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Joe Bannister of Lovells Hong Kong highlights some interesting parallels in the insolvency reforms intended for Hong Kong and the UK

Japan’s lawyers have never had it so good. The market for their services is booming as overseas investors pump money into the country and Japanese companies look to the international markets for funds. But there aren’t enough lawyers to do the job. And foreign practitioners say they can’t offer the service their clients want. Things need to change. Ralph Cunningham reports from Tokyo

As companies receive the new Purple Book from the FSA, Andrew Rosling of Theodore Goddard, London looks at the new regime for securities listing in the UK and assesses its likely implications

What’s wrong with Mesdaq? Adeline Wong of Wong & Partners, Kuala Lumpur

South Africa introduces capital gains tax Just when several countries are considering dismantling or reducing the impact of their capital gains tax legislation, South Africa's minister of finance has given notice in his annual budget speech of the intention to introduce the tax in South Africa. Capital gains tax will take effect from April 1 2001, and it is understood that the amending legislation will be available early in 2001. In the interim, the tax authorities have issued a guide relating to the tax and its application.

After-hours trading now permitted on the Italian Stock Exchange Trading on the Italian Stock Exchange is now permitted after regular trading hours. Changes have been made to the existing regulations and as of May 15 2000, two new markets were introduced: TAH and TAHnm. After-hours trade may be made 5.50 pm - 6.00 pm for cross-order book modalities, and between 6.00 pm - 10.00 pm for continuous dealing.

Tax modifications in the pipeline Colombia's minister of finance has presented a draft bill to congress "by which new taxes are established, the Tax Code is amended and other regulations are issued". The bill proposes an important new tax reform and includes, among other things: (i) the extension of the 2/1000 tax on financial transactions; (ii) a progressive reduction of the corporate income tax rate down to 32%, as well as a reduction of the income tax rate applicable to individuals; (iii) some restrictions on the income tax deductibility of gifts; (iv) a modification of the withholding tax rate on consulting services, commissions, independent services and services in general; (v) anti-avoidance measures; (vi) measures relating to improving the collection of taxes; and (vii) the introduction of a new substitutive tax (impuesto sustitutivo) that would apply to certain small taxpayers developing commercial, industrial or services activities.

E-commerce — Irish Senate approves Electronic Commerce Bill 2000 The determination of the Irish government to ensure that Ireland is well positioned to act as a hub for e-commerce business was evidenced in the publication on April 7 of the Electronic Commerce Bill 2000 (the eBill). The government has announced its intention to fast track the eBill through the legislative process with the intention of its becoming law as soon as possible. The eBill made swift progress through the Irish Senate which passed the eBill on April 19. It is expected to receive its next reading in the Irish parliament on May 23.

Right to receive customer deposits to be extended In September 1999, Finland's Ministry of Finance appointed a working group to assess, among other things, the need to amend the legislation concerning the right to receive customer deposits. The working group presented its preliminary findings in an interim report published in April 2000.

New legislation on international wire transfers By Act of January 9 2000, published on February 9 2000 and effective as from that date, Belgium implemented European directive no. 97/5/EC of January 27 1997 on international wire transfers.