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The Finnish Central Tax Board (FCTB) has issued a preliminary ruling on the taxation of securities lending. The applicant, a corporate entity generally liable to tax in Finland, intended to begin securities lending on the Stockholm Stock Exchange (SSE) in accordance with the SSE's standardized securities lending agreements. The terms and conditions of such agreements are standardized under the rules of the SSE and allowed the applicant to lend securities against a premium for a fixed period of time. The SSE acted as the clearinghouse for the lending agreements and placed itself as the adverse party to both the lender and the borrower.

International investment firms fear that a standardized approach to the offering process will cost them money and conflict with global policies, reports Andrew Crooke

David Bernstein argues that the SEC's new Form 8-K requirements will place unreasonable time pressure on reporting companies

Lawyers from banks, law firms and international financial institutions joined regulators and lobbyists at IFLR's inaugural European Financial Services Forum last month, which was sponsored by Herbert Smith.

Legislators across Asia must harmonize laws governing secured transactions and insolvency, say Ron Harmer and Michael Sloan

On October 8 2004 Council Regulation 2157/2001 of October 8 2001 on European companies will enter into force. A European company constitutes a European association designated for cross-border collaboration in the form of a company. The regulation contains provisions regarding, among other things, the formation and structure of these companies.

The recent Norex ruling shows why companies cannot rely on US courts to try cases that have been rejected abroad. Owen Pell and William Spiegelberger explain

The financial services industry trails others in the area of lobbying the EU. Michael Evans reports on how law firms can help change this

On May 13 2003 the Dutch government presented a legislative proposal regarding financial security rights agreements. The proposal aims to implement EU Directive 2002/47/EC.

On April 8 2004 the Securities and Exchange Board of India (Sebi) approved certain amendments to the Sebi (Disclosure and Investor Protection) Guidelines 2000 (DIP) as part of its endeavor to ensure greater transparency in the market.