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By Takuya Eguchi and Takeshi Komatsu Mori Hamada & Matsumoto

As we have previously discussed in this column, in September 2008 the US Senate Permanent Subcommittee on Investigations released a report entitled Dividend Tax Abuse: How Offshore Entities Dodge Taxes on US Stock Dividends. The report describes a range of transactions allegedly employed by financial institutions aimed at enabling non-US clients to avoid US withholding taxes on dividends paid with respect to US equities. Such dividends, if paid to a non-US person, are generally subject to a 30% US withholding tax since they are US sourced. As described in the report, US withholding taxes on dividends are allegedly avoided through the use of, among other financial arrangements, equity swaps.

Historically, restructurings performed before Romanian courts have been inefficient due to lengthy and complicated court procedures. Only 1.5% of restructurings performed through the court are completed successfully. The rest end in bankruptcy.

In December 2009, the Tokyo Stock Exchange (TSE) announced an amendment to its rules regarding stock acquisition rights (SARs) abolishing the requirement under the Implementation Rules for the TSE Listing Standard that one share must be issued when a listed stock acquisition right is exercised. This amendment, which effectuates a part of the Listing System Improvement Action Plan 2009 published by the TSE, is intended to promote the use of rights issues as an alternative to public offerings of shares.

Mauricio Salas, BLP Abogados The securities regulator of Costa Rica, the Superintendencia General de Valores (Sugval) is drafting new rules for venture capital funds, in an effort to bolster financing of entrepreneurial transactions. Several funds operate in Costa Rica on a private basis. Public offering of funds has not been authorised by the regulator so far, despite being expressly authorised by statute in Costa Rica's Ley Reguladora del Mercado de Valores.

On December 15 2009, the Brazilian government enacted Provisional Measure 472. Among other things, it created two new financial instruments for the long term funding of financial institutions, the Financial Bill (Letra Financeira) and the Structured Transactions Certificate (Certificado de Operações Estruturadas).

The head of the SFC stands by his position on family-owned companies and Rusal’s listing. But there’s shouting in the lobby

The details of Nortel’s auctions, including an unusual two-step procedure

Synchronised trading has reached such levels in India that bankers’ counsel are worried about market misconduct cases being brought by the country’s regulator, IFLR can reveal.

Chinese banks and corporates are challenging collateral requirements demanded by foreign counterparties. Foreign banks need to reconsider their approach if they want to develop their China desk.