Search results for

In December 1996, the Main Proposed Revisions to the Draft for the Composite Securities and Futures Bill were released by the Securities and Future Commission (SFC).

The People's Bank of China (PBOC) promulgated the new Provisional Measures of the Administration of Foreign-Funded Financial Institutions in Shanghai-Pudong Conducting Renminbi Business Pilot Scheme (the Measures) on December 2 1996. About a month later, the PBOC granted licences to Citibank, Bank of Tokyo-Mitsubishi, Hongkong Bank and Industrial Bank of Japan to conduct Renminbi (Rmb) business.

General Telecommunications bill

Two sets of rules came into force in January to provide a legal and regulatory framework for a new collective investment vehicle. Tim Cornick of Macfarlanes, London, looks at the issues

Milan firm Traverso & Associati has opened an office in Rome. Salvatore Italia becomes managing partner of the office, which will specialize in company law. The firm has appointed Tito Ballarino, a university professor of international and EU law, as counsel. Mariapia Martino also joins the office from Balducci-Caranno, where she specialized in civil and criminal law.

The income tax liability of a recipient of profits on the disposal of assets has long been a grey area of income tax law. Problems arise when trying to distinguish between taxable income and non-taxable capital gains. The recent decision of the Privy Council in Rangatira Limited v The Commissioner of Inland Revenue provided an opportunity to clarify the law in this area. Hence the decision had been keenly awaited by the New Zealand investment market.

Under the Exchange Law Statute, an external credit should comply with the following requirements:

The Central Bank of Cyprus has drafted a bill containing provisions for the harmonization of the Cyprus banking system with that of the EU, and the establishment of a unified framework for the effective operation of banking transactions. It is expected that the bill will be passed by the Cyprus parliament in early 1997.

For the first time in 20 years, new foreign banks have been awarded full branch status in Thailand. Formerly, only 14 foreign banks were permitted to have branches in Thailand, including the Bank of America, Bank of Tokyo, Banque Indosuez, Chase Manhattan Bank, Citibank, Deutsche Bank, Hongkong & Shanghai Bank, Sakura Bank and the Standard Chartered Bank, among others. On November 7 1996, the Finance Ministry granted full-branch licences to seven new foreign banks, selected by the Bank of Thailand on the basis of the amount of trade with each bank's country base, to upgrade their offshore banking units.

A general exemption under Section 66 of the Banking Act 1959 of Australia announced on September 23 1996 by the then Assistant Treasurer of Australia, senator Jim Short, has opened up the door for the first time for foreign banks wanting to issue securities on Australia's wholesale capital markets in their own time.