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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.

UK insurer Friends Provident's new financing proves the worth of embedded value securitization to the life insurance industry.

Allen & Overy has finished top of Dealogic's global project finance review for the third time in four years. The firm closed 51 deals worth over $15 billion in 2004, taking a 9.3% share of the market.

IFLR is please to announce the short listed deals and law firms for the eighth Asian awards, as well as the winners of the National Law Firms of the Year

Bank counsel should look to a recent UK ruling for guidance on dealing with a number of competing claims from innocent parties on an account frozen under money laundering laws. Jon Holland and Antony Corsi explain

Germany's financial regulator has proposed guidelines explaining how public companies should interpret the increased disclosure and market abuse obligations created by German implementation of the EU's Market Abuse Directive in November 2004.

The Securities and Exchange Commission has endured a difficult few years. Criticized at home for what some claimed was a failure to prevent corporate scandals such as Enron, it has also faced challenges from activist state attorneys-general and been blamed for what others see as over-regulation. Abroad, corporates continue to lobby against what is perceived as US regulatory overreach.

Companies outside the US are taking action to avoid rules that would compel many of them to register with the SEC. Dan Andrews reports

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.