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Throughout late 2003 and early 2004, the Turkish Capital Markets Board (the CMB) promulgated a number of new regulatory acts.

The Court of Appeal has upheld the Siebe Gorman decision, meaning clearing banks can continue to take fixed charges on book debts. Geoffrey Yeowart tracks the progress of case law on a controversial topic

The government of India has introduced a Tonnage Tax Scheme (TTS) for Indian shipping companies, through the Financial Bill 2004, presented to the parliament on July 8.

Finland is revising legislation on consumer protection in distance marketing of financial services. A government bill proposing amendments to the Consumer Protection Act to implement the EU Directive 2002/65/EC on distance marketing of consumer financial services was put before the Finnish parliament on June 16 2004.

Bernd Singhof and Michael Schlitt look at how Lufthansa used an auction of underwriters to get better pricing on its recent rights offer

The wave of consolidation that has engulfed the US financial services industry this year continued in July with two new mergers. Four US law firms were among those to reap the rewards.

The European Commission has published its proposals for a directive on capital requirements for banks, which will turn the new Basel Accord into EU law.

On June 28 2004, amendments to Ontario Securities Commission (OSC) Rule 61-501 - Insider Bids, Issuer Bids, Business Combinations and Related Party Transactions came into force. The Rule protects the interests of minority security holders of issuers by providing (i) greater disclosure regarding, (ii) an independent valuation of, and (iii) an effective veto over, certain transactions with perceived inherent conflicts of interest. It is expected that similar amendments will be made to Quebec Policy Statement Q-27, the only other Canadian jurisdiction to maintain equivalent rules.

Governments across Asia are merging their financial watchdogs amid mounting pressure to improve the quality of regulation.

For years the German banks have lauded the virtues of Pfandbriefe. Now the rest of Europe is catching on. Jim Rice, Andrew Roberts and Katie Kelly look at the progress of the market and the legislation that underpins it