Search results for

On December 2 2003, a working group nominated by HEX Integrated Markets, the Central Chamber of Commerce of Finland and the Confederation of Finnish Industry and Employers published a new Finnish Corporate Governance Recommendation. The Recommendation is a result of the working group's review of the previous corporate governance recommendation for Finnish listed companies issued in 1997.

Over recent years the Indonesian Tax Office has sought to increase state revenue from the collection of taxes. The government has set up a specialized Tax Court under Law No 14 Year 2003 to replace the existing Tax Dispute Settlement Body. The Court operates under the auspices of the Supreme Court, Ministry of Justice and Human Right (MoJ) and, to a certain extent, the Ministry of Finance (MoF) for examining an appeal over tax authority stipulation. Any decision rendered by the judge is considered as binding on both parties and the remedy would possibly be through a civil review. A tax bearer may use qualified and authorized tax attorneys to provide advice or representation. Further, decree of MoF No 450 Year 2003 has ruled that only Indonesian citizens licensed by the chairman of the Tax Court and empowered with specific power of attorney may act as tax attorneys. The Court also supervises the conduct of tax attorneys during hearings. Previously, tax disputes were settled by the Tax Dispute Settlement Body, which was created by Law No 17 Year 1997.

An appeal tribunal decision threatens to increase costs and legal uncertainty for mergers and acquisitions in the UK.

European finance ministers have rejected quarterly reporting for companies. The European Commission wanted all the EU's 7,000 listed companies to move to a US system of quarterly reporting, but a compromise over the terms of the forthcoming Transparency Directive will allow listed companies to publish audited financial statements only twice a year, with a general description of their financial position.

Ratings agencies Fitch and Standard & Poor's have both issued reports criticizing credit derivatives.

Orrick Herrington & Sutcliffe strengthened its real estate finance and securitization practices recently in Tokyo after hiring senior Skadden Arps Slate Meagher & Flom specialist Mark Brooks as a partner.

The UK's Financial Services Authority has officially ruled that banks can no longer issue tax-deductible securities that will qualify as core tier one capital.

Non-EU companies with securities listed in the EU could face bills of up to $10 million after European finance ministers decided to force them to comply with international accounting standards (IAS) by 2006.

The Securities and Exchange Commission has taken the first steps on the road to a regulatory overhaul of US mutual funds.

New securities laws aim to bring international standards of transparency to Russia's capital markets. Andrey Yakushin explains