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In May 2003, the Indonesian Capital Market Supervisory Board (Bapepam) decreed that all securities companies must increase their adjusted net working capital to at least Rp25 billion ($2.74 million) by December 31 2004. Only companies with an investment manager licence and certain types of broker-dealer were exempt. The announcement was issued by the chairman through Decree 20 of May 8 2003.

On January 12 2005, the government repealed the contentious Press Note 18 (PN 18) dealing with foreign financial or technical collaboration under the automatic approval route.

Changes are proposed to Jersey's companies and bankruptcy laws to introduce protected cell companies (PCCs) into Jersey law and to streamline local solvency test provisions. The Economic Development Committee of the Island of Jersey, a leading offshore finance centre, has issued a consultation paper on the proposed amendments.

For years lawyers in The Netherlands have pondered whether a creditor has the option of seizing the unused portion of a line of credit that the creditor's debtor maintains with its bank. It all started in 2001 with the decision of the German Supreme Court (Bundesgerichtshof) dated March 29 2003 answering the question in the affirmative. Almost instantly it was said that the outcome of a Netherlands seizure on the unused portion of a line of credit with a Netherlands bank could be identical or similar to the German conclusion. So all eyes were on the Supreme Court of The Netherlands (Hoge Raad der Nederlanden) as the most senior court to settle the matter, which it duly did in a ruling handed down on October 29 2004.

Saudi Arabia has set up a new regulatory regime for registering interests in real property and related transactions. The Law for Registration of Real Property (the Law) was published on May 18 2002 and became effective one year later. Currently, interests in real property and related transactions (for example, transfers of ownership, mortgages, the creation of Waqfs (similar to the Western concept of trusts) with respect to real property and bequeathing real property through wills) are registered with notaries in special registers maintained for this purpose. Under the Law, new real property registers (the Registers) will be set up jointly by the Ministry of Municipalities and Rural Affairs and the Ministry of Justice. The Registers will be maintained and administrated the Department of Real Property Registration, a department of the Ministry of Justice. The Law requires all real property interests and transactions to be recorded in the Register, failing which no real property interest or transaction will have legal effect as to third parties. The Law further provides that lease agreements with terms exceeding five years will not be effective as to third parties for the period exceeding the first five years of the lease term unless they are recorded in the Registers.

IFLR is pleased to announce the short-listed deals and law firms for the magazine's sixth annual European awards

The BVI Business Companies Act (the Act) came into force on January 1 2005. Unlike the International Business Companies Act (the IBC Act), this single statute allows for the incorporation of international offshore companies as well as locally owned companies doing business in the BVI. For a two-year transition period, both the IBC Act and the new Act will be in force. After the two years, the new Act will be the sole corporate statue for the BVI and will regulate all BVI companies.

In a news story in the January issue of IFLR, it was wrongly reported that Linklaters advised Pemex on the Mexican company's recent perpetual bond issue. In fact Linklaters advised the underwriters and Cleary Gottlieb advised Pemex on the issue.

Boxclever: maintenance problems killed the deal German state-owned bank WestLB has finally rid itself of UK TV rental company Boxclever, almost two years after its securitization deal fell apart.

Richard Baumann examines some of the practical implications for counsel of the recent SEC securities offering reform proposals