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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.

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.

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

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.

Bangkok Bank, Thailand's largest commercial bank by market value, ended 2003 by launching a $907 million public offering of new shares, the largest by a Thai company.

Canada's mutual funds industry has so far been largely free of the scandals that have rocked its counterpart in the US. Canadian regulators, however, have not been so lucky in avoiding controversy over their handling of the market.

To book tables, contact Dan Rabey on +44 (0) 207 779 8142 or email drabey@euromoneyplc.com

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 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.

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