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Canada

On June 27 2003 most securities regulators in Canada published for comment draft rules regarding audit committees, the certification of financial disclosure and auditor oversight for public companies. These rules are substantially similar to the Sarbanes-Oxley Act, related SEC rules and proposed New York Stock Exchange and Nasdaq listing requirements. The final version of these rules will likely become effective on January 1 2004. If implemented, these new rules will require:

July 31 2003

SEC releases plans for greater shareholder power

The Securities and Exchange Commission (SEC) last month took a step towards promoting corporate democracy when it issued a report proposing greater involvement for shareholders in electing directors of companies.

July 31 2003

United Kingdom approves boardroom reforms

After six months of often vicious debate, the UK's Financial Reporting Council has approved the government-backed Higgs review of boardroom practice.

July 31 2003

Cutting edge close-up: Mirvac securitizes revolving pool of un-built properties

Lawyers in Australia have created a new financing tool that allows developers to raise funds for the construction of multiple properties secured on their value in pre-sales contracts. Geoff Sutherland of Coudert Brothers explains how the structure works

July 31 2003

Mexico ends Brady bond era

July marked the end of an era in Latin American sovereign debt when Mexico retired the last of its Brady bonds. As IFLR went to press the country was due to repurchase its remaining non dollar-denominated Brady bonds, taking it out of a period of debt restructuring that has lasted 15 years.

July 31 2003

Is withholding tax holding central Europe back?

States in central and eastern Europe should abolish withholding tax on capital markets deals, say Ton Kemp and Nick Eastwell of Linklaters. It makes transactions expensive for issuers but raises little money for governments

July 31 2003

Tackling restructuring in emerging markets (part II)

Steven Kargman continues his series of articles advising creditors and debtors on managing debt restructurings outside of developed insolvency regimes

June 30 2003

The class action threat to sovereign workouts

Whitney Debevoise and David Orta of Arnold & Porter look at recent rulings on class action suits that followed Argentina's bond default, and argue that negotiated restructurings are the best way to resolve sovereign debt disputes

June 30 2003

Isda falls short on successor rules

New definitions on how to change credit default swaps when a reference entity restructures are an improvement on the past, but not by much. Patrick Clancy of Shearman & Sterling LLP explains why not

June 30 2003

Uncertainty reigns in asset-backed market as Fin 46 comes into force

Ben Maiden reports from New York on how banks are preparing to cope with new accounting rules for special purpose entities

June 30 2003

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