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The new Spanish finance bill aims to provide a more comprehensive, simple regulatory framework offering greater investor protection. Fernando de las Cuevas and Valentina Rodríguez of Gomez-Acebo & Pombo, Madrid, examine the key issues

The continuing collapse in share prices is making it increasingly hard for companies to raise cash. In August, IFLR showed how securitization could help telcos. This month, Christian Parker and Martin Dunton of Norton Rose explain the role convertible and exchangeable bonds can play

Over the summer, the Czech and Slovak republics both passed new laws on competition. As they and other countries line up for prospective EU membership, Michal Dlouhy and Martin Podolan of White & Case, Feddersen, Prague, assess the legislation

The Finance Act 2001 has, effective from assessment year 2002 to 2003, introduced specific transfer pricing regulations under the Income Tax Act 1961 (IT Act) for computing income and costs or expenses allocated or apportioned under an international transaction with an associated enterprise on an arm's length basis. Arm's length basis operates on the hypothesis that associated enterprises are independent of each other in their commercial and financial dealings. The basis for determination of whether an entity is an associated enterprise includes participation, whether directly or indirectly, by an enterprise in the capital, control or management of another enterprise. Where an enterprise is in a position to influence, restrain or regulate the other, the two entities are considered associated enterprises. An international transaction is defined as a transaction between two or more associated enterprises, either or both of them non-residents, involving a purchase, sale, lease, provision of services, lending, borrowing or any transaction having a bearing on profits, income, loss or assets of such enterprises.

Hendrick Haag, Hengeler Mueller partner and co-chair of Committee E (Banking Law), looks at the topics his panel will be covering at this month’s IBA conference in Cancun.

The downward slide of technology stock prices worldwide continues to concern companies wishing to list shares on Hong Kong's Growth Enterprise Market (GEM). With a view to maintaining Hong Kong's prime competitive position, a joint announcement by the Securities and Futures Commission and the Stock Exchange of Hong Kong on proposed amendments to the GEM Listing Rules was issued on July 27 2001 with the following notable highlights:

On May 31 2001, China's MOFTEC promulgated the Supplemental Provisions (2) to the Establishment of Companies with an Investment Nature by Foreign Investors Tentative Provisions relaxing earlier restrictions on the activities of foreign investment companies (FICs).

On August 29 2001, the Australian government announced several amendments to its interest withholding tax (IWT) exemption regime which are intended to enhance Australia's development as a centre for financial services in the Asia-Pacific region.

National Monetary Council Resolution No 2,878, recently issued by the Brazilian Central Bank, rules on relations between banks and their clients with regard to the services and products offered to the latter.

Chilean laws have been enacted primarily to attract and foster foreign investment. Chile's government and its agencies generally show a favourable attitude towards foreign investment, whether in the form of equity, loans or technology.