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In light of a series of judgements for increased damages endorsed by the Supreme Court, Yoshinori Ono of Nishimura & Asahi offers an introduction to the position and responsibilities of directors under the Companies Act

The past 12 months have been a struggle for most markets, and Japan's has not escaped. In August, the government unveiled a ¥11,500 billion ($105.8 billion) programme to stimulate the flagging economy, a move the government reinforced in October by easing restrictions on share buybacks. Until the end of 2008, companies are allowed to buy 100% of their stock in one day, rather than 25% of the average trading volume calculated over the previous four weeks.

From 1998 to 2000, the Corporate Restructuring Committee (CORC), an organisation established by 205 financial institutions pursuant to the Financial Institutions Arrangement for Facilitating Corporate Restructuring, aggressively pursued and conducted corporate restructuring in Korea (workouts), while the Financial Supervisory Commission supervised workouts of financial institutions. Upon the dissolution of the CORC in 2001, the principal creditor banks of the workout companies took the lead in corporate restructuring pursuant to the Corporate Restructuring Promotion Act (CRPA).

2008 has clearly been very different to other years for law firms' M&A departments. A new fact has arisen to frustrate parties to big investments and important M&A transactions in a variety of economic sectors. In fact, regarding international acquisition bids, many transactions have collapsed even after the issuance of binding offers. This is mainly due to the inability of potential investors to raise funds.

The Dutch Authority for the Financial Markets (AFM) announced on September 21 2008 a prohibition on short selling, as well as a request to disclose certain short positions to the AFM with regard to specific financial undertakings. Initially, only naked short selling was prohibited. As of October 5 2008, covered short selling also became subject to this ban.

Malaysia's market regulator, the Securities Commission (SC), along with the Central Bank, known as Bank Negara Malaysia (BNM), recently introduced a host of measures seeking to add both depth and variety to the Malaysian debt capital markets.

Effective on January 1 2009, a new Law on Personal Income Tax (New PIT law) for the Federation of Bosnia and Herzegovina (FBiH) was adopted in April 2008. The New PIT Law will have a direct impact on the taxation of personal income in the FBiH and an indirect impact on labour regulations.

The Commission needs to be stronger

It may even violate the German constitution

Better application of existing regulation instead