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  • On June 1 2009 the firewall regulations for banks, securities firms and insurance companies will be revised when an amendment to the Financial Instruments and Exchange Act (FIEA) takes effect. This amendment marks a change in the Japanese government's approach to regulating the management of financial institutions, as it reduces the current restrictions and relies more on industry self-regulation, a move which is expected to make Japanese financial institutions more competitive.
  • The Penalty Clause is a commonly used provision in both civil and commercial agreements. As the doctrine defines it, the Penalty Clause is "the accessory agreement permitting the parties to establish in advance the damages to which a creditor will be entitled in case of non-performance, delay in performance, or improper performance by the debtor of its contractual obligations". The Penalty Clause is regulated by the provisions of the Romanian Civil Code under articles 1066-1072 and 1087.
  • Article 76 of Royal Decree 267 of March 16 1942, as subsequently amended and supplemented (the Bankruptcy Law), provides that stock exchange contracts expiring after the declaration of bankruptcy of one of the contracting parties are terminated on the date of declaration of bankruptcy.
  • Directive 2007/36/EC on the exercise of certain rights of shareholders in listed companies must be implemented in Europe by August 3 2009. The Austrian Stock Corporation Amendment Act 2009 (ARÄG 2009) is scheduled to enter into force on August 1. It contains significant changes to the Stock Corporation Act (the AktG). This article summarises the core provisions.
  • This is distressed M&A today: more Mac clauses, completion accounts and warranties. No longer timetables though
  • An unexpected law change on public takeovers has affected new deals. There are a few ways to address the impact though
  • China's derivative market has a new master agreement, but regulators are urging caution. The government has reminded state-owned enterprises (SOEs) that derivatives are for hedging risk, not speculating for return.
  • The new body would have to be in London to be credible EU-backed proposals for a single regulator of credit rating agencies (CRAs) make the best of a bad situation, but fall short of providing a long-term solution.
  • Following the prohibition of PCCW’s attempted privatisation in Hong Kong last week, talk is turning to schemes of arrangement – and essential reforms
  • China has published its long-awaited guidelines on market abuse. But while a welcome display of transparency, the draft rules could be clearer