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  • The Central Bank of Colombia has replaced the previous External Regulatory Circulars (DCIN-36 of July 19 2001, DCIN-05 of January 10 2002, and DCIN-10 of February 15 2002) with a new External Regulatory Circular: DCIN-23 of May 9 2002. This will come into force on June 4 2002. The principal changes introduced by the new Circular are the following:
  • "Ignoring the problems for the sake of the sacred principles of property and contract is a disappointing example of tunnel vision."
  • The EU is preparing to radically overhaul disclosure rules for publicly-traded companies, making them responsible for disclosing information to the markets more often and more comprehensively than ever before. The European Commission is behind the proposals, announcing plans to introduce disclosure requirements that become increasingly stringent depending on the size of a business.
  • Brazil has introduced guidelines allowing domestic banks and financial companies to access the market for credit derivatives. Walter Douglas Stuber and Adriana Gödel Stuber of Amaro, Stuber e Advogados, São Paulo, explain
  • The collapse of Enron in the US has led some Asian leaders to question the rationale for deregulating their own energy industries. Peter Roberts, of Jones Day’s Hong Kong office, says delays could be costly
  • A recent decision of the Tax Court in Manrell questions the practice in Canada of structuring non-competition payments to obtain tax-free treatment to a vendor.
  • José Garrido García, who is a member of the High Level Group of Experts behind EU takeover proposals, defends his views on minority control from recent criticism
  • The Bahamas offers the arranger, promoter or sponsor of a securitization a cost effective, secure jurisdiction for the domiciliation of the special purpose vehicle (SPV) that issues securities in connection with the transaction. This briefing note will examine some of the key reasons The Bahamas is a suitable jurisdiction.
  • The rendering of credit or financial services by credit institutions or financial services companies other than banks is limited in Portugal, as regards the type of services which may be rendered by each entity.
  • The Central Bank and Financial Services Authority of Ireland Bill 2002 was recently published by the Irish minister for finance. The purpose of the Bill is to provide the legislative framework for the Central Bank and Financial Services Authority of Ireland. The Central Bank will supervise all banks, building societies, insurance companies, credit unions and other investment business firms.