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The SEC last month received support for its plans to tackle concerns over analysts when the Bond Market Association (TBMA) gave its backing to proposals covering fixed income research.

After months of corporate scandals over accounting irregularities, international and US standards-setters have begun a process to harmonize their rules and create a single global standard by 2005.

By Wolf H von Bernuth of Gleiss Lutz

More complex securitization structures have less chance of protecting investors from losses should the originator go bankrupt, a new survey reveals.

The public offering of securities in the Czech Republic is regulated by Act No 591/1992 Coll on Securities (the Securities Act). The most recent amendments to the Securities Act include provisions intended to harmonize the legal framework for the regulation of the Czech capital market with EU law in anticipation of the accession of the Czech Republic into the EU in 2004.

Some recent case law gives cause for concern regarding the tax deductibility in Belgium of expenses relating to put or call options on shares. This article will first briefly discuss the applicable principles and provisions as well as the case law. Subsequently, it will establish that the legal grounds of this case law are contestable and that it appears possible to circumvent this case law easily, so that expenses' relation to options on shares should still be tax deductible in Belgium. This article will not discuss the particular cases in which there can arise, in Belgium, such expenses with respect to options on shares.

By Albert Birkner of Cerha Hempel Spiegelfeld, Vienna

By Sung Geun Kim and Jeong Shik Shin of Shin & Kim

By Kartini Muljadi of Kartini Muljadi & Rekan

The new 2003 American securitization model: isolation and risk diversification By Frederick L Feldkamp of Foley & Lardner