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Canada

Several developments in Ontario securities law, taken together, have the potential to substantially increase the exposure of directors and officers to personal liability. These are:

January 01 2004

Catering IPO brings new hybrid product to US market

A catering company introduced the US financial markets to a new product last month when it launched an innovative combined debt-equity offering.

January 01 2004

Vinson & Elkins and Andrews & Kurth named in Enron probe

Two prominent US law firms may have committed legal malpractice in their representation of Enron on dozens of off-balance-sheet financing transactions, according to a report released by a court-appointed examiner.

January 01 2004

The month in a minute

A deal between European finance ministers on Europe's Transparency Directive means foreign issuers could face bills of up to $10 million as they struggle to comply with international accounting standards (IAS). All issuers of listed securities in the EU will have to publish reports using IAS when the accounting rules come into force in 2006. Earlier on in the month ministers voted out a requirement in the Directive for quarterly reporting from corporates operating in Europe.

January 01 2004

Will protectionists hijack China's competition law?

China must ensure turf wars between government ministries don't lead to different treatment of foreign and domestic companies, says Zhao Yong of Squire Sanders & Dempsey

January 01 2004

Switzerland

The Swiss legislature recently completed work on a new statute governing mergers, demergers, conversions of companies, and the transfer of assets with or without related liabilities. Most of these topics were not addressed in the Swiss Code of Obligations and thus many of the existing rules relating to mergers and demergers are based on case law or on legal principles developed over time by practitioners. Most of the code law provisions that did exist will now be replaced in their entirety.

January 01 2004

Japan

At present, the joint stock company (kabushiki kaisha) and the limited liability company (yugen kaisha) are the two corporate forms most common in Japan. Though the joint stock company form was intended for large and public companies and the limited liability company form was for smaller closely held companies, many closely held companies use the more prestigious joint stock company form even though it is more strictly regulated.

January 01 2004

Cutting edge close-up: Qatari issue brings global Islamic bonds to the Middle East

The largest international securities issue under Islamic law is also the first deal of its type in a civil law jurisdiction. By Kenneth Aboud and Hooman Sabeti

January 01 2004

Equity lawyers end year on a high

It was the second week of December when the Dow Jones Industrial Average closed above 10,000 for the first time in 18 months. The number itself may not bear gifts, but breaking the psychological barrier was as an early Christmas present for the markets.

January 01 2004

Clifford Chance closes French tier one benchmark

France's national savings bank fund has issued the first tier one issue under the country's new financial securities law.

January 01 2004

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