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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.

In our last column (Tax disputes, IFLR December 2007) we discussed the battle brewing over the US federal income tax treatment of exchange-traded notes (ETNs). Since then the US Internal Revenue Service (IRS) and the US Treasury Department have published Revenue Ruling 2008-1 and Notice 2008-2 and new legislation has been introduced in the US House of Representatives by Congressman Neal, all addressing the US federal income tax treatment of certain ETNs. As discussed in our previous column, most ETNs are treated as prepaid forward contracts rather than debt instruments under law. As such, investors generally adopt wait-and-see taxation – that is, they do not report income or gains until the ETNs are sold.

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.

Governmental securities (G-Securities) are issued in book entry form and are transferable. Every transfer of property from the owner of the G-Securities to the purchaser must be registered, for the transfer to take effect.

Luxembourg law firm Bonn Schmitt Steichen won the IFLR national team of the year award for its country last night

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.

JSM (now known as Mayer Brown JSM in Asia), one of Asia's oldest and largest law firms, won IFLR's regional and Hong Kong firm of the year awards for 2008.

"Canada may outpace the US" Bank of Montreal's covered bond programme, established last month, shows that new regulation is spurring a trend in Canada.

Australia sets a precedent for the world

How to finance a clean development project in China, including tips on dealing with vague and discretionary legislation