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Finland

In July 2004, the Finnish Financial Supervision Authority (FSA) issued a statement on the interpretation of certain provisions of the Investment Funds Act on marketing of units in foreign investment funds in Finland.

August 31 2004

Denmark

Good corporate governance has in recent years been an important topic for Danish listed companies and for many of the largest unlisted companies and institutions. The compliance discussion has also become an integral part of these companies' interest in the principles of good management, and it has become a part of everyday life for Danish institutional investors.

August 31 2004

British Virgin Islands

The Insolvency (Amendment and Consequential Provisions) Act 2004 was passed in July. The amendments were a necessary precondition to the Insolvency Act 2003 Act, which came into force on August 16 2004.

August 31 2004

SEC bans directed brokerage by mutual funds

The SEC last month put in place two of the final pieces of the most radical regulatory overhaul of the US mutual funds industry in 60 years. On August 18 the Commission voted to ban the practice of directed brokerage and to increase disclosure about portfolio managers, leaving just three rules in its year-long plan to be passed.

August 31 2004

Canada

A recent decision in Canada illustrates the increased exposure of directors and officers to personal liability in Canada. In Kerr v Danier Leather Inc the Superior Court of Justice of Ontario imposed liability on the CEO and CFO of Danier for making misrepresentations in a prospectus.

August 31 2004

Hungarian high-yield market advances

Lawyers on Hungarian telecoms company Invitel's latest financing had the challenge of blending, for the first time, senior and high-yield debt on a Hungarian deal.

August 31 2004

Four firms advise on $7 billion real estate merger

In one of the largest US mergers of the year, General Growth Properties announced in August its plans to buy The Rouse Company for $7.2 billion.

August 31 2004

Gazprom creates Russian securitization model

Russia's Gazprom has successfully securitized over $1 billion of future gas exports, despite a local risk climate best described as uncertain and a problematic legal regime.

August 31 2004

A negative pledge to fit the securitization age

Bond covenants can deny developing-markets companies access to securitization as a financing option. Jim Patti looks at standard clauses and considers how they might change to make structured deals easier

July 31 2004

Bank conflicts raise threat of lawsuits over M&A

Fairness opinions given by investment banks on mergers and acquisitions deals are the most recent focus of regulators' concerns over potential conflicts of interest. Deborah A DeMott explains

July 31 2004

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