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Italy's new comprehensive investment control regime is far from perfect and changes still need to be made, according to lawyers in the country

The EC’s decision to differ from Esma’s technical advice on certain elements of final terms and summaries has been largely welcomed by European lawyers

Shadow banking – the label is deceptively neat. But regulating the wide-ranging sector could mean destroying more than regulators can possibly hope to save. The dilemma law-makers now face is to bring forward new legislation without creating problems that will cause the next financial crisis.

The draft legislation of Emir has been published, but lawyers say there will be a number of unintended consequences

Is the new special administration regime for investment banks strong enough?

The impact of Dodd-Frank on cross-border payment flow securitisations remains unknown

The past 12 months have seen US courts lower requirements for materiality, limit the parties who can be held liable and narrow extraterritorial reach

The FSA’s Einhorn and Hannam market abuse enforcement action show intent is not a defence

The US mortgage settlement with the banks is an important first step in resolving servicing claims, but will have a far-reaching effect on the housing market and regulatory oversight

Chun-yih Cheng In the December 2011/January 2012 issue of IFLR, the author's reported that Taiwan's Fair Trade Act was amended to increase administrative fines on material abuse of monopoly powers and material illegal cartel up to 10% of the offender's annual turnover in the preceding fiscal year. The Fair Trade Act mandates the competition authority, the Fair Trade Commission, to promulgate the criteria of the calculation of annual turnover of the preceding fiscal year, the determination of materiality, and the computation of administrative fines. Based on this mandate, the Rules for the Calculation of Administrative Fines on the Material Breach of Article 10 and Article 14 of the Fair Trade Act were released in April 2012 by the Fair Trade Commission (the Rules).