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The public offering of securities in the Czech Republic is regulated by Act No 591/1992 Coll on Securities (the Securities Act). The most recent amendments to the Securities Act include provisions intended to harmonize the legal framework for the regulation of the Czech capital market with EU law in anticipation of the accession of the Czech Republic into the EU in 2004.

The International Accounting Standards Board must rethink some of its proposed rule changes, say Mark Nicolaides and Saffron Street of Mayer Brown Rowe & Maw

In Canada, mergers and acquisitions tend to be negotiated and friendly. One of the reasons for this is that many Canadian public and private corporations have one or more major shareholders whose support is essential for an acquisition to succeed.

The New Zealand general election was held on July 27. Contrary to early predictions, the incumbent Labour government did not win enough seats in the House of Representatives to have a clear majority. Labour (52 seats) and the Progressive Coalition (two seats) won 54 seats between them in the 120 seat House and opted to form a minority government, relying on a formal agreement with United Future New Zealand (eight seats) to support them on matters of confidence and supply. Labour leader Helen Clark will enter her second three-year term as prime minister and the majority of cabinet ministers will retain their pre-election portfolios. Despite Labour winning only a minority of seats in the House, it is likely that the government will continue with its pre-election monetary, banking and securities markets and institutions policy.

In July 2002 the pan-European exchange virt-x announced the introduction of a central counterparty (CCP) for spring 2003. With the interposition of the CCP between the parties trading on virt-x, clearing as a new element will be introduced after the trading (buying and selling of securities) and before the settlement (delivery and payment of securities in fulfilment of the contractual obligations resulting from trading).

The Turkish Parliament enacted Law No 4632 on Individual Private Pension and Investment Systems on April 7 2001, and this came into effect on October 8 2001, paving the way for the establishment and operation of pension companies and investment funds, individual private pension systems and individual private pension intermediaries.

After many years of uncertainty, the Korean government's official position regarding the opening of the Korean legal market may be unveiled in the not-too-distant future. In accordance with a procedural schedule adopted by the World Trade Organization (WTO), 14 nations have, as of the end of June, submitted their requests regarding the opening of the legal market in Korea. The Korean government is required to submit its response by March 30 2003 and negotiations between the WTO member nations and Korea are to be concluded by the end of 2004.

On July 2002 Borsa Italiana SpA, the company responsible for the Italian Stock Exchange, issued a revised version of the Code of Conduct for Italian listed companies which was set forth in 1999. The Code of Conduct has been drafted by the Committee for the Corporate Governance of Listed Companies.

Nick Ferguson reports on the strategies followed by international firms in Singapore since the country’s joint venture experiment hit trouble

Jay Lawrence Westbrook of the University of Texas School of Law considers the merits of three initiatives to deal with international workouts