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The implementation of the Directive on Financial Collateral Arrangements in Spain has improved the legal framework for lenders. Gabriel Núñez and Juan Martín Perrotto explain

To meet the deadline for transposition of the EU Prospectus Directive, legislation aiming to implement the Directive into the 1995 Act on the Supervision of the Securities Trade (Wte 1995) was submitted to Dutch parliament in March 2005. A consultation document describing the necessary amendments to the 1995 Decree on the Supervision of the Securities Trade (Bte 1995) has also been published and a similar document for the Exemption Regulation relating to the Wte 1995 is expected shortly.

Europe’s overhaul of the way securities are traded must balance market efficiency with competition for trading between banks and stock exchanges. Peter Gomber and Jochen Seitz look at how new rules will do that

Dale Gabbert looks back over the history of Ucits legislation and argues for a more liberal approach when the European Commission carries out its promised review of the law later this year

As part of the changes to the capital markets in the EU, the rules that apply to public securities offerings on the EU regulated markets are about to change. From July 1 2005, Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (and amending Directive 2001/34/EC) will enter into force.

The first quarter of 2005 saw two public tender offers with substantial transaction volumes in Austria: Siemens' offer for VA Tech had a total transaction volume of €955 million and Österreichische Volksbanken-AG (ÖVAG)'s offer for Investkredit Bank AG had a total transaction volume of €750 million. In Siemens/VA Tech, a new offer condition was introduced during the offer term against a simultaneous waiver of other conditions and in ÖVAG/ Investkredit a voluntary starting offer was converted into a mandatory offer.

Over 180 capital markets professionals gathered in London last month for the second annual IFLR Capital Markets Forum. Those attending the two-day event included senior in-house lawyers from the leading international investment banks, issuers' counsel and the leading private practitioners in the fields of debt and equity securities.

Confusion over what constitutes a public offering could force some companies to comply with burdensome EU rules

Kyung Taek Jung, Joon Park, Weon Jung Kim and Yon Kyun Oh of Kim & Chang round up legislative changes over the past year that affect investors in Korea

As Europe enters the implementation stage of the Financial Services Action Plan the unintended consequences of regulation have become a leading concern among issuers, underwriters and their counsel.