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Is withholding tax holding central Europe back?

States in central and eastern Europe should abolish withholding tax on capital markets deals, say Ton Kemp and Nick Eastwell of Linklaters. It makes transactions expensive for issuers but raises little money for governments

July 31 2003

Moody's takes tough look at role of trustees

Claire Robinson of Moody's explains why the ratings agency is re-examining how trustees affect securitizations in the wake of problems on deals like National Century

July 31 2003

Bank Mandiri IPO boosts confidence in Indonesia

After more than two-and-a-half years of preparation, Bank Mandiri has launched Indonesia's largest initial public offering since Asia's 1997 financial crisis.

July 31 2003

Lovells and Gide advise on French whole business first

Lovells and Gide Loyrette Nouel have advised on the first whole business securitization in France to use lease receivables, in a €400 million deal for Xerox.

July 31 2003

Hogan & Hartson, White & Case close first wind-power project financing

US firms Hogan & Hartson and White & Case helped close the first project financing for wind power in July. The deal, valued at $380 million, will finance a portfolio of wind farms and is expected to open the market for similar deals.

July 31 2003

Canada

On June 27 2003 most securities regulators in Canada published for comment draft rules regarding audit committees, the certification of financial disclosure and auditor oversight for public companies. These rules are substantially similar to the Sarbanes-Oxley Act, related SEC rules and proposed New York Stock Exchange and Nasdaq listing requirements. The final version of these rules will likely become effective on January 1 2004. If implemented, these new rules will require:

July 31 2003

SEC releases plans for greater shareholder power

The Securities and Exchange Commission (SEC) last month took a step towards promoting corporate democracy when it issued a report proposing greater involvement for shareholders in electing directors of companies.

July 31 2003

Mexico ends Brady bond era

July marked the end of an era in Latin American sovereign debt when Mexico retired the last of its Brady bonds. As IFLR went to press the country was due to repurchase its remaining non dollar-denominated Brady bonds, taking it out of a period of debt restructuring that has lasted 15 years.

July 31 2003

How Korean lawyers will profit from foreign competition

Until recently Korea has been reluctant to open its legal market to foreign competition. But change is on its way. Andrew Crooke reports from Seoul on how the coming influx of foreign lawyers will benefit Korean firms too

July 31 2003

Understanding Isda's credit derivative rules

Ed O'Connell and Kristin Boggiano of Schulte Roth & Zabel discuss Isda's 2003 Credit Derivatives Definitions and the questions they both resolve and raise

July 31 2003

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