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Sullivan and Davis Polk close first Asian ADR of 2003

It took until the start of June for the first SEC-registered American depositary receipt (ADR) offering from Asia to come to market.

June 30 2003

Report reveals burden of compliance costs is growing

A new report commissioned by UK regulator the Financial Services Authority (FSA) shows compliance costs have risen since the Authority took control 18 months ago and that using external lawyers to fulfil compliance requirements is inefficient.

June 30 2003

Tackling restructuring in emerging markets (part II)

Steven Kargman continues his series of articles advising creditors and debtors on managing debt restructurings outside of developed insolvency regimes

June 30 2003

Bolkestein blasts member states for backsliding on takeover directive

The EU official in charge of new legislation on European takeovers has criticized member states that are threatening the future of a draft directive aimed at making cross-border deals easier.

June 30 2003

Ukraine

In early March 2003, the president of Ukraine signed into law the long-awaited new Civil and Commercial Codes, passed by the Parliament of Ukraine on January 16 2003. The new Civil Code replaces the effective 1963 Civil Code of the Ukrainian SSR, while the commercial code is essentially a new concept for Ukrainian legislation. Both codes will come into effect on January 1 2004.

June 30 2003

Japan

The Japanese government has amended laws that relate to securities exchanges In order tto cope with global competition among stock markets. The amendments were promulgated on May 30 2003 and will take effect on April 1 2004. Of the amendments, three changes are of particular importance.

June 30 2003

China

Since the enactment of The Provisional Regulations on Foreign-Funded Mergers and Acquisitions of Onshore Enterprises on April 12 2003, the restrictions on foreign investors who wish to acquire a company or the assets of a company that is wholly-owned by the People's Republic of China (PRC) have been relaxed.

June 30 2003

Austria outstrips neighbours as hub of cross-border deals

Merger activity in Austria is booming as global companies search for bargain assets in central Europe. Michael Evans reports

June 30 2003

Why German trade tax changes don't go far enough

Germany's banks are reluctant to lend, so its companies are suffering. Securitization should be the answer for both. But proposed reforms will do little for corporates. Michael Evans reports on how banks are happy, but borrowers less so

June 30 2003

Securitizers urged to wake up to Basel implications

Securitization specialists have warned bankers and lawyers not to ignore the profound impact that the new Basel Accord will have on the structured finance industry.

June 30 2003

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