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Indonesia

Many companies in Indonesia, whether foreign or locally owned, operate with negative equity, meaning that the total assets of the company are less than its total liabilities. The principal reason for this, other than the significant depreciation of the Rupiah against the dollar during the Asian financial crisis, has been the substantial retained losses incurred by companies, which would be offset in the past by the companies' share capital.

January 01 2005

Denmark

On October 6 2004 the Danish Government introduced a bill to amend the Danish Securities Trading Act. The purpose of these proposed changes is to a wide extent to implement the EU directives on market abuse and prospectuses and to adjust the Danish legislative framework in accordance with the Commission's Regulation on buyback programmes.

January 01 2005

Finland

Under the International Accounting Standards (IAS) Regulation (2002/1606/EC), listed companies must prepare consolidated financial statements (or individual financial statements if they are not preparing consolidated financial statements) for financial years commencing on or after January 1 2005, in accordance with IAS/IFRS (International Financial Reporting Standards).

January 01 2005

Italy

Article 66 of Consob Regulation No 11971 of May 14 1999 requires Italian listed companies issuing bonds to inform the public and Consob promptly of events occurring in their or their subsidiaries' sphere of activity that are likely to have a significant effect on the price of the issuer's financial instruments. Article 66 applies irrespective of whether the placement is private or public, or listed.

January 01 2005

Austria

Following the implementation of EU Directive 2002/65/EC concerning the distance marketing of consumer financial services, suppliers of financial services in Austria are bound to observe the Act on Distance Marketing of Consumer Financial Services (Fern-Finanzdienstleistungs-Gesetz [FernFinG]) from October 1 2004 when offering financial services by means of distance communication to consumers (that is, persons or entities not acting in their professional capacity).

January 01 2005

Court denies resurrection of cases under Sarbanes-Oxley

A New York court gave comfort to issuers and securities firms last month when it ruled that the Sarbanes-Oxley Act does not allow plaintiffs to revive cases that have lapsed under previous time limitations.

January 01 2005

Twenty trends to watch out for in 2005

A softening stance from US regulators? Eurobond listings shifting to Switzerland? A hiring crisis among banks in Asia? IFLR makes its pick of the regulatory, legislative and transactional trends to look out for over the coming 12 months. By Andrew Crooke, Ben Maiden and Michael Evans

January 01 2005

Editorial

As the implementation of Europe's Financial Services Action Plan moves to the fore this year, regulators in the EU can learn from the rulemaking approach of their US counterparts.

January 01 2005

Japan's no-nonsense approach to compliance

Since the Financial Services Agency shut Citibank's private banking operations because of compliance breaches, market participants have been worrying that this is the start of a crackdown on their operations. Andrew Crooke asks Naohiko Matsuo, the regulator’s director for international financial markets, whether that is true

January 01 2005

Herbert Smith wins role on Jordan's debut bond issue

The Kingdom of Jordan entered the bond markets for the first time in December, with a $145 million bond to pay for a new armed forces headquarters in Amman.

January 01 2005

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