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Mark-Oliver Baumgarten, Philippe Borens and Olivier Alber of Schellenberg Wittmer highlight the latest developments of the Swiss derivatives market regulation and practice

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

René Bösch and Daniel Haeberli of Homburger outline the Swiss Exchange's response to the EU's Prospectus and Transparency Directives - a listing regime that rivals the EU regulated markets

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

The House of Lords has ruled in the Elektrim bondholder litigation that the trustee to the deal must accelerate debt if asked to do so by bondholders, but should not be liable for the results if the acceleration is shown to be invalid. By Daniel Whitehead

Bondholder demands for better protection have crystallized after recent deals showing the value of covenants and the potential losses on covenant-free bonds. By Matthew Hartley and Cuthbert Kendall

The Market Abuse Directive is being implemented in Greece by Law 3340/2005 on the protection of the capital market from abuse of privileged information and market manipulation. For the purposes of the Law, market abuse means abuse of privileged information and market manipulation. The Law applies to actions or omissions that take place:

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 Finnish takeover regime, with its unusually high threshold of two-thirds for mandatory bids, has for a long time stood out as an exception from the takeover regimes of other European jurisdictions. In connection with the upcoming implementation of the EU Takeover Directive, Finland is lowering the mandatory bid threshold and modernizing its current regime.