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French court turns to punitive damages

The decision of the French Commercial Court to award €30 million ($37.5 million) to luxury goods company LVMH in its case against Morgan Stanley marks a shift towards US-style punitive damages, say local lawyers.

February 01 2004

The month in a minute

The New York Stock Exchange appointed the former head of one of its most bitter rivals to police its market functions, recruiting Richard Ketchum, former Nasdaq president, as its first chief regulatory officer.

February 01 2004

Government considers UK Reits law at last

The UK is set to legislate to allow real estate investment trusts for the first time. James Dakin considers how a new law might look

February 01 2004

How US reporting can trap foreign banks

As Crédit Lyonnais has found, US reporting rules can prove hazardous to foreign banks operating in the country. Brian Volkman of Bayerische Landesbank in New York explains why

February 01 2004

How the SEC plans to curb short selling

The SEC's proposed restrictions on short selling are a missed opportunity to examine its effects, say Steven Lofchie and Tal Tirosh

February 01 2004

Court upholds Isda's flawed-asset provision

A new ruling clarifies the rights of a non-defaulting counterparty to stop making outstanding payments without closing-out transactions in an insolvency, says Scott Farrell

February 01 2004

The Netherlands

The First Chamber (Senate) of the Dutch parliament has accepted a legislative proposal for the Supervision of Trust Offices. The proposal is one of the points of action put forward in the memorandum Integrity of the Financial Sector and Combating Terrorism (Integriteit Financiële sector en terrorismebestrijding), and it is intended to improve the integrity of the financial system by regulating the trust sector.

February 01 2004

Russia

Russia's new law on currency regulation and currency controls, adopted at the end of 2003, promises a liberalization of currency regulation in Russia. From June 2004, when most provisions of the law come into effect, residents and non-residents will enjoy a regime in which everything is permitted unless specifically prohibited. Business has long awaited such a law.

February 01 2004

Brazil

Beginning on February 2 2004, all Brazilian listed companies and other securities issuers, as well as underwriters, will have to comply with a new set of rules issued by the Brazilian Securities Commission (CVM) and aggregated in its Rule 400. These rules apply to the primary and secondary public offerings of securities.

February 01 2004

News focus: Life after Parmalat: Italy acts to restore confidence

Officials hope an immediate decree coupled with a more considered legislative programme will prevent another fraud such as Parmalat. Megan Murphy reports

February 01 2004

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