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Cayman Islands

The legal authority of the UK Government to extend the European Union Savings Directive to the UK's overseas territories is in doubt following a European Court ruling at a preliminary hearing in March 2003. The Directive is still in draft form and has not yet been adopted by the EU's Council of Minisiters, but in its current state would require EU member states to impose either spontaneous reporting or withholding tax. Although the Cayman Islands is a UK overseas territory, it is not a member of the EU.

May 31 2003

British Virgin Islands

On April 17 the government of the British Virgin Islands (BVI) passed the long-awaited 2003 Insolvency Act. It is not clear when the Act will come into force but there is some indication that large parts of the legislation will become effective at the same time as a proposed consolidation of companies' legislation. However, a number of parts may well be brought into force in the very near future.

May 31 2003

Italy

Legislation on derivatives for Italian local authorities is scant. The only provisions are contained in Ministerial Decree No 420 of July 5 1996 (MD No 420) and in Article 41 of Law No 448 of December 28 2001 (2002 Financial Law).

May 31 2003

Ireland

The recent Central Bank and Financial Services Authority of Ireland Act 2003 establishes a new body, the Irish Financial Services Regulatory Authority, and amends the regulatory powers of the Irish Central Bank with effect from May 1 2003. The Act also amends a number of legislative provisions in the area of financial services and insurance law and in particular the Central Bank Acts, 1942-1998.

May 31 2003

Georgia

In a recent string of structural legislative reforms, the Georgian Parliament has abolished the Ministry of State Property Management of Georgia (MSPM), the entity previously responsible for the management and privatization of state-owned assets.

May 31 2003

Hong Kong

Hong Kong's District Court has sentenced two brothers, formerly senior executives of a Hong Kong-listed fashion trading company, Gay Giano International Group Limited, to prison for commercial conspiracy.

May 31 2003

New Zealand

New Zealand's record of enforcement against alleged insider traders speaks for itself - not a single conviction and only two cases of insider trading ever brought to trial. A third case is currently pending. But will the introduction of criminal penalties improve the effectiveness of NewZealand's insider trading regime?

May 31 2003

India

On May 5 the Indian parliament passed The Electricity Bill, which was originally brought before the assembly in August 2001. The comprehensive Electricity Act aims at replacing three existing Acts governing the power sector: the 1910 Indian Electricity Act; the 1948 Electricity Supply Act; and the 1998 Electricity Regulatory Commissions Act.

May 31 2003

Can Europe's lawyers save the junk bond market?

Investors are reluctant to buy European high yield bonds. Rob Mannix reports on how lawyers might just change that

May 31 2003

Will Hong Kong bank rules improve due diligence?

Bankers are afraid that new requirements for Hong Kong listings will place all responsibility for due diligence on sponsors. If issuers are not forced to cooperate, disclosure standards will stay low and investors may shun the market. Andrew Crooke reports

May 31 2003

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