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The Swiss Federal Banking Commission (SFBC) estimates that about 150 foreign exchange (forex) traders are registered as financial intermediaries in Switzerland, who have not been subject to regulation under Swiss banking and finance legislation. In particular forex traders managing accounts for more than 20 individual clients did not fall under SFBC supervision in the past, as long as those accounts were not interest-bearing and were only used to execute customer orders.

Equity Latham & Watkins represented ReneSola in its initial public offering (IPO) on the New York Stock Exchange. ReneSola is a leading Chinese manufacturer of solar wafers. Shearman & Sterling advised the underwriters.

A recent amendment to the South African Companies Act has set structured financiers atwitter. The Corporate Laws Amendment Act 24 of 2006, which came in to effect on December 14 2007, has changed the South African corporate landscape. The amendment to section 38 in particular has opened the door to new structuring possibilities.

On December 14 2007, the fifth Protocol to the Canada-US Income Tax Convention (the Treaty) was ratified by Canada when Bill S-2 received royal assent. The US has yet to complete its ratification process and the Protocol will enter into force once it has been ratified by the US (and Canada has been notified). In addition, the draft legislation to amend the Income Tax Act (Canada) (the Tax Act) introduced by the Minister of Finance this past October (the Proposals) received royal assent on December 14 2007.

The electronic share certificate system in Japan will be implemented on January 5 2009 (the actual date will be confirmed by a Cabinet Office Ordinance) under the Law on Book-entry Transfer of Corporate Bonds, Stocks and Other Securities (shasai-kabushiki-tou-no-furikae-ni-kansuru-horitsu). Upon implementation, shareholders' rights in all listed companies will be recorded and managed electronically in transfer account books (furikae-kouzabo) by record-keeping organisations (kouza-kanri-kikan) such as banks and securities companies. Also, all trades and other transactions involving shares will be conducted through trading accounts opened in the name of individual shareholders.

Chinese counsel seem locked in a game of Fischer's Rules chess. This alternative version of the game, invented by precocious champion Bobby Fisher, switched all the major chess pieces around randomly. He was tired of players memorising opening moves, and wanted to test how good players were if they didn't know where they were starting from. Which is exactly the position of Chinese companies trying to buy overseas.

Linklaters won international law firm of the year last night, at IFLR's annual Asia awards in Hong Kong. The firm also won debt and equity-linked team of the year and securitisation team of the year as well as being involved on two winning deals.

Linklaters won international law firm of the year at last night's IFLR European awards at the Dorchester in London

While the UK Financial Services Authority's (FSA) discussion paper on listing in London may have laudable objectives, counsel worry that there may be unintentional consequences.

Banks' lawyers fight the front office