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The extraterritoriality race is far from over The IBA's task force reported on its two-year extraterritoriality assignment at the IBA conference in Singapore last month. In October 2006, the Legal Practice Division, under the stewardship of division chair David Rivkin, established the task force, setting it a two-year mission to produce a White Paper and recommendations on extraterritorial jurisdiction. Delegates heard that while progress had been made they would have to wait for the group's final proposals.

Decree no 219/2006 of November 2 transposes the EU Takeover Directive and part of the EU Transparency Directive into Portuguese legislation. It has modified article 20 of the Portuguese Securities Code (PSC). The article establishes the set of situations where voting rights are attributable to a given entity, for the purpose of calculating qualified shareholdings (participações qualificadas) in publicly traded companies (sociedades abertas), including listed companies. This modification, reflected mainly in the insertion of new paragraphs 20.1.h and 20.4 of the PSC, extends the range of situations where a qualified shareholding is considered to exist. But when put into practice, some of these situations are somewhat bizarre.

A hole in the SEC's plan

ICMA says collateral gets an easy ride

First deal approved by rating agencies

War stories from IBA's general meeting

New securities law a success

Paul Browne, partner and head of Simmons & Simmons' financial markets group in Hong Kong and Charles Mayo, partner in the firms' China corporate group discuss the poll's key findings

On January 1 2007 the Law on Financial Instruments came into force. It is the first piece of Vietnamese legislation governing public securities issues (PSI). It covers equity, debt securities and some derivatives.

On October 11 2007, the Monetary Authority of Singapore (MAS) released a policy consultation paper on Amendments to the Securities and Futures Act (SFA), chapter 289 and the Financial Advisers Act (FAA), chapter 110. It also released the Draft Amendment Bills and Regulations for public comment and feedback.