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The Irish Finance Act 2004 contained a number of measures aimed at increasing the attractiveness of Ireland as a corporate headquarters and holding company (HoldCo) jurisdiction. These new measures provided for an exemption from corporation tax on gains arising on the disposal of qualifying shares, and a wider double tax relief for foreign taxes levied on dividends received by an Irish resident company. These measures were subject to clearance from the European Commission, which was received on September 23 2004, and the relevant Commencement Order to bring the measures into effect from February 2 2004, which has been issued.

On January 30 2004, The Stock Exchange of Hong Kong Limited (the HKEX) issued an exposure paper on the proposed Code on Corporate Governance Practices (the Code) and the requirement that Hong Kong listed companies file corporate governance reports.

The implementation of the EU Directive 2003/6/EC on insider dealing and market manipulation (the Market Abuse Directive), which aims to enhance investor confidence on the European financial markets and provide a common legislative framework for dealing with market abuse and disclosure issues, has been delayed in Finland.

On August 18 2004 the Brazilian Securities and Exchange Commission (CVM) issued a new set of rules applicable to the organization and operation of mutual funds in Brazil, which will be effective as of November 22, 2004 (Rule 409).

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

How companies are managed in Latvia Raymond Slaidins and Mikus Buls of Klavins & Slaidins outline the roles directors and supervisory boards play in the Latvian corporate structure

Recent developments in German corporate governance German companies have been inundated with corporate reforms in 2004. Ralph Wollburg of Freshfields Bruckhaus Deringer summarizes the changes

Finland revamps competition and governance regimes Finland is overhauling its Competition Act and has released new corporate governance recommendations. Jan Waselius of Waselius & Wist outlines the changes

Voluntary code could make directors liable The Austrian Code of Corporate Governance has been widely accepted in Austria, perhaps increasing the standard of care required of a corporation’s management, say Albert Birkner and Clemens Hasenauer of Cerha Hempel Spiegelfeld Hlawati

Proposal for Swedish governance code released Dick Lundqvist and Niclas Rockborn of Gernandt & Danielsson Advokatbyrå outline the details of the new proposal for a Swedish corporate governance code