Magazine - September 1997

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • Hong Kong SFC lays down specific compliance procedures

    New guidelines for market participants on management and internal control have been welcomed but the Securities and Futures Commission has also published suggested control techniques which have been less well received. By James Walker and Kenneth Leung of Clifford Chance, Hong Kong

Features

  • Commonwealth courts diverge on valuation losses

    A recent case reaffirms the Australian principle that lenders are entitled to calculate losses on a no-transaction basis after some negligent valuations, despite conflicting English decisions. By Francesca Rush of Corrs Chambers Westgarth, Brisbane

  • Financing the Argentine provinces

    Economic reform is beginning to reach into the Argentine provincial governments. Esteban A Mancuso of White & Case, New York, discusses ways the provinces could solve their financing difficulties

  • SEC sets US funds free to choose foreign custodians

    The US Securities and Exchange Commission (SEC) has amended Rule 17f-5, relaxing the rules applying to US investment funds holding foreign assets outside the US. By Marcia MacHarg and Matthew Chambers of Debevoise & Plimpton, New York

  • Bates Report plans to revive PFI

    In line with the recently published recommendations on the Private Finance Initiative (PFI), the UK government is to set up a Treasury Taskforce to help get projects off the ground. By Nicholas Bliss of Freshfields, London

  • Italian Futures Market faces privatization

    The law implementing the Investment Services Directive in Italy will have an additional impact on MIF, the Italian Futures Market – it will be privatized. By Piero Salera of Pavia e Ansaldo, Rome

  • Japan gives green light to employee share options

    A major reform of Japanese regulations, allowing companies to award share options to directors, moves regulation closer into line with the US and Europe. By Junko Mori of Asahi Law Offices, Tokyo

  • The Netherlands gives securitization a double boost

    The Dutch Supreme Court recently confirmed parties’ freedom to determine the choice of law in an assignment of receivables. In conjunction with new rules on SPVs, the result is a likely boom in Dutch securitization. By Piet-Hein de Jager of Loeff Claeys Verbeke, Amsterdam

  • Invigorating message

    Franz Nauschnigg, capital markets adviser to the Austrian minister of finance, talks to Graham Field

  • Rocky road to a liberalized Japanese legal market

    The short-term prospects for foreign lawyers in the Japanese legal market are addressed in an official report due out this year. Rob Dwyer listens to both sides of an increasingly acrimonious debate about the place of international firms in a Japan undergoing its financial ‘big bang’

  • Korea’s legal culture begins to change

    The modest Korean legal market looks unlikely to have to face competition from abroad just yet, despite the government’s public commitment to globalizing the economy. Nick Ferguson reports

News analysis

International briefings