Search results for

After a six-year legislative process, the Austrian Parliament has enacted the Substitution of Equity Act (Eigenkapitalersatz-Gesetz (EKEG)), which will come into force on January 1 2004. The Act deals with the concept of a shareholder loan that replaces equity and is treated as equity (Eigenkapitalersatz) when a company is in financial crisis - a peculiarity of German and Austrian corporate law. In the absence of explicit statutory provisions, the Austrian Supreme Court (Oberster Gerichtshof (OGH)) has so far applied a modified approach of German law principles to shareholder loans substituting equity (eigenkapitalersetzende Gesellschafterdarlehen).

Structuring a commercial mortgage-backed deal akin to a whole business securitization was a crucial part of Fosters' strategy in selling its pubs business. Matthew Allchurch explains

The National Association of Securities Dealers has taken the latest step aimed at stamping out abusive allocations of shares. Charles Gittleman and Russell Sacks explain

ANZ Banking Group's purchase of The National Bank of New Zealand was the largest trans-Tasman transaction yet, the largest New Zealand M&A deal and involved the largest Australian rights issue ever, at A$3.6 billion ($2.68 billion).

The Hague: Dutch utilities are turning to private finance A €400 million financing in The Hague has introduced the Dutch equivalent of private finance initiative deals to the country's utilities.

Germany: once more a source of true-sale deals in Europe Deutsche Bank completed Germany's inaugural true-sale commercial mortgage-backed securitization in December, the first deal to take advantage of legislative changes that came into force during the summer.

The first mortgage-backed bond issue under the new securitization law in Greece has put in place a template for future deals.

Two initial public offerings (IPOs) in December underlined both the continuing success of Chinese companies and the returning appetite among US investors for foreign equity. Both also saw welcome mandates for the China branches of several US and UK law firms.

Morgan Stanley has overturned the scepticism of rating agencies by securitizing commercial mortgages in Belgium, France and Ireland in a true-sale deal.

Competition in Russia's financial market is regulated by the Federal Law No 117-FZ, which came into effect on December 29 2001. It governs both Russian or foreign (operating in Russia) banking, insurance and leasing companies, non-state pension funds, professional participants of the securities market and other entities rendering financial services.