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At present, Hong Kong has an effective legal framework for safeguarding personal privacy in relation to consumer credit data. The use of recorded information relating to an individual's credit transactions is regulated by the Personal Data (Privacy) Ordinance and the Code of Practice in Consumer Credit Data. In light of the considerable increase in the default rate on loans and credit card spending, the financial industry proposes relaxation to certain provisions of the Code, particularly a greater sharing of positive credit data via a credit reference agency, as a measure to contribute towards alleviating the problem of growing consumer indebtedness and personal bankruptcies.

The Federal Act on Money Laundering which came into force in 1998 places several obligations of due diligence (that is, identification of the contracting party, verification of beneficial owner, clarification of suspicious transactions and so on) on financial intermediaries. It applies to all financial intermediaries whether those already supervised by special legislation (such as the banking sector) or those in the non-banking sector, which were in 1998 not yet subject to any special supervision. In the non-banking sector the Act applies to all persons who, on a professional basis, accept, hold in deposit or assist in the investment or transfer of assets belonging to third parties.

The Swedish Industry and Commerce Stock Exchange Committee (Näringslivets Börskommitté or NBK) has issued a new recommendation regarding information about the benefits for senior managers of Swedish and foreign companies whose shares or depositary receipts are listed in Sweden. Foreign companies can be granted exemption from the information requirements under the recommendation by the stock exchange or marketplace where the company's shares or depositary receipts are listed. Information under the new recommendation must be provided for the first time in the 2002 annual report. Should the benefits be amended in any material proportion by comparison with previous given information, this must be disclosed in the following interim report. Foreign companies can, in consultation with the relevant Swedish stock exchange or marketplace, give the information elsewhere than in the annual report or the interim report. The recommendations from NBK are part of the listing contract with the Stockholm Stock Exchange.

Spain, like other Western economies, has been shaken in the past months by a number of events. Some, like the financial scandals affecting large multinational corporations, originated outside Spain's borders; others, like a clutch of acquisitions of controlling stakes in competitor companies avoiding public offer (OPA) regulations, have a more local flavour; still others, affecting the way in which managers receive their remuneration (stocks and stock options), are Spain's reflection and reinterpretation of management trends that started abroad.

The Hungarian parliament recently amended the Media Act to harmonize it with the relevant EU directives. As a result, Hungary and the EU finally closed the accession negotiations of the audio-visual and cultural policy chapter.

On September 2 the Irish Competition Authority announced plans to conduct a study of competition in banking services in Ireland. The Authority has the power to study and analyze any practice or method of competition affecting the supply of goods or the provision of services or any other matter relating to competition pursuant to the Competition Act 2002. The Authority has previously investigated sectors such as bus and rail passenger transport and licensed publicans. It is now investigating the professions.

The Helsinki Exchanges have introduced amendments to their rules concerning, among other things, the listing of securities, disclosure requirements and the regulation of the surveillance list. The amended rules came into effect on September 1 2002. The amendments are largely based on practical experience and are intended to be in line with the amendments to the Securities Market Act. The amendments concerning the listing of securities and disclosure requirements were discussed in detail in an article in the International Briefings section of IFLR in June 2002. In addition to the amendments referred to above, a new "cent share" list will be introduced in December 2002.

With terrorist funding on the agenda, should Switzerland abandon its commitment to financial privacy? Michael Evans reports

Cleary Gottlieb Steen & Hamilton and Clifford Chance have advised on one of the largest project financings to close in Germany.

Without a forum for working out a country's financing difficulties, its lenders can find themselves in as much trouble as the creditor when trouble strikes. Mark Cymrot of Baker & Hostetler explains why bankers and borrowers alike should back insolvency rules for sovereigns