Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Author:
Global | Publication | October 20, 2017
In the ACCC’s first successful case under the new business-to-business unfair contract terms provisions, the Federal Court has declared (by consent) that eight terms of the standard form contracts of JJ Richards & Sons Pty Ltd (JJ Richards) for waste disposal are unfair, and therefore void, where the other party is a small business.
The unfair contract terms provisions1, which previously only applied to consumers, were extended in November 2016 to cover small businesses. In early 2017, the ACCC announced that ensuring small businesses received the protection of the unfair contract terms law would be a key enforcement and compliance priority for 2017. Since then, the ACCC has commenced proceedings against JJ Richards and one other company.
The terms the court declared to be unfair and void related to:
In declaring the terms to be unfair, Justice Moshinsky also declared that “the Impugned Terms tend to exacerbate each other, increasing the overall imbalance between the parties and the risk of detriment to JJR Customers.”
The case of JJ Richards should act as a reminder for companies to review their business-to-business standard form contracts for compliance with the unfair contract terms provisions.
Sections 23-28 of the Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010 (Cth)).
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
On 26 July 2024, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly released revised rules in respect of the investments into China’s financial market through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (collectively, QFII) regime (the New Rules).
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