Search results for

The main legislation in Tanzania dealing with corporate governance is the Companies Act, Cap 212 (the CA) and the Capital Markets and Securities Act 1994.

In the June 2005 edition of IFLR, the bill implementing Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading was discussed.

In October 2003 Switzerland amended the Federal Penal Code (FPC) and enacted provisions exposing corporations to penal prosecution. With this step Switzerland took up the pace set by Anglo-Saxon and some European countries years ago.

True-sale securitization has recently become one of the most attractive ways to reform the financial system. For emerging markets such as those in south and eastern Europe, securitization can be seen as a tool for institutions to access financial markets directly. Securitization can also be regarded as an incentive for banks to become more efficient in order to offer the most competitive financial product.

The Parliament of Latvia recently passed a new law: On the declaration of cash on the state border. The new law will enter into force on July 1 2006.

The House of Lords' judgment in the Spectrum Plus case in summer 2005 marks an important landmark in settling a much-contested English common law position on book debts. Specifically, the case clarifies the requirement that a secured creditor must have control over a debtor's asset (in this case, the debtor's receivables) for it to have a fixed charge over that asset; and the conceding of control over the asset in question for use by the debtor in the ordinary course of its business is at best compatible only with a floating charge over that asset.

In the IMF letter of intent dated April 26 2005, the Turkish government undertook to introduce a new banking law that would improve the sector's supervisory and regulatory framework. Parliament first approved the new banks act on July 2 2005. Although president Sezer previously exercised his veto right against three provisions of the new act, the parliament passed it on October 20 2005 without any amendments.

On September 24 2005, the new Competition Protection Law (CPL) took effect in Serbia. While protecting market competition is an important goal, and anti-monopoly legislation has been long-awaited in Serbia, the law might unfortunately lead to investor uncertainty resulting in a backlog of deals that cannot be closed for lack of anti-monopoly clearance.

In 1999, Korea abolished the so-called positive list system and adopted the negative list system with respect to capital transactions, thereby regulating only such transactions as listed in the Foreign Exchange Transactions Law of Korea (FETL). Simultaneously, lawmakers passed a sunset provision requiring the advance approval of the Ministry of Finance and Economy (MOFE) or the Bank of Korea (BOK) for certain capital transactions (restricted transactions). That sunset provision will terminate on December 31 2005 and as a result, beginning on January 1 2006, MOFE (or BOK) approval requirements in respect of restricted transactions will automatically cease to be effective and be changed to reporting requirements.

Takeovers in Slovenia are regulated by the Slovenian Takeover Act (the STA, Zakon o prevzemih, Official Gazette RS No. 47/1997, 56/1999), which became effective on August 15 1997.