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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.

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

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.

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

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

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

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.

Alex Potter of Freshfields Bruckhaus Deringer explains how lenders in privately funded government projects can limit the uncertainty created by EU state aid rules

The Ontario Securities Commission has recently published for comment Proposed OSC Rule 48-501 (Trading During Distributions, Formal Bids and Share Exchange Transactions), which would impose trading restrictions on dealers and issuers involved in a distribution of securities and certain other transactions, such as a securities exchange takeover bid, an issuer bid or an amalgamation, arrangement, capital reorganization or similar transaction. The purpose of the rule is to prescribe safe harbours and to otherwise restrict trading activities and preclude manipulative conduct by persons who might have an interest in the outcome of such a distribution or transaction.

Proposals to end the practice of paying soft commission are on the table in both the UK and the US. Michael Evans reports