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Cayman Islands

A scheme of arrangement is a flexible form of corporate restructuring. Since early 2002 the Cayman Court has considered an unprecedented number of schemes, and has recognized and reflected the versatility, flexibility and utility of Cayman schemes in the changes to its rules, its approach to their management and in its recent decisions. It is clear that the Cayman Court understands the commercial necessity of implementing schemes in a timely and practical fashion. Recent developments underline this.

April 30 2004

SEC adopts new rules on market timing

Eliot Spitzer: launched investigation The SEC has taken the latest step towards a regulatory overhaul for the $7.6 trillion US mutual funds industry.

April 30 2004

Lawmakers strike compromise on internalization

The European Parliament has toned down trading rules European politicians have agreed on a compromise to allow banks to compete with stock exchanges for share trading business.

March 31 2004

The month in a minute

The SEC has voted to increase corporate disclosure as part of its campaign to prevent future accounting scandals. The Commission plans to amend Form 8-K to require quicker disclosure of important corporate events.

March 31 2004

Russia

Russia is pursuing a policy of strengthening market competition, including competition in the financial services market. It is expected that a new antitrust law regulating competition will be submitted to the Russian government soon. The existing system prevents market domination - it is proposed that instead any abuse of such domination and concerted action of competitors to restrict competition be suppressed.

March 31 2004

The Netherlands

Various mutual funds are leaving The Netherlands because of the mandatory listing at the Euronext stock exchange in Amsterdam. The funds complain that such listing is of no added value to them, because it entails a cost and administrative burden that is too heavy.

March 31 2004

China issues derivatives rules

The first regulations to govern derivatives business in China have received enthusiastic approval from the International Swaps and Derivatives Association (Isda).

March 31 2004

Scandinavian reform speeds M&A revival

As Scandinavian M&A begins to recover, Megan Murphy looks at how takeover law changes should help accelerate the turnaround

March 31 2004

Isda may set standard for securitization CDOs

The International Swaps and Derivatives Association is surveying its members on whether to write a set of standard definitions for credit derivatives referenced to asset-backed securities (ABS).

March 31 2004

Takeover panel proposes new rules on offer announcements

The UK's Takeover Panel is considering codifying its rules on put or shut up orders and restricting the amount of information that acquirers can include in possible offer announcements.

March 31 2004

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