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Section 7(3) of the Danish Financial Business Act provides as a general rule that credit and saving institutions, which are subject to a licence requirement, have an exclusive right to receive deposits and other repayable funds from the public. (The Act implements Article 3 of the Credit Institution Directive 2000/12/EC (now replaced by Article 5 of Directive 2006/48/EC) into Danish law.)

Why so many Cayman Islands and BVI companies are joining Aim to invest in emerging markets

To understand how finance in the Middle East is changing, you need to be aware of three different factors: the groundbreaking deals, the transactional trends and the firms at the forefront of both. This issue of IFLR presents analysis of all three.

In Swiss private banking, trust services and trusts have been offered and administered for decades, but the concept of trusts is almost unknown in Swiss law. As Switzerland is a civil law jurisdiction, for historical reasons, Swiss legislation does not provide for statutory provisions governing trusts. This always left uncertainty in Swiss legal practice, as well as in the Swiss trust industry, on issues such as the recognition of trusts and the law they are governed by, the enforcement of foreign judgments and the separation of assets in the event of a trustee's bankruptcy.

Without regulation allowing covered bonds, Australian banks may become less competitive

Legislative Decree 163 of April 12 2006 (the Decree) on public contracts for works, services and supplies pursuant to Directives 2001/17/EC and 2004/18/EC entered into force on July 2 2006, replacing Legislative Decree 157/1995 and some other related items of law.

Implementation of the Prospectus Directive into Slovak law has made public offerings in Slovakia that are based on EU harmonized legislation possible. Public offers of securities in the Slovak Republic can now be drawn from a prospectus approved by the competent authority of another member state once the passporting had been successfully completed.

Size of in-house teams and the percentage who expect to grow over the next year UK law firms look set to suffer a blow to the level of work they receive from in-house legal departments. More than half (58%) of the FTSE 350 in-house legal teams surveyed in a report by accountancy firm Grant Thornton plan on increasing the size of their departments over the next 12 months. As a result of this growth, in-house counsel intend to further develop their specialist knowledge, forcing legal firms to adapt to a changing marketplace.

The Law on Investment Funds (the Law) was signed into law on May 30 2006. It recognizes three types of investment funds: open-ended, closed-ended and private. Open-ended investment funds raise funds by issuing investment units, while closed-ended funds issue shares in the form of a public offer. Participants in private investment funds hold their stakes in the form of ownership interests.

Recent rulings have failed to resolve the divide among US courts over applying the Central Bank ruling