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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

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

Jörg A Witmer of Walder Wyss & Partners takes a look at Switzerland’s book-entry securities law project

A set of agreements between Switzerland and the EU will have a positive effect for those doing business in the country. Michael Nordin, Madeleine Simonek, Pietro Sansonetti and Joëlle Zumoffen Fruttero of Schellenberg Wittmer explain

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

The ownership restrictions imposed on citizens of the Gulf Cooperation Council countries (GCC) other than Saudi Arabia (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates) with respect to the shares of Saudi Arabian public joint-stock companies are to be removed. An April 5 article in the Arab News stated that a Cabinet meeting of the Council of Ministers approved the change. The new Capital Markets Authority (CMA) will receive instructions to implement the change, in coordination with other government authorities.

The Cayman Islands will be implementing measures equivalent to the EUSD (the EU Savings Directive) by way of bilateral agreements with each of the EU member states. Legislation implementing the provisions contained in the model agreement will be put into place for July 1 2005, which is the Directive's implementation date. The Cayman legislation requires a report to be made on interest payments if certain tests are met.

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.

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

Cablecom's recent refinancing extended light covenant packages to bank debt, a first for the European market. By Michael Evans