Search results for

The EU official in charge of new legislation on European takeovers has criticized member states that are threatening the future of a draft directive aimed at making cross-border deals easier.

Grant McCrea of Dewey Ballantine explains how France's Credit Agricole Indosuez successfully brought action in New York over disputed currency swap contracts with Russia's National Reserve Bank

Some asset-backed deals will still prove difficult under the UK's new insolvency regime despite broad exceptions to make securitizations feasible. Richard Ambery of Mayer Brown Rowe & Maw looks at how the treatment of loans to be securitized might change

Proposed regulations in Hong Kong place too much responsibility for company disclosure on sponsors. Issuers must also share the task of keeping investors informed, says Stephen Fletcher of Linklaters

In early March 2003, the president of Ukraine signed into law the long-awaited new Civil and Commercial Codes, passed by the Parliament of Ukraine on January 16 2003. The new Civil Code replaces the effective 1963 Civil Code of the Ukrainian SSR, while the commercial code is essentially a new concept for Ukrainian legislation. Both codes will come into effect on January 1 2004.

Saudi Arabia recently promulgated a long awaited law to formally regulate the country's stock market. Saudi Arabia does not have a physical stock exchange, although shares are traded by electronic means through local banks and are regulated by the Saudi Arabian Monetary Agency (SAMA), the Kingdom's central bank. The electronic exchange (Tadawal) and the Saudi Shareholding Registry will be transferred to the new capital market authority. The new market will be named the Saudi Capital Market and will be established as a joint stock company. The new law calls for setting up two new bodies: The Saudi Arabian Stock Exchange and The Exchange Commission.

The Fair Trade Commission of Korea (FTC) has amended its guidelines for filing an antitrust clearance/business combination report, with effect from July 1 2003.

On May 14 2003 a bill was submitted to Dutch Parliament that seeks to cancel the existing requirement of having to notify the debtors in the event of assignment of receivables under Dutch law. The explanatory memorandum to the proposal states as the principal reason for the proposed cancellation, the unforeseen development since the introduction of the requirement in 1992 of financial products that involve a transfer of a portfolio of receivables, in bulk and at the same time, as is the case in a securitization. In addition, the proposal intends to bring Dutch law in line with similar legislation in countries such as the UK, Belgium, France and Germany.

The EU Insurance Winding-Up Directive has recently been implemented by Irish legislation (SI No 168 of 2003). This legislation applies to reorganization measures adopted or winding up proceedings commenced on or after April 29 2003 and, subject to certain exemptions, requires EU member states to recognize reorganizations and winding-up proceedings of insurers authorized in other EU member states even where such proceedings are dealt with differently by domestic law.

The Japanese government has amended laws that relate to securities exchanges In order tto cope with global competition among stock markets. The amendments were promulgated on May 30 2003 and will take effect on April 1 2004. Of the amendments, three changes are of particular importance.