Search results for

The Turkish Capital Markets Board (CMB) recently issued several key new communiqués alongside new additions to the Turkish securities regulations, such as the shelf registration system. Communiqué Serial IV No 29 on the Principles of Cumulative Voting in the General Assemblies of Corporations Subject to the Capital Markets Law was issued in February 2003.

Exit consents have been hailed as an important tool in the battle to avoid Argentina-style sovereign debt defaults. But Stephen Choi and Mitu Gulati explain that lawyers must take a close look at the bond terms if they want to ensure their restructuring plans will work in practice

On June 17 2003 Saudi Arabia's Council of Ministers passed a resolution approving the long awaited Capital Markets Law (CML), which - once it has been signed by King Fahd or the Crown Prince - will be effective 180 days from its announcement in the Official Gazette (Umm Al Qura). Saudi Arabia does not have a physical stock exchange, although shares in Saudi public companies are traded electronically through local banks under regulation by the Saudi Arabian Monetary Agency (SAMA), the Kingdom's Central Bank. The electronic exchange (Tadawul) and the Saudi Shareholding Registry will be transferred to the new Saudi Arabian Exchange Commission (SEC). The new market will be renamed the Securities and Exchange Market, which will be established as a joint stock company.

Crest Securities' recent investment in SK Corp - perhaps spelling control of SK Telecom - has underscored the vulnerability of public companies to outside bids for control.

US debt and equity specialist Peter Curley has left the Allen & Overy partnership to direct listings policy at Hong Kong Exchanges and Clearing Limited.

The release of new derivatives rules in China will help make contracts between foreign banks and domestic counterparties valid and enforceable under PRC law. Andrew Crooke reports

Corporate reforms in Italy should give more clarity as to how the courts will view leveraged buyouts, but investors still need to be wary. Emma Barraclough reports

Asian projects can increasingly expect to get consistent terms from guarantors of political risk coverage. Bruce Cooper of Freshfields Bruckhaus Deringer, Singapore, explains how following the success of Phu My 3 in Vietnam

Italy must overhaul its bankruptcy law to give lenders confidence that the government is committed to widespread corporate finance reform. Without change, creditors will continue to receive what they say is unfair treatment, reports Emma Barraclough

SABMiller entered the bond markets in August for the first time since the creation of the company through 2002's merger between South African Breweries and Miller.