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Hungary

The Act XV of 2003 on the Prevention and Impediment of Money Laundering will set aside Act XXIV of 1994 of the same title and provides extended and more sophisticated regulations against money laundering in Hungary. The new act has been expected since the September 11 terror attacks in New York, and it is also a result of harmonization with EU legislation relating to the same matter. The new act will come into force on June 16 2003.

May 31 2003

Promina closes world's largest IPO

The biggest global float of 2003 has come from Australia. Royal & SunAlliance's A$1.9 billion ($1.25 billion) initial public offering of Promina Group closed last month four times oversubscribed, showing no signs of succumbing to fears over market turmoil.

May 31 2003

China

On March 1 2003 State Council promulgated its Rules on Sino-Chinese Cooperative School Joint Ventures. These will be effective as of September 1 2003.

May 31 2003

Six steps to a better know-your-customer procedure

As the US prepares to implement new anti-money laundering rules, Brian Volkman of Bayerische Landesbank in New York outlines measures that banks can use to ensure they comply with local legislation around the world

May 31 2003

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

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

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

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

In brief

SingPost closes virtual deal to set IPO benchmark

May 31 2003

Banks fear lawsuits over Singapore circulars

Banks will shy away from Singapore deals unless regulators can explain how new rules affect liability on international public offerings. Andrew Crooke reports

May 31 2003

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