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  • Comment
    The OECD convention against corruption is a major step against bribery. But a totally fair market is still far off. By Michael Hershman of Decision Strategies/Fairfax International LLC, Falls Church, Virginia
    April 30 1998
  • Czechs start to make necessary reforms
    The Czech government is beginning the slow process of rebuilding investor confidence. Further banking and funds reforms are planned. By Madle Waldvogel of Beiten Burkhardt Mittl & Wegener, Prague
    April 30 1998
  • United Kingdom
    The law of the country where a bank account is kept will usually govern the banker-customer contract. However, the law of another country may affect the account.
    April 30 1998
  • chinamay98.gif
    China’s new loan rules add to project finance burdens
    Foreign investment enterprises in the project finance field must now seek the same foreign exchange authorizations as domestic entities. By Edward Turner and Edward Lam of Shearman & Sterling, Hong Kong and London
    April 30 1998
  • European Union
    On March 1 1998, the amendments to the 1989 EU Merger Regulation entered into force. For the details of the new regime see International Financial Law Review, June 1997, page 53.
    April 30 1998
  • Colombia
    Colombian companies are increasingly looking forward to expanding their capacity into new markets and increasing their local capacity. The merger of companies is a useful instrument to enhance this capacity.
    April 30 1998
  • Poland
    On October 3 1997 a new Public Trading in Securities Act was published, which took effect on January 4 1998. The Act replaces the Securities Trading Act of 1991. The new Act provides, among other things, for a more detailed regulation of the field of derivatives transactions.
    April 30 1998
  • Spain
    Spain recently approved rules to reduce the risks derived from the insolvency of any of the parties involved in financial operations in relation to derivative instruments. In the event of the accelerated maturity of the balances resulting from these operations, the netting of the balances is now allowed.
    April 30 1998
  • Italy
    On December 11 1997, the ordinary shareholders' meeting of Borsa Italiana SpA, the company to which the organization and management of the Italian regulated markets of financial instruments has been attributed, adopted the regulation aimed at governing the markets, so implementing Article 47 of Legislative Decree No. 415 of July 23 1996.
    April 30 1998
  • Hungary
    In June 1998, a completely new version of the Act on Company Law Act No. 144/1997 (1997 CXLIV tv a gazdasági társaságokról) will take effect, replacing the old Act No.6/1988. The changes are partly formal, but also of a substantive nature. The new law contains a longer general part, while the special parts are leaner because the repetitive sections on individual company forms have been moved forward into the general part.
    April 30 1998
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