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As Crédit Lyonnais has found, US reporting rules can prove hazardous to foreign banks operating in the country. Brian Volkman of Bayerische Landesbank in New York explains why

The SEC's proposed restrictions on short selling are a missed opportunity to examine its effects, say Steven Lofchie and Tal Tirosh

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.

In December 2003 the Swiss Money Laundering Control Authority (Control Authority) published a revised code of practice for investment companies. According to the new code of practice, all investment companies are considered to be financial intermediaries and thus subject to the provisions of the Swiss Money Laundering Act (MLA, in force since April 1 1998).

The collapse of Parmalat is demonstrating the increased robustness of the collateralized debt obligation (CDO) market, showing that reforms have softened the impact of a high-profile insolvency on the market.

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.

The Committee of European Securities Regulators (Cesr) has called on Europe's companies to follow a series of prescribed steps towards reporting under international accounting standards (IAS).

The Italian regulator is taking a firm stance on companies’ unauthorized communication with noteholders. By Giuseppe Scassellati Sforzolini, Luca Enriques and Pietro Fioruzzi

A new ruling clarifies the rights of a non-defaulting counterparty to stop making outstanding payments without closing-out transactions in an insolvency, says Scott Farrell

The First Chamber (Senate) of the Dutch parliament has accepted a legislative proposal for the Supervision of Trust Offices. The proposal is one of the points of action put forward in the memorandum Integrity of the Financial Sector and Combating Terrorism (Integriteit Financiële sector en terrorismebestrijding), and it is intended to improve the integrity of the financial system by regulating the trust sector.