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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

Transatlantic markets possible within one year, says ISMA report

By Thomas Williams

January 01 2003

Colt debt case puts struggling companies on a knife-edge

Heavily-indebted European companies could find themselves unable to tap international equity markets for extra funds as the result of a US-style corporate action brought against a UK company. The case was awaiting a ruling as IFLR went to press.

January 01 2003

Australia blames auditors for governance failings

Auditors play only a small role in keeping a company honest. But in a bid to reassure investors after a spate of corporate scandals, the Australian government is wrongly limiting its reforms to the audit function, says Alison Lansley of Mallesons Stephen Jaques

January 01 2003

Hungary

The Hungarian Supreme Court has issued a second judgement (BH 2002.364) confirming that assignments by way of security do not survive the assignor's insolvency. Although Supreme Court judgements are not binding as precedent, two recent judgements on this issue cast considerable doubt on the effectiveness of existing methods of taking security over rights and claims.

January 01 2003

Spain

Spain's new Law 44/2002 on Reform Measures of the Financial System - in which many surprises can be found - has finally been issued. It was published on November 23 in the Spanish Official Gazette (BOE no 281). Except for matters specified in Final Disposition number 3 (Disposición Final 3ª), the bulk of the Law is enforceable from the day after publication.

January 01 2003

Czech Republic

Since 1996, any entity buying shares in a formerly state-owned enterprise as a result of privatization was excluded from the mandatory buyout obligation (the so-called privatization exemption), set out in the Czech Commercial Code. The mandatory buyout provision of the Code said that anyone buying shares above a specified threshold (including a controlling interest) must offer to buy the shares of minority shareholders.

January 01 2003

Fair disclosure: what issuers can learn from SEC actions

The SEC has issued the first enforcement actions under its disclosure rules. The cases point to some of the difficulties in applying Regulation Fair Disclosure but should help issuers understand the types of activities it forbids. Leslie Silverman and SK Kang of Cleary Gottlieb Steen & Hamilton, New York, and Sebastian Sperber and James Small in Hong Kong explain

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

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

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