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The Central Bank of Ireland recently approved what is believed to be one of the first regulated exchange-traded funds in Europe. Exchange-traded funds have become an extremely popular investment vehicle in the US and it is anticipated that European investors will also be attracted to the product's benefits. An exchange-traded fund permits investors to effectively purchase a correctly weighted basket of stocks to accurately track an index. It is structured to reduce costs at the fund level by providing that subscriptions and redemptions for shares in the fund take place by way of an in specie transfer of large blocks of securities of the type in which the fund is established to invest. This transfer obviates the need for the fund to purchase the securities directly in the market and thereby reduces transaction costs at the fund level. Generally, exchange-traded funds make use of equity derivatives to ensure compliance with concentration restrictions. Facilities are also generally provided for smaller investors to purchase shares on the secondary market through an accepted clearing system.

On August 10 2000, within the space of two hours, Brazil sold $9.3 billion in stocks and bonds, mostly to foreign investors. This represents the strongest sign yet that investors have regained confidence in Brazil after last year's currency devaluation.

The Securities Act of Chile prohibits insider trading and the misuse of privileged information. It states that all people who have access to privileged information, resulting from their office, position, activity or relationship, must keep it confidential and may not use it for their own benefit or that of a third party. Nor may they acquire securities for themselves or for a third party, directly or indirectly, based on such privileged information. Tipping privileged information is also prohibited, and those who handle privileged information have the obligation to control and supervise that their employees and related third parties abide by this rule.

In June, IFLR (page 71) outlined the details of the New Capital Market (NCM), an initiative designed by the New Zealand Stock Exchange (NZSE) to make it easier for small and medium-sized companies to raise capital for new growth-oriented business.

Brazilian oil company Petroleo Brasileiro, known as Petrobras, has completed the country's largest ever international equity issue. The deal, one of the biggest ever stock sales in Latin America, was a coup for Mattos Filho, Veiga Filho, Marrey Jr, Moherdaui e Quiroga Advogados, the only national firm involved in the deal.

Glen Scarcliffe, Cleary Gottlieb

Duane Quiani

The head of Cameron McKenna's Hong Kong corporate finance practice, along with several of his team, is heading for Brown & Wood. According to Cameron McKenna, the firm is refocusing its corporate practice in an attempt to win more lucrative cross-border M&A and securities deals.

Rodrigo Nascimbeni of Pinheiro Neto - Advogados reviews the new rules and prospects for the BDR market

In the second part of their review of Canada’s new financial legislation, Robert McDowell and Robert Elliott of Fasken Martineau DuMoulin, Toronto, look at how the law will affect foreign banks seeking to open branches or run operations in Canada