Search results for

Italy is restricting new issues The Bank of Italy is increasingly using a controversial rule to stop investment banks selling complex securities to Italian institutional and retail investors, say bankers and lawyers working in the Italian market.

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

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

Enron's attempts to unwind some of its derivative transactions could threaten the future of the capital markets, say derivatives specialists.

The United Arab Emirates (UAE) finalized the setting up of financial free zones, which are exempt from all federal and commercial laws within the UAE. The Dubai International Financial Centre, one of the new zones, has welcomed the development as it allows it to push ahead with creating its own set of financial laws based on international best practice without local law risks.

Europe's member states will implement the Prospectus Directive within the next year. Here, Tim Morris, looks at the impact of the Directive on convertible and exchangeable bonds

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.

Decree Law 252/2003 of October 17, implementing EC Directives 2001/107/EC and 108/2001/EC, sets out new provisions regarding undertakings for collective investment in transferable securities (Ucits) in three main areas. They are: Ucits management companies; the activity of Ucits; and the information to be provided to investors in Ucits.

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 March 2 2004, the National Assembly passed the Act on Individual Debtor Rehabilitation (the AIDR), to assist individuals in financial difficulty. The AIDR provides for a court-sanctioned rehabilitation program outside the bankruptcy regime to debtors who have a stream of income. Upon the court's approval of the rehabilitation plan, the debtor may reschedule the debt for a period not exceeding eight years. To be eligible, the amount of the indebtedness is limited to W500 million ($435,000) for unsecured debts or W1 billion for secured debts, as further specified by the court rules, and the debtor should show a periodic stream of income.