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Christian Temmel The Austrian Stock Exchange Act contains an authorisation for the Austrian Financial Markets Authority (Finanzmarktaufsichtsbehörde, or FMA) to enact a regulation by which the duties and obligations of issuers of financial instruments are specified with respect to the prevention of insider dealing and market manipulation. The FMA has made use of this authorisation and enacted in 2007 the so-called Issuers' Compliance Regulation.

Morrison & Foerster Address

On December 15 2011, the Dutch government released a bill to introduce a bank tax which is expected to enter into force in mid-2012. The stated objectives of the bank tax are to ensure that the banking sector contributes to the costs of stabilisation, to stimulate long-term financing and to discourage excessive bonuses for the board members of Dutch banks.

Chinonyelum Uwazie Since 2008, the Nigerian capital market has witnessed severe decline in the value and volume of shares traded on the stock exchange. While some attribute the decline to the unsavoury practices that trailed the previous administration of the exchange, others attribute it to the fallout of the global financial meltdown. Following the collapse of the market, the Nigerian Securities and Exchange Commission (SEC) made several reforms, including review of the law relating to share buy-backs in quoted companies.

The coming into force of the Competition Act 2010 on January 1 2012 ushers in a comprehensive competition regime in Malaysia. This new regime is expected to herald a paradigm shift in the way business is conducted in the country. Entrenched business practices that are seen to hinder competition will now come under close the scrutiny of the Malaysian Competition Commission (MyCC).

Nollaig Murphy Andrew Quinn Stephen McLoughlin

The banking industry in Central America has undergone important changes over the past five years. Well-known financial groups from North America, Canada, England and South America set their eyes on the region as an area that provided opportunities to develop banking and insurance practices. This led to significant acquisitions of financial institutions throughout the region, and in the case of El Salvador, represented the acquisition most (if not all) private banks.

David Liu Julie Cheng Since the implementation of its VAT regime and the supplemental turnover tax system which includes business tax in 1994, China has undergone continuous reform of these systems, which could be collectively labelled the turnover tax system.

Pemex’s listing of GDNs could pave the way for other sovereign issuers to increase local bond liquidity. Here’s how it was done

In its executive session held on December 19 2011, the Securities and Exchange Commission resolved to approve the Philippine Stock Exchange's Amended Rule on Minimum Public Ownership. The Amended Rule, which took effect on January 1 2012, was issued in response to the position of the Bureau of Internal Revenue on the tax treatment of sales, barters or exchanges of shares of stock of listed companies that do not satisfy the minimum public ownership requirement.