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The Market Abuse Directive: too much, too soon?

Europe has set an ambitious timetable to combat Market Abuse. IFLR invited five financial specialists to discuss EU plans so far

August 31 2002

Japanese settlement systems under review

Japan's financial payment and settlement systems are to be strengthened as part of a review by a new committee set up to minimize operational risks in the country's financial markets. The initiative, spearheaded by the Financial Services Agency and agreed by the Financial System Council, will involve senior Japanese officials and academics looking at ways to create a safety net for the payment and settlement systems.

August 31 2002

Japan

The Securities Settlement System Reform Law will come into effect in Japan in early January 2003. The object of the law is to provide a uniform, safe and efficient book-entry settlement system for certain corporate, government, municipal and foreign bonds, commercial paper and beneficial interests. Shares, warrants and convertible bonds are outside the scope of the new system. A unified settlement system for all securities remains a goal for the future.

August 31 2002

Sarbanes-Oxley specialUS Congress carries anti-fraud effort abroad

John D Moore of Goldman Sachs looks at what the new law means for companies

August 31 2002

Lawyers keep faith despite Hong Kong's doubters

Many times the future of Hong Kong has been written off. Many times the region has bounced back. By Nick Ferguson

August 31 2002

Ireland

The Irish government has recently enacted regulations to give effect to two EU directives: Directive 2000/28/EC relating to the taking up and pursuit of the business of credit institutions; and Directive 2000/46/EC relating to the taking up, pursuit of and prudential supervision of the business of electronic money institutions.

August 31 2002

News in brief

Andersen partners create Bird & Bird German office

July 31 2002

IPMA warns of European exodus over transparency proposals

The International Primary Markets Association (IPMA) has warned that the EU's plans for greater transparency in its capital markets will encourage companies to list elsewhere. In a letter to the European Commission the association, which represents the views of over 60 international banks operating in the European capital markets, says that "third-country issuers will be driven from EU markets" if the obligations of the new directive are disproportionately burdensome.

July 31 2002

Lawyers cynical about German listing code

German lawyers have given a lukewarm response to a code of practice for companies listing on the Frankfurt stock market. The Going Public Principles developed by Deutsche Börse and the banking and legal members of its Primary Markets Advisory Committee are designed to strengthen the role of the prospectus as the central information medium for deals and are the result of several months of market consultation.

July 31 2002

Finland

The Ministry of Finance has issued two new decisions amending the regulation on listing particulars and offer documents: the Decision on Listing Particulars (26.6.2002/539) and the Decision on Offer Documents (26.6.2002/540). These decisions replace the Ministry of Finance's Decision on Listing Particulars (19.11.1998/197) and Decision on Offer Documents (13.10.1994/905).

July 31 2002

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