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On March 9 2004 the president of the Russian Federation adopted Decree 314 On the System and Structure of Federal Executive Authorities (the Decree). The Decree, which came into force on March 11 2004, and the recent Presidential Decree 649 of May 20 2004 amending the Decree, provide for the general restructuring of the system of federal executive authorities and increase the effectiveness of the new federal executive authorities system. The Decree abolished most federal bodies and delegated their functions to newly organized ones.

Adam Glass surveys the prospects for securitization lawyers and their clients as the market searches for the next innovation

On May 7 2004 the Netherlands Supreme Court (Hoge Raad) rendered a judgment with respect to a private limited liability company (a besloten vennootschap or B.V.) providing financial support to third parties for the purpose of buying shares in a B.V. This issue is regulated by article 2:207c of the Netherlands Civil Code (the NCC), the purpose of which is to protect the creditors of a B.V. against a large withdrawal of capital for the benefit of the shareholders of a B.V.

The Ministry for Economy and Finance enacted on May 27 2004 a Circular on interpretation of the Decree of December 1 2003, n 389 (Decree 389) (see IFLR, International briefings, March 2004) regulating, among other things, derivative transactions for Italian local authorities and regions.

The Ministry of Finance and Economy (Mofe) has presented a draft amendment of the Collective Investment Asset Management Business Act (CIAMBA) to include a new chapter on private equity funds and hedge funds (private investment vehicles).

Prompted by the transition from real estate-based financing to cashflow-based financing, the Ministry of Justice is considering a new registration system to record the transfer of title to movable assets, such as inventory and equipment. The new system would facilitate financial transactions involving chattel mortgages by making such mortgages more reliable and secure.

The commercial court of Central Jakarta recently declared the Indonesian subsidiary of Prudential bankrupt. The bankruptcy of Prudential Indonesia, which remains one of the strongest insurance companies in Indonesia, was declared based on a petition filed by one of its former agents, Lee Bon Siong, for unpaid bonuses to the total of Rp5.7 billion ($612,900). This declaration has once again drawn a lot of attention to the Indonesian legal system, particularly from the British government and the international business community.

Unfortunately, India does not have a Data Protection Act. However, last month the Reserve Bank of India (RBI) issued a directive to all banks prohibiting them from disclosing data provided by customers to the banks under the Know your customer (KYC) guidelines while opening their bank account with such banks. Under the KYC guidelines, banks must ensure appropriate customer identification aimed at monitoring transactions of suspicious nature, money laundering and for countering terrorist finance.

The Danish Securities Trading Act includes various simple provisions forbidding holders of inside knowledge from buying or selling or inducing others to buy or sell listed securities.

The Hong Kong Securities and Futures Commission showed its harsh approach to any breach of regulatory requirements recently when it decided to revoke the investment adviser licence of Pacific Sun Investment Management (Hong Kong) Limited and its founder and portfolio manager, Andy Mantel.