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UK only shortens subscription periods

Regarding public-private partnership (PPP) practice in Slovakia, the previous year was significant for the launch or continuation of tender procedures on the basis of which the state has been seeking to involve the private sector in the financing of large infrastructure projects for the first time. This was in line with the government's plans to speed up the process of construction of the highway infrastructure by way of PPP. More specifically, the subject matter of these tenders is the procurement of construction, operation and maintenance of highways and an electronic toll system for lorries weighing more than 3.5 tonnes.

On January 5 2009, the Financial Services Commission (FSC) released a draft regulation (amended regulation), which will replace the current Regulation on Securities Issuance and Disclosure (current regulation) in its entirety. It is scheduled to become effective on the effective date (February 4 2009) of the Capital Market and Financial Investment Business Act (Capital Market Act), following a 20-day public review period and a review by the Ministry of Legislation. As such, the current draft of the amended regulation is subject to changes.

The present international crisis of the economic, financial and banking system has urged the Italian legislator to come up against the crisis through the adoption of new provisions in favour of banks.

The need to improve borrowers' rights when a lender defaults has been shown up by the credit crisis. Syndicates should consider these reforms in their next deal

The Caribbean Financial Action Task Force (CFATF) has published a mutual evaluation report on the British Virgin Islands' anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

The Second Circuit Court of Appeals has ruled that US securities laws have no extraterritorial application to a foreign corporation

The acquisition of British Energy featured unique CVRs that could be a model for future deals in uncertain markets

The Banking (Special Provisions) Act 2008, introduced by the UK government to save Northern Rock, expires this month. Its successor will establish the UK's first long-term legislative regime to deal with failing banks. The process of amendment and finalisation of the Bill will be "horribly complex" according to one financial services partner, as the existing emergency legislation shows no recognition of events since Northern Rock.

Product transparency will place the Markets in Financial Instruments Directive (Mifid) firmly back under scrutiny. The credit crunch has shown that bankers (and private investors) were buying products that they simply did not understand.