June, up 35.73 percent from June a year ago. (China's Forex Reserve Reaches $1.809 Trillion by June, XINHUA, July 14, 2008, available at http://news.xinhuanet.com/english/2008-07/14/content_8542785.htm.)
In July 2008, the National Development and Reform Commission (NDRC), China's top economic planner, issued a notice to strengthen administration of foreign investment and to prevent irregular foreign exchange inflow. The notice calls for stricter administration in approving foreign investment projects and strengthening credit examination of the foreign investors, to prevent foreign exchange inflow without real investment projects. (Chinese text of the Notice available on the NDRC official website, http://www.ndrc.gov.cn/zcfb/zcfbtz/2008tongzhi/t20080718_226080.htm (last visited Aug. 25, 2008).)
- Author: Laney Zhang
- Topic: Foreign Exchange More on this topic
- Jurisdiction: China More about this jurisdiction
Bangladesh: Property - Ordinance Drafted to Govern Management of Confiscated Properties
To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_658_text
(Sept. 11, 2008) The Interim Government of Bangladesh has drafted an ordinance regarding management of confiscated immovable property. The ordinance is necessary because special courts set up by the Interim Government to try corruption cases have ordered confiscation of hundreds of thousands of dollars worth of assets of the accused individuals. The relevant government departments are now facing difficulties in handling the confiscated wealth. Because there are no specific guidelines on the management of confiscated property, these offices have expressed concern about the liability that may arise from improper management of a confiscated property in the event a judicial confiscation decision is overturned on appeal and the property has to be returned to the owner.
Under the draft ordinance, management of immovable property will be vested in four ministries. The Home Ministry will manage confiscated houses; the Industries Ministry will manage confiscated industrial property; the Land Ministry will manage confiscated land; and the Commerce Ministry will manage confiscated business centers. Income earned through the management of confiscated properties while appeals of confiscations are pending will be deposited in government accounts. In the event the appeals are successful, both the property and the income will be returned to the owner. (Julfikar Ali Manik, Property Confiscation Poses New Problem, DAILY STAR, Aug. 22, 2008, available at http://www.thedailystar.net/story.php?nid=51376.)
- Author: Shameema Rahman
- Topic: Property More on this topic
- Jurisdiction: Bangladesh More about this jurisdiction
Bangladesh: Labor - Ban on Trade Union Activity Relaxed
To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_657_text
(Sept. 11, 2008) On September 7, 2008, Bangladesh's Interim Government relaxed certain emergency rules to allow limited trade union activity. Trade union activity, along with political activities and street protests, were banned in January 2007 when a state of emergency was declared by the Interim Government following months of political violence. On September 7, the Bangladesh Home Ministry announced that in accordance with the Bangladesh Labor Act 2006, the government has relaxed the ban on activities of trade unions in industries, commercial institutions, ports and factories. Labor organizations and trade unions will now be allowed to hold meetings inside their offices, conduct meetings of not more than 100 people upon notifying the police at least 48 hours in advance, and hold gatherings of not more than 500 people upon obtaining permission from the government. (Trade Unionism Allowed on a Limited Scale, DAILY STAR, Sept. 8, 2008, available at http://www.thedailystar.net/story.php?nid=53827.)
- Author: Shameema Rahman
- Topic: Labor More on this topic
- Jurisdiction: Bangladesh More about this jurisdiction
United States: Constitutional Law - Accounting Oversight Board Ruled Constitutional
To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_656_text
(Sept. 11, 2008) On August 22, 2008, the U.S. Court of Appeals for the District of Columbia Circuit ruled that the Public Company Accounting Oversight Board (PCAOB), which is appointed and controlled by the Securities and Exchange Commission (SEC), does not violate the U.S. Constitution.
The Sarbanes-Oxley Act of 2002 established the PCAOB to regulate the accounting of companies subject to the securities laws. It vested the authority to appoint and control the PCAOB with the SEC. A non-profit organization and an accounting firm brought suit arguing that the creation of the PCAOB was unconstitutional. The plaintiffs argued that the PCAOB violated the Appointments Clause, which provides that while officers of the United States shall be appointed by the President with the advice and consent of the Senate, inferior officers may be appointed by the heads of departments. They also argued that the Board's creation violated the constitutional principle of separation of powers. The district court granted summary judgment to the Government, and an appeal was taken.
The D.C. Circuit ruled that the PCAOB does not violate the Appointments Clause because, given the substantial control by the SEC over the Board, its members are officers that are inferior to the SEC for purposes of that clause. The court ruled that the separation of powers principle is not violated because independent agencies like the SEC are permitted under the Supreme Court's constitutional precedents to exercise broad authority over subordinate entities like the PCAOB. One member of the three-judge panel dissented. (Free Enterprise Fund v. Public Company Accounting Oversight Board, No. 07-5127 (D.C. Cir. Aug. 22, 2008), available at http://pacer.cadc.uscourts.gov/common/opinions/200808/07-5127-1134687.pdf).
- Author: Luis Acosta
- Topic: Constitutional Law More on this topic
- Jurisdiction: United States More about this jurisdiction
United States: Immigration - Falun Gong Members Ruled Eligible for Asylum
To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_655_text
(Sept. 11, 2008) On August 26, 2008, the U.S. Court of Appeals for the Ninth Circuit ruled that two practitioners of the Falun Gong religion from the People's Republic of China had established a well-founded fear of future persecution, and therefore are entitled to asylum in the United States.
In 2001, Shoufu Zhao and Zhenying Duan, a married couple then living in China, were arrested by police for practicing Falun Gong, detained for four days, beaten, forced to say they would cease practicing their religion, and ordered to report to the police once a week. They continued to secretly practice their religion. Subsequently they lawfully entered the United States, where they applied for asylum. Their applications were denied at the administrative level on a finding that they had failed to show past persecution or a well-founded fear of future persecution. They appealed to the Ninth Circuit.
The Ninth Circuit ruled that the evidence of a government-sponsored campaign against Falun Gong, coupled with past harm and evidence of the government's individual interest in Zhao and Duan, compelled the conclusion that they have a well-founded fear of future persecution, and as a result they are eligible for asylum. (Zhao v. Mukasey, No. 07-75041 (9th Cir. Aug. 26, 2008), available at http://www.ca9.uscourts.gov/ca9/newopinions.nsf/
ED64F51C802C4B62882574B00071832A/$file/0775041.pdf?openelement.)
- Author: Luis Acosta
- Topic: Immigration More on this topic
- Jurisdiction: United States More about this jurisdiction
Last updated: 09/11/2008