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While Greece missed the July 1 implementation deadline, a first draft bill for implementing the Prospectus Directive (PD) into Greek law was published in mid-July. Following a two-month consultation period with market participants, the bill was then presented to the Hellenic parliament in early September and approved on September 28 2005. The new law (Law 3401/2005) came into force on October 17 2005, following publication in the government gazette, repealing the pre-existing legal framework. Since the PD is a maximum harmonization directive, the Greek implementing law closely follows the wording of the Directive.

The Brazilian Securities Commission (CVM) has recently issued its interpretation regarding trades with foreign securities and offerings of the same to Brazilian residents. The interpretation establishes certain restrictions applicable to activities that might configure intermediation in Brazil with securities admitted to trade only in jurisdictions outside Brazil.

James Rice reveals the locations of choice for law firm expansion and looks at the business reasons underpinning firms' growth strategies

In, AIG Capital Partners v Kazakhstan (October 2005), AIG attempted to proceed against the Kazakh Central Bank's (NBK) assets (consisting of cash accounts and securities) held by a London custodian (AAMGS) in an enforcement action of an arbitral award made in its favour against the Republic of Kazakhstan (RoK).

Failure to achieve a state of reliable data means that:

Proposed reform of UK company law would widen directors' responsibilities and the basis on which investors can sue on the company's behalf. But will the changes leave directors exposed to more litigation? James Rice reports

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

Italy's parliament is discussing a law to boost investor protection. But the market needs tougher internal corporate controls more than it needs extra laws, says ex-Parmalat counsel Bruno Cova. By Daniel Andrews

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.

London's market for growth stocks is attracting more international issuers, thanks to light regulation and low costs. Now US companies are taking notice. By Kenneth R Lamb, Judith L Shepherd, Justin K McAnaney and Oliver P s'Jacob