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Austria

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.

September 30 2003

Prospectus law harmful, say specialists

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

September 30 2003

Why Switzerland still waits for its securitization wave

With a series of securitizations coming to market, including Switzerland's first commercial mortgage-backed deal and its largest public securitization, some observers are again optimistic about the erratic Swiss structured finance market. Megan Murphy explores whether these transactions are part of a new wave of deal-making, or just another blip

September 30 2003

European Parliament adopts new share trading rules

The European Parliament overwhelmingly approved radical changes to the decade-old Investment Services Directive (ISD) last week, aimed at harmonizing share trading rules and boosting competition between banks and stock exchanges throughout the EU.

September 30 2003

Leadership the key to governance reform

Directors' attitudes are vital in determining the success of corporate governance reforms, a panel of general counsel told an IBA session.

September 30 2003

Brazil

On September 19 2003 the Brazilian Securities Commission (the Comissão de Valores Mobiliários or CVM) rejected a request made by representatives of the accounting profession and other trade associations for relief from existing regulations that require the rotation of independent auditors of listed companies. The CVM has also suggested that existing accounting standards may require the rotation of lead audit partners, as well as the rotation of the audit firm.

September 30 2003

Securities watchdogs to face quality-control tests

Andrew Crooke reports on a new way of measuring how good the world’s securities watchdogs are at creating safer markets

September 30 2003

Australia's faulty banking code alarms lenders

The accidental effects of a new banking code of practice in Australia mean banks must add new clauses into financing documents on deals that involve special purpose vehicles. Phillip Cornwell and Ian Wallace of Allens Arthur Robinson report

September 30 2003

Prospectus shake-up promises growth for Hong Kong markets

Hong Kong's proposed update of prospectus laws will make life easier for issuers, especially those selling to institutional investors, explains Alice Chan of the University of Hong Kong

September 30 2003

Turkey

In an effort to simplify its foreign investment legislation and bring it into line with international standards, Turkey passed Law Number 4875 on Foreign Direct Investment in June 2003. The law eliminates the previous inequalities between foreign and local investors and simplifies the process for establishing a company in Turkey, demonstrating the country's dedication to promoting foreign investment.

September 30 2003

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