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Any takeover, acquisition of, or investment in a German stock corporation (Aktiengesellschaft) can lead to a situation in which the majority shareholder does not have 100% control of the corporation, be this for a period of transition, or be it for a longer or indefinite period of time. This raises the issue of how a majority shareholder can control the boards of such a corporation.

A Finnish Ministry of Justice working group has issued a proposal for an Act on Financial Collateral Arrangements (the Act). The purpose of the Act is to implement the Directive on Financial Collateral Arrangements (2002/47/EC). The proposal is now subject to comments, and the Finnish parliament is expected to consider it within the next two months.

The SEC last month responded to pressure from European banks by suggesting exemptions for foreign financial institutions from the ban on insider lending introduced by Sarbanes-Oxley. Kenneth Blackman of Fried Frank Harris Shriver & Jacobson explains which banks could qualify

The Ontario Securities Commission has recently published for comment Proposed OSC Rule 48-501 (Trading During Distributions, Formal Bids and Share Exchange Transactions), which would impose trading restrictions on dealers and issuers involved in a distribution of securities and certain other transactions, such as a securities exchange takeover bid, an issuer bid or an amalgamation, arrangement, capital reorganization or similar transaction. The purpose of the rule is to prescribe safe harbours and to otherwise restrict trading activities and preclude manipulative conduct by persons who might have an interest in the outcome of such a distribution or transaction.

Skadden Arps and Davis Polk act on PSI Energy deal

The US equity markets continued to return to life with a rush of initial public offerings (IPOs) last week. The deals, which included both new and mature technology companies, offered a welcome return to the fray for legal advisers at a range of firms.

The release of draft recommendations for best practice in cross-border legal services at an IBA showcase session highlighted divisions within the profession.

Proposals to end the practice of paying soft commission are on the table in both the UK and the US. Michael Evans reports

Speakers at an IBA session last month on Europe's Prospectus Directive said they were unconvinced the law will benefit the capital markets.

In July 2003 the Austrian parliament enacted the Real Estate Investment Fund Act (Immobilien-Investmentfondsgesetz - ImmoInvFG), which came into force on September 1 2003. This new legislation aims, in particular, to encourage private investments in real estate. Previously, Austrian law had only contained rules concerning investment funds in securities.