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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.

In order to preserve transparency in the market and protect minority shareholders' rights the Colombian Superintendency of Securities has issued Resolutions 116 and 157 of 2002. The resolutions define some practices as illegal and others as contradictory to stock exchange practices. These regulations apply to publicly listed companies.

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.

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Dealing with bad debts in emerging markets is often a difficult and worrying experience. Local legislative frameworks and business practices can be bewildering and unfriendly to outside creditors. Steven Kargman* offers advice on some of the key challenges they may face

Six law firms last month advised on the completion of the largest revenue bond deal in US history. The transaction, on behalf of California's Department of Water Resources (DWR), raised $11.3 billion in power supply revenue bonds as part of the state's attempt to finance its way out of last year's energy crisis. The deal closed on November 14.

Shareholder rights plans or poison pills are a common Canadian takeover bid defence strategy. Used properly, these plans buy target boards time to assess an unsolicited bid and, if necessary, seek alternatives beneficial to its shareholders. Used improperly, they can block a takeover bid and impede a shareholder's right to choose whether to sell its shares and to whom.