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Germany's implementation of the Directive will simplify the country's securities offering regime, but also brings some extra burdens for issuers. By Walburga Kullmann

Greek issuers are still waiting to see the government's legislative proposals to implement the Directive. By Michael Tsibris

The foundations of the capital markets in Turkey were laid down during the 1980s but, since then, the development of the capital markets in Turkey has not been entirely satisfactorily for a variety of reasons. Macroeconomic and political inconsistencies, the shadow economy, high domestic debt stocks and interest rates obstructed the development of fully fledged capital markets with sufficient depth. The market also suffered from more specific securities problems, such as lack of a corporate and individual investor platform and lack of diversity in the capital market instruments.

To ensure Indonesia's commercial banks maintain their stability and viability in the rapidly developing global banking market, they have been required to minimize potential losses they might incur when they lend money to bad debtors. Banks must be prudent when determining the creditworthiness of borrowers, and funds should only be provided once the bank has satisfied itself as to the quality of the borrower and its assets.

On April 5 2005, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 05/176 establishing, for the benefit of undertakings for collective investment in transferable securities (Ucits), the lines of conduct for using financial derivative instruments. This Circular implements in Luxembourg the principles of Recommendation 2004/383/EC of the Commission of April 27 2004 on the use of financial derivative instruments for Ucits.

After a delay of several months, legislative changes implementing the EU Directive (2003/6/EC) on insider dealing and market manipulation (the Market Abuse Directive) entered into force on July 1 2005. The implementation of the Market Abuse Directive entails the following changes: (i) the introduction of non-monetary as well as monetary administrative sanctions for manipulative actions and use of inside information in cases where the prerequisites for criminal sanctions are not available; (ii) more detailed regulation on insider registers; (iii) extending the ongoing disclosure obligation to issuers that only have applied for listing of their securities; (iv) the introduction of rules allowing an issuer to delay public disclosure on its own responsibility under certain conditions; and (v) an obligation for securities intermediaries to report any suspicious security dealings to the Finnish Financial Supervision Authority (the FSA). And, lastly, the legislative changes will extend the supervisory and investigatory powers of the FSA by giving the FSA the right to obtain information and to conduct hearings in cases of suspected market abuse.

The SEC's report on Titan could stimulate securities litigation, but adding a simple clause to proxy statements should defuse the risk to companies. By David Bernstein

A recent court decision means financial institutions could face increasing tort action from money-laundering victims. And legislative changes put more professions in the line of fire. Marco Niedermann and Robin Grand of Niedermann Rechtsanwälte explain

Switzerland is levelling the financial sector’s playing field by assessing the lack of regulation regarding external asset managers. Daniel Stoll and Nicolas Schwarz of Thouvenin Rechtsanwälte outline the changes

Frank Gerhard of Homburger outlines the deal protection options available in Swiss takeovers