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In May of this year HMV enlivened the otherwise moribund UK equity market with its flotation. Before the company’s admission a rationalization of its complex multi-tiered capital structure was required. By James Cole of Shearman & Sterling

By handing down three decisions on voting-right limitations for privatized companies, the European Court of Justice (ECJ) has made a sophisticated judgment of special voting rights in the proceedings brought by the EU Commission.

Various mergers, particularly in the media and food retailing markets, have caught the public eye over the past few years and drawn attention to various weak points in Austria's cartel and competition laws. The Austrian Parliament has responded by passing amendments to both the Cartel Act and the Competition Act and these will take effect on July 1 2002. According to the legislator, the new regulations are expected to enhance the attractiveness of Austria to both national and international investors.

Intellectual property in literary, dramatic or musical works in India is protected under the Copyright Act, 1957. With the development of the entertainment industry and competition between entertainment channels for a larger share of the Indian market, copyright issues have assumed greater significance in the entertainment industry. Although, no copyright exists for ideas, concepts or themes that are sufficiently developed so they could be realized as a television programme, are capable of being the subject of confidential information. Protection available to such ideas or concepts under the Copyright Act may vary depending on whether or not the concept as developed and evolved is the result of the work done by the person who conceived the original idea by applying some novel thoughts which distinguishes it from simple ideas.

In January 2002 the Mexican Federal Congress passed legislation making substantial changes to the country's tax structure and introducing new rules for foreign or non-Mexican residents. This new legislation removes the many different withholding rates applicable to non-residents that in the past had led to tax avoidance, by reconsidering the nature of the income in question. The new legislation introduces a sole 25% withholding rate for most types of taxable income on a gross basis and reduces to 35% the tax imposed on non-residents that elect to be taxed on a net income basis. For 2003, 2004 and 2005, this rate will be reduced to 34%, 33% and 32% respectively. Although significant amendments were introduced by this new legislation, this article will only cover two of the most widely applied rules, the sale or disposition of shares and interest.

The US SEC has proposed rules to improve accountability of auditors of public companies through a Public Accountability Board. The Board would be outside the control of accounting professionals and is expected to supplement the watchdog's oversight and enforcement aims by employing 50 full-time staff. The Commission stated that the measures would "expand the opportunities to detect and remedy ethical lapses or deficiencies in competence".

By Ben Maiden, New York

New rules in China will encourage foreign investment in the manufacturing of 29 different types of electronic equipment. The prospects for technology companies are much improved, says Nancy Leigh of Baker & McKenzie

Hong Kong's securities and futures industry will soon be regulated by a single piece of legislation, designed to level the playing field between financial institutions. Simon Berry and Jill Wong of Allen & Overy report

Companies contemplating a German acquisition with US shareholders could face conflicts between German and US tender offer rules. By Christian Nahr of Fried Frank Harris Shriver & Jacobson