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  • John D Moore of Goldman Sachs explains how US regulators are pressing issuers to improve the quality of their Management's Discussion and Analysis in financial disclosure
  • The Bank of China (BOC), one of China's four main state banks, is planning a direct public auction of its non-performing loans (NPLs).
  • Market watchdogs around the world are collaborating to establish a special task force to look at ways to increase bond market transparency and clamp down on the uncontrolled use of offshore financing vehicles.
  • Sullivan & Cromwell is eyeing an even bigger chunk of China mandates after recruiting Calvin Lai from Goldman Sachs' special execution group in Asia.
  • A regional treaty on cross-border insolvency would promote foreign investment, say Richard Fisher and Michael Sloan
  • Seven months after the SEC implemented new reporting rules for corporate counsel, Linda Madrid of the Association of Corporate Counsel says legal departments are responding well but still fear potential noisy withdrawal reforms
  • A new Act allows Swedish mortgage lending institutions to issue covered bonds, providing them the same financing means as their EU counterparts. The Swedish parliament passed the Covered Bonds Act in late December 2003.
  • The Takeover Board is a federal commission established under the Swiss Federal Act on Stock Exchange and Securities Trading (SESTA). It has jurisdiction to issue general rules and ensure compliance of public offers with the provisions of SESTA. In particular, potential offerors and their legal advisors should be aware of the following recommendations issued by the Takeover Board.
  • The long-expected decree of the Ministry for Economy and Finance, to be issued in accordance with the provisions of Article 41 of Law 448 of December 28 2001, has been published.
  • Both voluntary and mandatory tender offers for companies listed in Denmark are regulated by the Danish Securities Trading Act and the Danish Securities Council's Executive Order on tender offers. Decisions and statements made by the Danish Securities Council and Copenhagen Stock Exchange form an important supplement to the regulations. There is no parallel to the UK yellow book.