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How project finance investors should protect themselves against politics in Latin America

This checklist summarizes the non-financial disclosures required by Forms F-1, F-3 and Form 20-F (when used either as a registration statement or an annual report). Issuers eligible to use Form F-3 are generally permitted to incorporate much of this non-financial information by reference to the issuer's annual report on Form 20-F. In addition, certain non-IPO issuers may incorporate this information into Form F-1.

US Investment Company Act of 1940 The Investment Company Act and the SEC's rules and regulations thereunder establish a comprehensive set of registration and reporting requirements for investment companies. The Investment Company Act's definition of "investment company" is broad. As a result, foreign private issuers that view themselves as operating companies rather than investment companies can nevertheless trigger the Investment Company Act.

As a general matter, there is no duty under the US federal securities laws to disclose material information unless an applicable rule or regulation specifically requires disclosure.[816] A foreign private issuer's duty to disclose may arise in situations such as:

Tender offers, exchange offers and business combinations involving a non-US target with US securities holders potentially trigger a variety of provisions of the US federal securities laws.[696] Depending principally on the level of US ownership of the target, certain exemptions from this regulatory scheme (known as the Tier I and Tier II exemptions) may be available.[697] We summarize below the requirements and scope of the Tier I and Tier II exemptions, as well as the related exemption from Rule 14e-5.

The regime governing communications during public securities offerings in the US Section 5(c) of the Securities Act prohibits all "offers", in whatever form, prior to the filing of a registration statement. The term offer is interpreted broadly.

On June 29 2006, the National Assembly passed the Law on Real Estate Businesses, which then came into force on January 1 2007.

In order to transpose and implement Directive 2006/48/EC from the European Parliament and Council relating to credit institutions, and Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, the Romanian government issued Ordinance 99/2006 on credit institutions and capital adequacy (GO 99/2006), which entered into force on January 1 2007.

In an effort to address growing multiple debt problems in Japan; namely, social problems arising from increasing numbers of individuals owing money to multiple moneylenders, an amendment to the Money Lending Business Control and Regulation Law was passed by the Diet on December 13 2006 (Money Lending Amendments, Law 115 of 2006). The majority of the provisions will come into effect by December 19 2007. The Money Lending Amendments target not only the Money Lending Business Control and Regulation Law (which will be known as the Money Lending Business Law (MLBL) following the effective date of the Money Lending Amendments) but also the Law Concerning the Regulation of Receiving of Capital Subscription, Deposits and Interest on Deposits (LCRR), the Interest Control Law (ICL), and other laws concerning money lending businesses.

This is an overview of the Indonesian Constitutional Court's Judgment of Case No 024/PUU-I/2003, which looks like concluding that the Money Laundering Act remains constitutional.