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Andreas Moll Pursuant to a press release of February 3 2012, the Swiss Competition Commission (Comco) has received information regarding potentially unlawful cartel agreements among banks. Specifically, collusion between derivative traders might have influenced the Libor and Tibor reference interest rates. Furthermore, market conditions regarding derivative products based on these reference rates might also have been manipulated. The Commission has therefore opened an investigation against UBS and Credit Suisse, as well as more than 10 foreign institutions (Bank of Tokyo-Mitsubishi UFJ, Citigroup, Deutsche Bank, HSBC Holdings, JP Morgan Chase, Mizuho Financial Group, Rabobank Groep, Royal Bank of Scotland Group, Société Générale, and Sumitomo Mitsui Banking Corporation).

Turkey has ratified the Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment on March 29 2011, with effect from July 4 2011.

In the previous issue the author noted that due to particularities of Polish law (dating back to the beginning of the 20th century), securing of a multi-facility syndicated structure with Polish law governed security interests usually requires the use of special concepts such as parallel debt.

Ji Yeoun Kim The retirement pension plan in Korea first became available in 2005 after the passing of the Employee Retirement Benefit Security Act (ERBSA). At the time of introduction, adoption of the retirement pension plan was not obligatory and it could be determined with mutual agreement by the employer and the worker. The worker was free to choose a plan from among defined benefit (DB) plans under which the level of a worker's benefits is predetermined, or defined contribution (DC) plans under which the level of an employer's contribution is specified, and the worker retains the right to decide how the contribution should be managed.

Jeroen den Hamer Joost Volkers The Dutch statutory prohibition on financial assistance for Dutch private limited liability companies (BVs) prohibits a BV – and its (foreign) subsidiaries – from granting security, providing a price guarantee or otherwise supporting or binding itself jointly and severally with or for third parties for the purposes of the subscription or acquisition by others of its shares, or depository receipts thereof. It also prohibits a BV from providing loans for these purposes (acquisition loans), unless certain statutory requirements have been met.

Courage Isibor Shares relate to the proprietary interest that shareholders have in a company and are the basis for the existence of a relationship between a company and its shareholders. The significance of this interest is that it is the object through which the holders become members of a company, such that the issuance of a share certificate under the common seal to shareholders constitutes prima facie evidence of the title of the members to those shares (s.1 of the Companies and Allied Matters Act). This paper-based system, however, is fast becoming obsolete, as technological advances have resulted in a global preference for electronic mechanisms of recognising the ownership of shares.

Yoichi Maekawa The term Islamic banking refers to banking transactions that are made in compliance with the religious principles of Islam. For instance, Islam prohibits the imposition of interest obligations, and this raises unique issues with respect to lending arrangements and the issuance of debt instruments. In Japan, conventional bonds issued in accordance with the Companies Act generally provide the bondholder the right to receive interest payments on the amount invested or paid for the bond and, as such, do not comply with Islamic tenets.

On February 5 2012, India's insurance sector regulator, the Insurance Regulatory and Development Authority (Irda), released a discussion paper to assess whether the bundling of insurance cover should be continued.

Freddy Karyadi Oene Marseille Under Rule No IX.D.1 (Attachment to the Decree of the Chairman of Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK) No Kep-26/PM/2003, dated July 17 2003) on Pre-emptive Rights, each shareholder has a pre-emptive right upon any issuance of new shares of a public company. Such rights would enable the shareholders to purchase newly-issued securities, including shares, securities convertible into shares and warrants, before they are offered to other third parties.

The National Commission for Banks and Insurance Companies (Comisión Nacional de Bancos y Seguros, CNBS) is legally in charge of regulating and supervising banks, insurance companies and securities operations in Honduras.