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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.

India's securities regulator will stifle the country's $4 billion derivatives market if it misjudges the riskiness of participatory notes and imposes unnecessary regulation. By Sandeep Parekh

The effort to bring international standards to the PRC's growing investment funds industry may fall short because of self-imposed limits, say Effie Vasilopoulos and Katherine Abrat

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

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

In February 2004 the Swedish parliament is expected to approve a new Swedish Investment Funds Act (lag om investeringsfonder). The Act will implement the amendments adopted in 2002 (European Community directives 2001/107/EC and 2001/108/EC) to the EC directive regarding undertakings for collective investment in transferable securities (Ucits). The Act contains provisions on harmonized funds and so-called mutual funds (värdepappersfonder), as well as funds that are not harmonized with the Ucits Directive, such as hedge funds (which are called special funds (specialfonder) under the Act). Mutual funds and special funds are collectively called investment funds under the Act.

In December 2003 the Swiss Money Laundering Control Authority (Control Authority) published a revised code of practice for investment companies. According to the new code of practice, all investment companies are considered to be financial intermediaries and thus subject to the provisions of the Swiss Money Laundering Act (MLA, in force since April 1 1998).

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.

Construction on the latest addition to Sydney's transport network will begin this year after a novel financing structure made the Lane Cove Tunnel the world's first greenfield toll road project to be funded through the capital markets.

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).