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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

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

Will Hong Kong bank rules improve due diligence?

Bankers are afraid that new requirements for Hong Kong listings will place all responsibility for due diligence on sponsors. If issuers are not forced to cooperate, disclosure standards will stay low and investors may shun the market. Andrew Crooke reports

May 31 2003

ANZ uses Australian tax reforms to launch jumbo debt deal

ANZ Banking Group has become the first Australian trading bank to take advantage of a recent change in the country's withholding tax laws to sell bonds to both onshore and offshore investors at the same time.

May 31 2003

Correction

Due to an administrative error, Cleary Gottlieb Steen & Hamilton was omitted from the Tier I debt table of IFLR's international bond survey (IFLR, April 2003). The corrected table appears here.

May 31 2003

OECD plans rough justice solution for Asian company reform

The Organisation for Economic Cooperation and Development (OECD) is to tell Asian governments to resort to so-called rough justice measures when implementing badly needed corporate governance measures in the region.

May 31 2003

Special report: Hong Kong securities reform

Despite years of proposals, meetings and debate, doubts remain over how well parts of Hong Kong's new financial markets regime will work. By Andrew Crooke

May 31 2003

US structured finance

Real reform is being implemented in many segments of US markets. Corporate funding has benefited greatly by this process. Funding cost spreads for US corporations (between rates paid by high-yield growth firms and those of high-grade firms) have narrowed from nearly 8% last October to around 4% today. This trend propelled US debt and equity markets out of an awful slump.

May 31 2003

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