Search results for

Under the liberalized External Commercial Borrowings Guidelines, Indian corporates may avail external commercial borrowings (ECB) of up to $250 million, with an average maturity of more than 10 years, with the requisite government approval during a financial year. This is in addition to the existing ECB limit of $500 million under the automatic route (that is, without government approval), with an average maturity of five years.

Directive 2004/39/EC on markets in financial instruments (Mifid) introduces a comprehensive regulatory regime to ensure a high quality of investor transactions and represents a framework measure designed to improve the regulation of securities markets. The Mifid amends Directives 85/611/EEC, 93/6/EC and 2000/12/EC, and repeals Directive 93/22/EEC. It will come in effect starting November 1 2007.

The new Panel on Takeovers and Mergers (the Takeover Panel), operating under Finland's Central Chamber of Commerce, began its work in September 2006. The Takeover Panel consists of independent and neutral experts chosen by the board of the Central Chamber of Commerce, and is chaired by professor Matti J Sillanpää. It was established after the implementation of the Takeover Directive (2004/25/EC), amending the Chamber of Commerce Act and the Finnish Securities Market Act.

A comprehensive regulatory framework for the execution of transactions on behalf of investors by stock markets, alternative trading systems and investment firms has been established under Directive 2004/39/EC of the European Parliament and of the Council on Markets in Financial Instruments (the Mifid) and Directive 2000/12/EC of the European Parliament. A single passport for investment firms, banks and stock markets has been created that enables these institutions to offer their services on a cross-border basis throughout Europe on the strength of home-country authorization, granted on the basis of uniform criteria in all member states.

The PRC Enterprise Income Tax Law was passed by the PRC National People's Congress on March 16 2007 and will enter into effect on January 1 2008.

The New Basel Capital Accord, or Basel II, has been implemented into Czech law by amendments to several acts regulating the Czech financial market, effective as of July 1 2007. The Czech National Bank, as the regulator, has published the detailed implementing regulations. The Czech Republic has missed the implementation deadline by six months.

European Directive 2003/71/EC, regulating the prospectus that must be published in public offerings of financial instruments, was recently implemented in Italy through Legislative Decree 51 of March 28 2007.

What every public company should know about disclosing results

The DIFC regulates hedge funds without cramping their style

An introductory guide to the risks foreign banks face