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Article 1, Paragraph 68 of Law 311 of December 30 2004 (the 2005 financial law) regulates for the first time recourse by local authorities to lines of credit.

The Greek parliament recently approved Law 3310/2005 on measures to secure transparency and to prevent circumvention upon conclusion of public contracts, which applies to the procedure for the conclusion and performance of public contracts and is known as the Law on Substantial Shareholders. A substantial shareholder for the purposes of the Law is any natural person or legal entity, that: (a) holds 1% of the company's share capital or voting rights; (b) irrespective of its holdings, belongs to the 10 greater shareholders of a company because of its participation in the company's share capital or the number of voting rights that it holds; (c) is entitled to appoint or recall one member of the board of directors; (d) has concluded, either directly or indirectly, contracts with the company that yield income greater that one tenth of the company's gross income in the previous fiscal year.

Since January 1 2004 it has been possible to establish hedge funds in Denmark in the form of an "other collective investment scheme" pursuant to chapter 17 the Danish Investment Associations and Special-Purpose Associations as well as other Collective Investment Schemes Act (the IAA).

On March 4 2005, the National Monetary Council (CMN) enacted Resolution 3,265/2005, unifying, effective as of March 14 2005, the two existing foreign exchange markets: the commercial rate exchange market (the commercial market) and the floating rate exchange market (the floating market).

The securities industry will gain a more effective voice when three of its main trade associations combine later this year, and well that voice is needed.

To encourage mergers and acquisitions and the restructuring of companies in Turkey, certain tax advantages to the merging companies have been regulated under the relevant tax regulations. After the banking crisis in 2001, in an attempt to encourage the restructuring of the banking system and strengthen the financial structure of the banks, the Banking Regulation and Supervision Agency (BRSA) has set out certain benefits in its regulations for merging banks under the Regulation on the Merger and Acquisition of Banks.

Equity capital markets

An SEC enforcement action has reminded issuers that repeating themselves could be costly. Ben Maiden reports

European companies have been lobbying for it, but should they really deregister if the SEC liberalizes its rules, asks Andrew Bernstein

Ben Maiden talks to Ed Greene of Citigroup about the challenges of gatekeeping at the world's largest bank