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British Virgin Islands

On April 10 2003 a new Insolvency Bill received its first reading in the British Virgin Islands (BVI). At the time of writing copies of the Bill were not available but previous drafts have been circulated and the government has engaged in extensive discussions with the private sector over the past two years. It is therefore possible to predict with a fair degree of certainty the likely provisions of the Bill.

April 30 2003

New Zealand

There have been some important changes to the regulatory framework governing the New Zealand Stock Exchange (NZSE) in the last six months. The main changes are a new continuous disclosure regime, principally governing continuing disclosure by listed companies to the market of material information about themselves, and demutualization of the NZSE, coupled with legislative changes delineating the regulatory roles of the NZSE and the statutory regulator, the Securities Commission.

April 30 2003

India

On March 31 the Indian Ministry of Commerce and Industry announced the 2003 to 2004 export-import (Exim) policy, which supplements the five-year plan for 2002 to 2007.

April 30 2003

Hong Kong

The Hong Kong Securities and Futures Ordinance (SFO) came into force on April 1 2003 and is aimed at maintaining and promoting fairness and efficiency in the securities and futures industry. The new SFO was enacted on March 13 2002 and replaced 10 Ordinances. About 40 codes and guidelines were issued under the Ordinance. Combating market misconduct and protecting investors is one of the key concerns of the SFO and a number of reforms have been introduced:

April 30 2003

Shell makes lateral hire for new general counsel

Shell Group has raided one of Europe's biggest engineering companies to hire a new legal director.

April 30 2003

Steel mill financing shows new way for dual currency deals in China

A dual US dollar/Chinese renminbi funding for a stainless steel mill operation in Shanghai has helped advance financing opportunities in China - especially for phased projects that involve different lenders at each stage.

April 30 2003

NASD charges NYSE board member’s firm over share trades

The National Association of Securities Directors (NASD) last month filed a civil complaint against a small brokerage firm run by Kenneth Langone, a board member at the New York Stock Exchange.

April 30 2003

OECD targets areas for Asian corporate governance reform

The OECD's forthcoming White Paper on Corporate Governance in Asia is to recommend greater protection of minority shareholders, improved bank governance and a focus on enforcement of laws and regulations.

April 30 2003

Taiyo IPO broadens fundraising options for Japanese life insurers

Exactly one year after the first-ever demutualization and listing of a Japanese life insurance company, Taiyo Mutual Life Insurance has become the first player in the industry to follow suit.

April 30 2003

In brief

UK firms advise on London's largest equity deal of the year

April 30 2003

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