Search results for

Sandor E Schick analyzes the detail in China's proposed bankruptcy laws and what it means for creditors and private businesses in particular

The reasoning of the government bill, enacted into law by the Turkish parliament as Law 5020 Amending the Banks Act and Certain Other Laws (Law 5020), explains in a few sentences why amendments were required to the legislation regulating the banking and finance system: the Savings Deposit Insurance Fund (SDIF) owes about $25 billion to the Turkish Treasury, due to bank failures. The reasoning includes a brief history explaining how this debt reached such an enormous figure and says that the government is determined to collect this amount from the liable parties, especially the bank owners and their cooperators who intentionally caused these failures and somehow benefited from them.

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.

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.

US and Mexican law firms last month helped close the first SEC-registered initial public offering (IPO) to emerge from Mexico in five years.

Amended listing rules have confused lawyers The perseverance of legal and financial advisers on the initial public offering (IPO) of China's Ping An Insurance has averted the threat that a recent change to listing rules would render pre-deal research on Hong Kong deals worthless.

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.

The Securities and Exchange Commission voted in July to put forward a new rule that would force most hedge fund advisers to register with the regulator.

Weil Gotshal & Manges is making a late but bold entrance into the China market, opening an office in Shanghai and hiring Clifford Chance M&A and securities partner Steven Xiang to lead it.

Slaughter and May is to close its New York and Singapore offices. The UK firm said last month that it is shutting the outposts because they have become redundant in light of its strategic relationships with local firms.