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Extortive challenges to shareholders' resolutions might soon end, as Germany prepares a new stockholder law. Konstantin Günther and Barbara Roth explain why reform can't come soon enough

A decision of the Federal Supreme Court in 2003 (362/24 and 430/24) contains various rulings that will be of interest to banks. There is no binding system of precedent in the UAE, but it is likely that this decision will be considered in subsequent court proceedings.

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.

The UK's Takeover Panel is proposing to make buyers of equity derivatives disclose their holdings as a way to stop investors exerting hidden influence on mergers and acquisitions.

Clifford Chance in December advised mortgage bank HBOS on the UK's first covered bond programme backed by social housing loans.

The UK's market regulator is increasingly prepared to hit wrongdoers with adverse publicity, but this strategy is undermining the market's confidence in the watchdog, warns Matthew Allen

A Chinese court's irregular ruling could make it difficult for international financial institutions to rely on letters of credit issued by Chinese banks. By Geoff Sutherland

A recent code has modified Belgian rules on conflicts of laws and jurisdiction. Vanessa Marquette, Michèle Grégoire and Sandrine Hirsch outline the main changes in financial law

The Securities Class Action Act (SCAA), which is the first class action act recognized and implemented in Korea, took effect on January 1 2005. The SCAA permits initiation of class action by shareholders against companies listed on the Korea Stock Exchange or registered on the Kosdaq in connection with, among others, accounting fraud, fraudulent disclosure, stock-price manipulation and insider trading. The SCAA aims to: (i) effectively remedy loss incurred by a group of (minority) shareholders in the course of securities transactions; (ii) alleviate the shareholders' burden of suing on a cause of action as individuals; and (iii) promote transparency in corporate management.

Australia has imposed a regulatory duty to manage conflicts of interest on its financial services providers. John Moutsopoulos explains