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In the interest of protecting investors, the Securities and Exchange Law (SEL) requires that information material to an investment decision be disclosed to the public. For example, in general, when companies offer or issue securities of more than ¥100 million (approximately $869,000), a securities registration statement (SRS) is required to be filed to the Local Finance Bureau (LFB) and made available for public inspection. Also, listed companies must disclose certain corporate information about their company in a report filed with the LFB on a semi-annual basis (annual securities report and semi-annual securities report). Currently, these disclosure documents are required to be filed and accessed online.

The most important aspect of the recent prosecution of Paul Davidson in the UK is that it clarifies market abuse as a criminal act, says Julian Connerty

Isda general counsel Kimberly Summe talks to Daniel Andrews about making the switch from private practice to an industry association

Rahail Ali was appointed the first global head of Islamic finance at Denton Wilde Sapte. Ali is a senior equity partner in the firm's Dubai office and previously worked on landmark deals such as the $3.5 billion Dubai Ports sukuk and the $550 million sukuk for Emirates.

Allen & Overy Shook Lin & Bok and White & Case advised on South East Asia's largest securitization to date. IndoCoal Exports issued $800 million in structured notes. Kenneth Aboud led the Allen & Overy Shook Lin & Bok team acting for Credit Suisse as arranger. White & Case acted for the originator Bumi Resources. Ali Budiardjo Nugroho Reksodiputro gave Indonesian law advice and Maples and Calder advised the securitization vehicle on Cayman Islands law.

The Financial Services Agency (the FSA) is considering revisions to the regulations concerning moneylenders, such as amendments to the Moneylending Business Law, to ensure greater borrower protection and more stringent regulation of moneylending activities.

On May 8 2006, the Danish Financial Supervisory Authority issued a new order for public tender offers in Denmark, effective from May 20 2006 – the deadline for implementing the EU Takeover Directive into national legislation. Some provisions from the Takeover Directive have been (or are purported to have been) implemented by earlier changes in the Danish Public Companies Act and the Securities Trading Act. The revision of the order also includes some non-Directive issues.

Critics fear that registering hedge fund managers won't safeguard investors or the economy. Ben Maiden reports

Despite a bill aimed at reform of financial assistance in the Netherlands, David Viëtor and Esther Schut say too much remains uncertain to encourage LBOs

Judith Shepherd will leave Gibson Dunn & Crutcher to join Barclays Bank as deputy general counsel in September. Shepherd will lead the corporate and commercial team as well as the litigation and disputes, human resources legal and banking products teams. She will report directly to general counsel Jeremy Ogden.