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France recently overhauled its financial regulatory system, but stopped short of following the US's tough tactics towards insider trading. Eric Cafritz and James Gillespie of Fried Frank Harris Shriver & Jacobson compare the different approaches

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

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.

With the rapid development of information technology, use of personal information about individuals is increasing. In order to help to protect the rights and welfare of individuals, the Law Concerning Protection of Personal Information was promulgated on May 30 2003. The new law harmonizes protection of personal information (as defined in the law) and the use of personal information. The law sets out not only basic policies for the protection of personal information but also basic obligations for any enterprise that uses a personal information database for business. Similar obligations for the public sector are also prescribed by separate laws.

The Companies Amendment Bill now pending before parliament will reform the provisions relating to accounting/auditing standards. The highlights are:

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.

New York firm Winston & Strawn is expanding its financial services regulation focus with the hire of Bank One's general counsel.

Effie Vasilopoulos joined the Hong Kong office of Sidley Austin Brown & Wood at the start of August to launch a new international funds practice for the firm in Asia.

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).

The New York Stock Exchange (NYSE) voted in August to remove some of the restrictions on companies wanting to delist, offering the prospect of greater movement between exchanges.