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Philip McBride Johnson of Skadden, Arps, Slate, Meagher & Flom looks at themove of the US futures markets towards electronic trading and argues that the implications for self-regulation are wider than have been recognized so far

What’s wrong with Mesdaq? Adeline Wong of Wong & Partners, Kuala Lumpur

India’s Information Technology Bill is its first attempt to regulate e-commerce. Aparna Viswanathan of Viswanathan & Co, Advocates, asks whether the Bill eases the transition from a paper-based system to electronic commerce

The SEC’s proposals on fair disclosure have fuelled discussions over the future relations between companies and the market. This month IFLR brings together leading voices in the debate to ask if Regulation FD really is fair

New legislation on international wire transfers By Act of January 9 2000, published on February 9 2000 and effective as from that date, Belgium implemented European directive no. 97/5/EC of January 27 1997 on international wire transfers.

South Africa introduces capital gains tax Just when several countries are considering dismantling or reducing the impact of their capital gains tax legislation, South Africa's minister of finance has given notice in his annual budget speech of the intention to introduce the tax in South Africa. Capital gains tax will take effect from April 1 2001, and it is understood that the amending legislation will be available early in 2001. In the interim, the tax authorities have issued a guide relating to the tax and its application.

Tax rules revised On January 1 2001, a new personal income tax regime will come into force in the Netherlands. The new rules completely overthrow the present system of income tax for private individuals by introducing a revolutionary concept of passive income taxation. Whereas now dividend and interest income is taxed at the full marginal rate of up to 60%, under the new rules tax on all investment income will be completely abolished and substituted by a flat 30% tax on a 4% deemed income on net wealth, which effectively resembles an annual net wealth tax of 1.2%. The new rules will generally not apply to non-residents. The domestic dividend withholding tax rate on dividends of 25% (for non-residents) will continue to apply.

Howard Davies, chairman of the Financial Services Authority, explained the rationale behind the changes to the UK listing authority during a speech at this month's annual IOSCO conference in Sydney (for a more detailed conference commentary see page 6).

It may not have the highest headline value for a deal this year, but the sale of Rover car group to the UK's Phoenix consortium for a symbolic £10 by BMW has certainly generated a great deal of publicity. The transaction was notable both for the enormous public and political pressure on participants to close a deal that would save thousands of jobs in the UK and the complexity of putting together a package that could work.

Joe Bannister of Lovells Hong Kong highlights some interesting parallels in the insolvency reforms intended for Hong Kong and the UK