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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

A civil lawsuit against the former chairman of the New York Stock Exchange is the latest US suit to grab the business headlines. Henry Morgenbesser discusses the case and its implications for the market

US securities regulators have set down plans affecting the ability of banks to act as brokers. Winthrop Brown and Naomi Beard report

The Financial Services Authority has modernized its approach to enforcement. Andrew Procter explains how to IFLR's Michael Evans

Certain foreign currency transactions between residents and non-residents that involve non-cash settlements will be carried out using special bank accounts under new Russian currency legislation.

On July 1 2004 the new Act (2004:299) on Deposit Taking entered into force. The Act introduces a set of special requirements for non-financial institutions accepting deposits from the general public. The new Act is part of the modernization of the legislation on banking and financing businesses in Sweden and the abolition of the banks' monopoly on taking deposits.

In June 2004, an advisory board of the Financial Services Agency (FSA) proposed that foreign issuers in Japan be permitted to file certain disclosure documents in English. It aims to attract foreign issuers to the Japanese market by reducing their costs of preparing disclosure documents in Japanese.

In January 2003, the Stock Exchange of Hong Kong published its conclusions to its consultative paper on amendments to the Listing Rules. Changes to the Rules were formerly announced on January 31 this year and most of the new provisions took effect from March 31 2004.

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.

To improve competitiveness with its neighboring countries, Indonesia is now in the process of amending its income tax law. If implemented, these amendments would boost tax revenues in the long run. A downside to this effort is that reduced income tax revenues will be incurred in the short term. The finance department of Indonesia has calculated that almost Rp5 trillion ($557 million) would be lost if the amendment were effected immediately. Because of this unpopular short-term result, the government is not expected to pass this law until the presidential election is complete in September 2004.