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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

Clifford Chance advises on international ABS from Taiwan

The attention of Asian securitization specialists has shifted to Taiwan after Cosmos Bank completed the country's first asset-backed deal for international investors in late December.

February 01 2004

SEC faces controversy over latest fund reforms

The chairman of the US Securities and Exchange Commission admitted that the regulator faced new controversy last month when it released its latest set of proposals for reform of the mutual funds industry.

February 01 2004

Americans hold grip as Euro high yield takes off

Issues of convertible and exchangeable bonds almost doubled in 2003. The European high-yield market had the best year since its inception. And tier I regulatory capital issuance grew by nearly a half. Simon Crompton reports on the leading advisers for each

February 01 2004

Saudi Arabia

Saudi Arabia has over the past few months revised its income tax regime in an effort to spur foreign investment. These moves are also seen as a step towards accession to the World Trade Organization, a high priority of Crown Prince Abdullah.

February 01 2004

CDO reforms soften effects of Parmalat collapse

The collapse of Parmalat is demonstrating the increased robustness of the collateralized debt obligation (CDO) market, showing that reforms have softened the impact of a high-profile insolvency on the market.

February 01 2004

Cesr calls for accounting progress

The Committee of European Securities Regulators (Cesr) has called on Europe's companies to follow a series of prescribed steps towards reporting under international accounting standards (IAS).

February 01 2004

Clifford Chance launches climatic trading group

Seventy percent of businesses are affected by weather Clifford Chance has created a new Environmental and Climatic Trading Group to take advantage of the growth areas of emissions trading and weather derivatives.

February 01 2004

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