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The Finance Act 2004, enacted on March 25 2004, clarified the Irish value-added tax (VAT) treatment of collateral management services provided to Irish SPVs.

The Indonesian Bank Restructuring Agency (Ibra) was formed by the Indonesian government on January 26 1998 by virtue of Predential Decree 29 of 1998 as the implementation of Law 10 of 1998. After six years of its operation, the President of the Republic of Indonesia has issued a decree stipulating that Ibra will be dissolved if by April 30 2004 it accomplishes all of its pending duties related to: (a) the liquidation of operational dysfunctional banks; (b) the settlement of banks' shareholder obligations; (c) audit; and (d) transactions that existed before February 27 2004. This decree (Presidential Decree 15 of 2004) is effective as of February 27 2004.

The business community has greeted with enthusiasm the China-Hong Kong Closer Economic Partnership Arrangement (Cepa) signed on June 29 2003. As its name states, Cepa is not a free trade agreement between two autonomous states, but an arrangement between two customs jurisdictions under the One Country, Two Systems principle. Such a regional arrangement is consistent and permitted under World Trade Organization (WTO) rules.

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.

The Danish Companies Act contains a procedure in Section 20b that allows a majority shareholder holding more than 90% of the shares and the votes and the board of the company to decide that the minority shareholders' shares must be compulsory redeemed. But this process takes seven to eight months due to certain notice periods.

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

The Baku-Tbilisi-Ceyhan oil pipeline financing is one of the most complex yet, involving 11 sponsors and crossing three countries. Stewart Robertson and Craig Jones explain how the deal works

Taweelah: new project bond structure Shearman & Sterling has advised on a novel project refinancing in Abu Dhabi that builds a securitization takeout into the deal documentation.

Residential mortgage securitization is growing in Korea Securitizers will likely look to tap Korea's potential for residential mortgage-backed deals following the Korea First Bank (KFB) transaction last month.