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Eurex US has become the first overseas exchange to be recognized under the UK's Financial Services and Markets Act 2000 (FSMA), in the first test of the law.

All seven living former SEC chairmen have taken the unusual step of writing to express their support for a Commission proposal on independent mutual fund chairmen.

Europe's financial services industry may soon be able to resolve cross-border conflicts through a single, independent body.

Legal and practical barriers make challenges to the boards of French companies hard, but Eurotunnel could set a trend. By Eric Cafritz, James Gillespie and Frédérique Jaïs

Chinese companies that tap the US capital markets must beware the country's litigious investors, say Jack C Auspitz, Charles C Comey and Paul W Boltz

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 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 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 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.