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A revised Code of Banking Practice, applicable to relationships between individual customers and authorized institutions under the Banking Ordinance (AIs), became effective as of December 1 2001. AIs generally have six months to comply with its terms.

Bankers in over 15 countries fear domestic and international regulation is a growing threat to their business, according to an industry survey published in February. The rulemaking of national regulators such as the UK's Financial Services Authority, and efforts to introduce global measures such as the Basle II capital accord, now rank as top-10 threats to the banking world, the survey suggests.

Under Law No19,601 enacted on January 18 1999, a public offering of offshore securities or securities deposit receipts (SDRs) can only take place in Chile if they have been previously registered in the Special Registry of Offshore Securities (ROS) kept by the Superintendency of Securities and Insurance (the SVS).

In the second of a three-part series, Philip Gilligan and John Banks of Lovells, Hong Kong, explain the key issues to be considered when planning to buy a bank in Asia

The European Commission may have published a report on the need for an EU takeover directive and company law, but Germany is just getting used to its own new takeover rules. Daniela Weber-Rey and Wolfgang Richter of Clifford Chance Pünder, Frankfurt, examine what the regime means for companies while the European debate rumbles on

US lawyers have given a cautious welcome to the US Securities and Exchange Commission's (SEC) plans to radically reform corporate disclosure rules in the wake of the Enron affair.

In a recent decision, the Ontario Securities Commission(OSC) "killed the pill" put in place by coffee shop chain Second Cup to block the hostile takeover bid by Cara Operations.

Corporate governance has become a fashionable term in Switzerland in recent times. Nonetheless, there is no legal definition of the term under Swiss law. Corporate governance rules are increasingly found in various enactments, such as the Swiss Federal Code of Obligations (company law) or the Federal Law on Stock Exchanges and Securities Trading and the listing rules based thereon.

A provision of the Bank of Italy dated November 31 2002 has finally set out rules for authorization to trade in units of common investment funds not established pursuant to the relevant EU regulation (including Directive 85/611/EEC relating to undertakings for collective investment in transferable securities, the so-called UCITS Directive). These are referred to as non-harmonized funds.

The New Zealand government has announced its intention to reform consumer credit law by introducing a new Consumer Credit Bill. The Bill will replace both the Credit Contracts Act 1981 and the Hire Purchase Act 1971. It aims to reduce the imbalance between lenders and consumers by implementing a stricter disclosure regime, increasing penalties and giving the Commerce Commission the power enforce the law and obtain redress on behalf of consumers. It is hoped that these measures will protect consumers and enable them to make more informed credit decisions.