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A working group appointed by the Finnish Ministry of Finance recently published a report suggesting changes to Finnish law on prospectus liability. The report characterizes the existing legal situation as unclear and unsatisfactory, and calls for legislative reform to be undertaken on the basis of the general conclusions set out in the report.

Many articles have presented the importance and contribution of Cyprus to the international business sector. By contrast this article highlights the importance of the international business sector to Cyprus. The international business sector has become a vital contributor to Cyprus's economy over the past few years and its importance has recently increased further, for the following reasons.

Questions persist over the future of Basel II in the US as regulators delay implementation plans. Ben Maiden reports

A new bond programme offers investors the chance to buy into trade finance loans for the first time. By Michael Evans

Failure to achieve a state of reliable data means that:

Investigations The competent competition authority can inspect an undertaking's premises (during working hours), and documents and accounting books, which can also be sealed or seized for up to 72 hours. The representatives or employees of an undertaking may also be asked about facts or documents related to the case under investigation. With court authorization, the Authority may even enter the private premises of administrators, managers, directors, or employees.

Ben Maiden reports on the continuing debate over the NYSE's regulatory arm

Ben Maiden reports on the increasing number of private practitioners in the US going to work for clients, and not always as lawyers

Paul Hastings promoted real-estate specialist Mark Brooks to of counsel in the firm's Hong Kong office. Brooks, a New York qualified lawyer, is part of a team of over 20 real estate lawyers in Asia. He has practised in Tokyo, representing foreign-backed lenders and borrowers in connection with securitized financings of commercial projects.

David Wilson, OSC David Brown, Davies Ward David Wilson took office as the new head of the Ontario Securities Commission (OSC), the most influential financial regulator in Canada. Wilson began work on November 1 at the start of a five-year term. Before chairing the OSC, Wilson was vice chairman of the Bank of Nova Scotia and chairman and chief executive of Scotia Capital. He took over from David Brown, who had led the OSC since 1998. Brown rejoined Davies Ward Phillips & Vineberg this month as counsel, having been a senior partner with the firm before moving to the OSC. His experience as a lawyer includes corporate finance, restructurings and mergers and acquisitions. During his time at the OSC, Brown took a leading role in pushing for greater uniformity of securities rules and for the creation of a national regulator to replace the 13 existing provincial and territorial authorities.