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  • The French government has promised to reform the country's outmoded bankruptcy laws after claiming the international banking community left French engineering group Alstom to sink because the laws make lenders liable for all debts if they fund a non-viable company.
  • France has changed its consumer code to ensure usury law does not apply to high-yield bonds, resolving legal uncertainty.
  • The American Bar Association (ABA) has voted to give lawyers more freedom to hand over privileged information if their corporate clients break the law.
  • Foreign insurers are increasingly making strategic investments in China. W Seung Chong of Freshfields Bruckhaus Deringer and Satoshi Naganuma of Millea Asia discuss the key issues to consider
  • A new Greek law has expanded securitization into the private sector. George Pergamalis of Freshfields Bruckhaus Deringer explains what market participants need to consider when doing their deals
  • David Skeel, professor of law at the University of Pennsylvania, argues that class action remains a vital, if flawed, way of dealing with sovereign debt distress
  • 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.
  • A new law in Spain establishes a regime that goes beyond pure tax incentives, and could represent Spain's entry into the race to be the jurisdiction with most favourable taxation for debt issues.
  • In recognition of the prevalent sovereign immunity doctrine, Act IV of the Hungarian Civil Code (1959) specifically allowed the Hungarian state to enter into private law contractual obligations (for example, loans, state guarantee and construction mandates). However, for several years the scope and procedure governing the state's liability for the performance of these contracts have not been clarified further by publicly-accessible regulations.
  • One of the few remaining items on the agenda of harmonization of the Czech legal system with the acquis communitaire is a package of legislation regulating capital markets and collective investment. The core of this package consists of the Act on Undertaking on Capital Markets and the Act on Collective Investment, which are both prepared in draft form and are expected to be submitted formally to parliament soon, with a view to being adopted on or before May 1 2004 (the anticipated date of EU accession).