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Many shareholders in US companies face obstacles in reaping the benefits of transactions such as mergers which increase the value of their stock. Mark Bergman, head of the securities group at Paul, Weiss, Rifkind, Wharton & Garrison, examines the implications of the often restrictive US securities laws

Later this year the EU is expected to pass legislation that will pave the way for the European Company, with far reaching implications for cross-border business in Europe. Jean-Louis Joris of Cleary, Gottlieb, Steen & Hamilton, Brussels, looks at the challenges in drafting the law and the potential benefits for multinationals

The China Securities Regulatory Commission (CSRC) on May 17 2001 unveiled the long-awaited online price bidding proposal, a new mechanism of price fixing in initial public offerings (IPOs). The proposed scheme is intended to allow market forces of supply and demand to determine the price of primary securities offerings.

The passing of the Commerce Amendment Act in May 2001 marked another step towards the harmonization of Australian and New Zealand business law. Proposed in 1999 by the previous National government and then modified by the present government, it is one of a series of changes in New Zealand competition law, which also includes specific regulatory regimes for parts of the electricity and telecommunications industries.

Hendrik Haag of Hengeler Mueller, Frankfurt, and David Brownwood of Cravath, Swaine & Moore, London, explain the structure of Deutsche Börse’s marketing leading IPO

On May 29 the Banks Law was amended for the second time within two years of its enactment. The main goal of the Amendments is to bring the Turkish banking sector closer to EU standards and to clarify the authority of the Saving Deposits Insurance Fund in its dealings with the problem banks transferred to it and their shareholders.

Cashpooling is the centralization of group treasury management used to maximize the financial results of the cash management policy of a group. The past couple of years have seen an ever increasing demand for the implementation of European cross-border cashpooling systems, involving one or more Portuguese subsidiaries. As a rule the pool leader is located in a European country other than Portugal.

In May, 12 years into negotiations to create an EU directive on takeovers, Germany suddenly got cold feet. Hartmut Krause of Allen & Overy, Frankfurt, discusses the compromise with the EU it has since won and how it can draft its own legislation to protect German companies from hostile international bids

Among the most important recent developments in the Belgian financial landscape are the transformation of the Brussels stock exchange into Euronext Brussels and the start of Nasdaq Europe following the takeover of the pan-European Easdaq market by Nasdaq.

The new provisions of the Act on Insurance Companies (ICA) and the Act on Foreign Insurance Companies (FICA) have expanded the business opportunities of Finnish insurance companies and insurance companies located outside the EEA. New rules on the marketing of insurance products and services were introduced concurrently. The objective of the amendments is to expand the possibilities of insurance companies to operate in the financial markets and to harmonize the marketing rules and requirements applicable to credit institutions and insurance companies. The amendments of the ICA and FICA became effective on May 15 2001.