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  • 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
  • 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.
  • The Companies (Auditing & Accounting) Act 2003 introduces important changes to Irish company law. The Act is a response to concerns that have arisen in light of international accounting matters and it imposes additional obligations primarily on both company directors and company auditors.
  • 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).
  • 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.
  • The SEC's proposed restrictions on short selling are a missed opportunity to examine its effects, say Steven Lofchie and Tal Tirosh
  • 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).
  • A new interpretation of the pari passu clause in cross-border debt says borrowers must pay creditors on a ratable basis. If correct, this would change the patterns of international finance. But this ratable- payment theory is a fallacy. Lee C Buchheit and Jeremiah S Pam explain why