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Finland

In October 2002 the Finnish government issued a proposal to the Finnish parliament to replace the existing Finnish Act on Financial Supervision by a new Act of the same name. The purpose of the proposed Act is to intensify and make more efficient financial supervision through a number of amendments to the supervisory measures and powers available to the Finnish Financial Supervision Authority (FSA) and to increase the authority of the FSA.

January 01 2003

Japan

The Securities and Exchange Law of Japan does not generally require any company to report quarterly business results and financial condition. Although certain listed companies voluntarily disclose financial results on a quarterly basis, only companies with their securities listed on certain markets for emerging companies, such as Mothers on the Tokyo Stock Exchange (TSE), are required to file quarterly disclosure statements under the regulations of the relevant stock exchanges.

January 01 2003

Hong Kong

The Securities (Miscellaneous) (Amendment) Rules 2002, which came into effect on November 15 2002, introduced new exemptions for section 80 of the Securities Ordinance for relieving prohibition of the uncovered short selling of securities.

January 01 2003

Commission brings first Regulation Fair Disclosure cases

The Securities and Exchange Commission has brought its first cases against companies allegedly breaking Regulation Fair Disclosure, a rule designed to prevent selective disclosure of corporate information.

January 01 2003

China

On November 7 2002, the China Securities Regulatory Commission and the People's Bank of China jointly issued the Interim Measures on Administration of Domestic Securities Investment of Qualified Foreign Institutional Investors (QFII). These measures allow foreign investors to invest in publicly traded, yuan-denominated A shares, treasury and corporate bonds listed on the Shanghai and Shenzhen stock exchanges. The new rules became effective December 1.

January 01 2003

Monti sounds competition warning to financial industry

European competition regulators will not go easy on the financial services industry just because they are keen to promote a single financial market, according to competition commissioner Mario Monti.

January 01 2003

Canada stands firm on corporate governance

The cold winds of corporate scandal and tightening securities regulation are blowing north from the US. Ben Maiden reports on how Canada is trying to keep its own identity, at its own pace

January 01 2003

Allen & Overy advises on whole-business forest securitization

Allen & Overy has advised lead manager and arranger Morgan Stanley on the securitization of forest land by Finnish forest products company Stora Enso.

January 01 2003

Korea closes first cross-border mortgage-backed transaction

Samsung Life Insurance has created a new template for Asia's increasingly sophisticated securitization market - cross-border residential mortgage-backed deals from Korea.

January 01 2003

Clifford Chance advises on Europe's biggest asset-backed deal

Clifford Chance has advised on a €6.6 billion ($6.78 billion) real estate securitization for the Italian government.

January 01 2003

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