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Letter: Trade finance falls from favour

Sir:

May 31 2003

What EU rules mean for financial conglomerates

Jan Meyers and David Ballegeer of Cleary, Gottlieb, Steen & Hamilton examine the impact of the EU's Conglomerates Directive on capital adequacy requirements for bank and insurance groups

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

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

Why Delaware has thrown M&A laws into doubt

David Bernstein, of Clifford Chance, says a Delaware Supreme Court decision to overrule a merger agreement between NCS and Genesis risks damaging the state's role as the most popular company base in the US

May 31 2003

Finland

The Finnish Ministry of Justice appointed a working group in 2001 to prepare a complete reform of the Finnish Companies Act. In May 2003 the working group published its report, including a proposal for a new Companies Act. The aim of the comprehensive company law reform is to improve the competitiveness of Finnish limited liability companies by making the Finnish company law more flexible and explicit with fewer mandatory provisions.

May 31 2003

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

Lovells and Carnelutti advise as SAB Miller buys Italy's Peroni

UK firm Lovells and Italian firm Carnelutti are advising on SAB Miller's €563 million ($638 million) unconditional offer for Italy's second largest brewer Birra Peroni.

May 31 2003

Japan

The Japanese government promulgated laws on April 9 2003 to facilitate industrial revitalization. The laws temporarily introduce and extend a number of special measures for certain types of revitalization plans and introduce a special corporation to assist certain revitalizing companies. There are companies in Japan that have accumulated large debts and retained excess productive capacities. As a result, they have been facing economic difficulties. The new measures are expected to help these companies.

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

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