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No precedent in a Nigerian scam case

The Cayman Islands exempted company continues to play an integral role in the Japanese structured finance market after the introduction of the godo kaisha. John Rogers of Walkers and Skip Hashimoto of Walkers SPV Limited explain

Shareholder equality

Akimitsu Kamori of Blakemore & Mitsuki analyses the Dowa Model and outlines measures to enforce takeover defences

Softbank's ¥1.28 trillion in acquisition finance for its takeover of Vodafone's Japan operations proves that large acquisition finance transactions can be structured under Japanese law, say Naoaki Eguchi and David Deck of Baker & McKenzie GJBJ Tokyo Aoyama Aoki Law Office

Securities law

The acquisition of a qualifying direct or indirect holding in a Czech bank, representing more than 20% of the bank's capital or voting rights, requires the approval of the Czech National Bank (CNB), the Czech financial market supervisory body. On April 1 2006, a new CNB decree was introduced, stipulating the essential elements of applications and notifications to CNB.

Recent revisions to the large shareholdings reporting system have introduced more frequent and stringent disclosure requirements for investors. The revised Securities and Exchange Law (SEL), its enforcement order and the cabinet ordinance with respect to this system came into effect, with some exceptions, on December 13 2006.

Confidence in lending and borrowing in Albania has increased since the collapse of pyramid schemes, and legislative steps are now being taken to expand modern financial services. A recent example is the legislation that provides for financial leases. Before 2005, a licence to carry out financial leasing activity could only be obtained from the Bank of Albania (the Albanian central bank), which placed strict and demanding rules in its supervision and issuing of licences. In 2005 Law 9396 On financial leases was enacted. This legislative measure sought to impose fewer barriers in the licensing system and supervision for companies wishing to venture into financial leasing. Although a modest step towards building a modern legal framework in finance, it is a good start.

A new legal market