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  • On March 23 2001, the Swiss parliament passed a bill revising the legislation on consumer credits. The deadline for a referendum having run out on July 12 2001, the bill has overcome the most important obstacle to its becoming law. According to government plans, the new legislation will come into force on January 1 2003.
  • As part of the government's ambitious economic reform programme, Russia has recently liberalized several key provisions of the Law on Currency Regulation and Currency Control, which has long been criticized as overly restrictive. The main changes came into effect in early July 2001, and further reforms are expected in the near future.
  • On July 23 2001 Consob issued a communication to remind collective asset managers of the rules with which the process of making investment decisions must comply, inter alia with reference to some operating procedures required by the prudential rules for limiting and diversifying risk.
  • Ireland has followed the lead of other European jurisdictions by proposing covered bond legislation based upon the model of the German Pfandbriefe legislation. The Asset Covered Securities Bill is expected to be enacted into law in the last quarter of 2001.
  • Corporate governance rules play an important role for (institutional) investors and the good functioning of the stock markets. The main set of existing Belgian rules on corporate governance in the modern sense is to be found in voluntary codes of conduct, but today this is considered to be insufficient.
  • The New Economic Regulations Act (loi sur les Nouvelles Régulations Economique, or NRE), which came into force in May 2001, has introduced a wide range of provisions to strengthen the legislative framework in the fields of competition law, company law and banking law.
  • Cadwalader, Wickersham & Taft 100 Maiden Lane
  • The issuance of a guidance note by the Securities and Futures Commission (SFC) in May 2001 clarifying regulatory requirements concerning online marketing and offering of Collective Investment Schemes (CIS) will help to regulate activities that are targeted at Hong Kong investors or are detrimental to the interests of the investing public or market integrity of Hong Kong.
  • Cadwalader, Wickersham & Taft 55 Gracechurch Street
  • More than a year has passed since the inception of Singapore’s seven legal joint ventures – the city state’s first step towards being part of the global legal profession. With one JV down and the others facing the challenges of integration, Nick Ferguson reports from Singapore on the progress made and lessons learned