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Switzerland

In the wake of the Enron crisis, the Federal Banking Commission has toughened its stand on energy trading and energy traders. In particular, Swiss firms which intend to participate at the new European Energy Exchange (EEX) in Leipzig, may do so only if they have received a broker/dealer licence from the Federal Banking Commission.

July 31 2002

Reform puts Brazil on a different path

Brazil is talking tough despite the problems of nearby Argentina. Ben Maiden finds out why local lawyers are sure recent reforms mean their nation will not suffer the same difficulties

July 31 2002

Why the US and Europe must regulate in tandem

Ed Greene of Cleary, Gottlieb, Steen & Hamilton calls for greater cooperation between Europe and the US to solve some of the problems afflicting world markets

July 31 2002

Commission drops choice of authority from prospectus directive

By Michael Evans and Thomas Williams

July 31 2002

Colombia

The Colombian Superintendency of Securities has recently defined new illegal, non-authorized and insecure practices in relation to publicly-traded companies, with the purpose of protecting the rights of minority shareholders, and of guaranteeing transparent decisions at general shareholders meetings (Resolution 0116, February 27 2002).

July 31 2002

Japan

Recent amendments to the Audit Special Exceptions Law, a law relating to the Commercial Code, provide an alternative to Japan's existing corporate governance structure. The new governance structure, scheduled to take effect in April 2003, is not mandatory and only applies to companies categorized as "larger companies" which satisfy certain criteria.

July 31 2002

Foreign lawyers cheer China's reformist trend

When will China deliver on its promise as an industrial and financial centre of unprecedented size? Nick Ferguson talks to the lawyers hoping to profit from the country's reform

July 31 2002

Why China's insolvency regime must improve

China has shown its willingness to open markets to competition. But the country's insolvency laws need updating if lawmakers want foreign investment to last. By Campbell Korff and Xinhong Liu of Clifford Chance, Hong Kong

July 31 2002

Deutsche Bahn exploits Takeover Act to buy Stinnes

Germany's national railway operator, Deutsche Bahn, concluded a whirlwind month of negotiations at the beginning of July to acquire 65% of Stinnes, the logistics and freight company, from E.ON, the energy group, for €2.5 billion ($2.5 billion). The transaction is one of the largest acquisitions to close since the German Takeover Act was introduced in January this year and its legal structure points a way forward for future acquisitions under the new laws.

July 31 2002

Peugeot closes pan-European securitization first

Peugeot has closed a complex €1.5 billion ($1.49 billion) securitization of French and Spanish car loans using a Dutch special purpose vehicle (SPV), the biggest European car deal yet, involving three jurisdictions.

July 31 2002

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