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The stock exchange needs to be vigilant with foreign listings

ENI in-house goes to Norton Rose The Italian office of Norton Rose has appointed Luigi Franco (right) as of counsel in Rome. Franco was previously in-house counsel at ENI Group for 15 years. Franco works in energy and infrastructure, and specialises in company law, real estate and arbitration. His work at ENI also covered domestic and international commercial activities of the group and he acted as general counsel to Snamprogetti SpA, ENI's engineering and infrastructure arm.

The US courts have blundered over recent Pipe cases. The SEC has been unable to help

More regulation is needed in China to reverse the decline in stock market prices

Acquisition agreements need plain termination options with set fees

Earlier this year the IRS issued a technical advice memorandum (TAM 200807015) disallowing foreign tax credits claimed by a US bank in a structured foreign tax credit transaction. A TAM is guidance provided by the Office of Chief Counsel upon request of an IRS director. It represents a final determination of the position of the IRS with respect to the specific issue on which the TAM is issued. Generally, a request for a TAM stems from an examination of a taxpayer's return or a consideration of a taxpayer's claim for a refund or credit. This TAM marks the first concrete evidence that the IRS is coming good on its promise to attack structured foreign tax credit transactions when it finds them.

The Swedish Financial Supervisory Authority (SFSA, Finansinspektionen in Swedish) has presented a proposal for the Authority to adopt a new principle-based approach in respect of its supervision of the Swedish financial market and its adoption of regulations.

Takeover opportunities could diminish

In June 2003 the Financial Action Task Force on Money Laundering (FATF) passed 40 revised recommendations, including nine special recommendations following the 9/11 disaster. Currently the Swiss Parliament oversees the implementation of the FATF recommendations into Swiss law. The revised provisions mainly concentrate on the following measures.

Italy's minority shareholder rights have been clarified. This may lead to more disputes though