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The Swiss Federal Banking Commission has circulated a draft regulation that defines the term public offering as used in the Investment Fund Act. The Act codifies the current practice of the Federal Banking Commission regarding the term public offering not only under the Investment Fund Act but also under the Banking Act and under the Stock Exchange Act.

On the basis of existing legislation Italian regions and local authorities have been entitled to receive payment of the a 50% withholding tax that could have been applicable to their notes. In the absence of specific regulatory provisions and failing any express provision in the budget laws of the Republic of Italy, this legislation had never been applied. This has created some confusion and uncertainty about the accounting treatment of such claims at territorial level.

China's State Economic & Trade Commission, Ministry of Finance, State Administration of Industry & Commerce and State Administration of Foreign Exchange issued Tentative Rules on Using Foreign Investment to Reorganize State-owned Enterprises on November 8 2002.The rules will take effective from January 1 2003.

The Mexican Derivatives Market (Mercado Mexicano de Derivados) known as MexDer was set up to create a standardized market to negotiate and quote futures and options. It was establishd in response to the need for financial tools that can protect against fluctuations mostly in currency prices and interest rates.

The past few years have seen considerable debate between Offshore Financial Centres and a number of overseas authorities and governments, including the UK government (highlighted by the KPMG report), the OECD and its Financial Action Task Force regarding bearer shares. Most British Virgin Island International Business Companies (IBCs) have included in their memoranda of association the power to issue bearer shares. The reality seems to be that only a minority of IBCs actually issue bearer shares. However, the possibility that a large number of the Islands' IBCs may have actually issued bearer shares has placed the British Virgin Islands, in particular, under intense international scrutiny.

As the EU published a revolutionary proposal to create a single market for investment firms on November 18, the European Commission came under attack from industry lobbyists and lawyers. Michael Evans reports on the last-minute changes to the plans thrashed out behind closed doors

Regulators in emerging markets still lack the resources and expertise to enforce best corporate governance practices. Private dispute resolution may provide the solution for minority shareholders. By Andrew Crooke

Keeping Sarbanes-Oxley in perspective reveals that the new requirements should not discourage smaller non-US companies from listing in New York. Robert DeLaMater, Michael DeSombre and Melissa You of Sullivan & Cromwell argue that some Asian stock exchanges impose restrictions that create more practical burdens than those threatened by the new US legislation

No two leading firms in France can agree whether obstructive local usury laws apply to deals done overseas. Eric Cafritz and Omer Tene of Fried, Frank, Harris, Shriver & Jacobson explain why legislation must be updated

Securitization lawyers in Paris are angry about court judgments that are holding back their industry. Rob Mannix finds out why the French government must legislate if it is serious about promoting structured finance