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The Austrian parliament recently introduced a draft bill amending certain provisions of the Austrian Stock Exchange Act (Börsegesetz - BörseG) and the Austrian Securities Supervision Act (Wertpapieraufsichtsgesetz - WAG). It will implement, among others, EU Directive 2003/6/EC on insider dealing and market manipulation (market abuse) (the Directive) and repeal the existing framework (§§ 48a to 48c BörseG) in favour of a more elaborate regime.

An elite group of five firms with Linklaters at its head has profited most from the gradual recovery of international equity markets. Rob Mannix reports

Former regulator: Ashley Alder By shifting its focus from front-end vetting to enforcement, Hong Kong's Securities and Futures Commission (SFC) has addressed some of the market's concerns about overregulation and under-enforcement, said Ashley Alder, the SFC's former head of corporate finance.

Former UK Ernst & Young-affiliated firm Tite & Lewis has merged with English law firm Lawrence Graham. Its five partners and 15 other lawyers specialize in corporate, outsourcing and real estate law. The hires expand the Lawrence Graham partnership to 93. The firm aims to grow its corporate and real estate practices and build a profile in the outsourcing and IT area.

The Capital Markets Law (CML) came into effect on February 24 2004. The regulatory structure created under the CML includes a new Capital Markets Authority (CMA) empowered to regulate the issuance of and trading in securities and the establishment of a physical stock exchange, called the Saudi Capital Market. Saudi Arabia does not have a physical stock exchange. Rather, shares in Saudi Arabian public joint-stock companies are traded by local banks using the Tadawul electronic exchange under the regulatory authority of the Saudi Arabian Monetary Agency (SAMA).

Two Spanish and three international law firms have benefited from roles on the initial public offering (IPO) of Spanish company Cintra Concesiones de Infraestructuras de Transporte (Cintra), the largest in Spain since 2001.

To date mortgages have not been a popular method of securing obligations in Russia for three main reasons.

The outgoing European Commission has proposed a directive to make it easier for public companies to alter the size, structure and ownership of their capital.

Norwich Union in October raised £200 million secured against future business profits, showing an increasing willingness among UK insurers to use securitization as a funding tool.

British property company Land Securities is attempting to cut its debt-servicing costs with an innovative hybrid securitization platform that uses a sliding scale of covenants.