This article highlights the most significant developments related to the financial markets in Germany in 2009, as well as looking forward to those to come in 2010. Read more.

Following the FSB's development of the Principles of Sound Compensation Packages during the course of the G20 summit in 2009, on 21 December 2009, BaFin published its Circular 22/2009 concerning regulatory requirements for compensation systems of credit institutions and financial services providers. This serves as basis for the draft bill relating to the regulatory requirements for compensation schemes of credit institutions and insurance companies issued by the German Ministry of Finance on 15 January 2010. Read more.

BaFin and German Federal Reserve Bank allow financial leasing institutions for notification dates from 15 January 2010 onward to base notifications of exposures in excess of EUR1 million on the present cash value of the discounted minimum lease payments. Read more.

This article highlights the most significant developments related to the financial markets in Japan in 2009, as well as looking forward to those to come in 2010. Read more.

In December 2009, the Tokyo Stock Exchange announced various changes to the regulations applicable to listed companies. One of the most notable amendments relates to rights issues and provides more flexibility to companies wishing to increase their share capital. Read more.

On 30 December 2009 the Government approved the Main Directions of the Government Anti-Crisis Actions for 2010. The key measures in the plan are summarised here. Read more.

On 27 December 2009 the President signed Federal Law No. 361-FZ amending the Law on Additional Measures for Support of the Financial System. The amendments allow extensions for loans granted by VEB to companies for the repayment of their external debt, and provide for changes in the interest rates according to LIBOR rates at the time of extension. The Law entered into force on 29 December 2009.

The Central Bank has amended Regulation No. 215-P "On the Method of Calculation of the Net Worth (Capital) of Credit Organisations," so that, where a bank has increased its capital by exchanging preferred shares for federal loan bonds, such preferred shares make up part of the bank's core capital. Read more.

On 11 December 2009 the Central Bank issued Directive 2359-U regarding the provisions for potential losses in loans. The Directive extends the term of softened rules on provisions for potential losses in loans from 31 December 2009 to 30 June 2010 (the rules were introduced by Central Bank Directive No. 2156-U, dated 23 December 2008). The Directive entered into force on 28 December 2009.

The Central Bank has amended its rules on the insurance of individual bank deposits so that banks participating in the system of mandatory insurance of individual bank deposits must disclose information on persons that significantly impact (directly or indirectly) the decisions of the bank's management bodies. Read more.

On 9 December 2009 the State Duma adopted in the first reading Draft Law No. 257299-5 amending the Law on Banks and Banking Activity. The amendments seek to ban banks from unilaterally increasing interest rates, commission fees and decreasing the term of credit agreements if they are concluded with individual borrowers (currently, banks do this if such opportunity is provided for in a credit agreement). The provisions of the Draft Law will apply if adopted by the State Duma in three readings, approved by the Federation Council, signed by the President, and officially published.

On 25 December 2009, the Central Bank issued Directive No. 2369-U, decreasing the refinancing rate from 9% (which was effective as of 25 November 2009) to 8.75% per annum. The Central Bank sets the refinancing rate for its financing of commercial banks. The rate is also used for calculating interest on commercial loans (if the rate is not specified in an agreement), tax payments and in other cases provided by law. The Directive entered into force on 25 December 2009 and the new rate applies as of 28 December 2009.

In December 2009, the President signed a new law, amending various pieces of legislation, to introduce the possibility for Russian companies to covert their debt into equity. Read more.

This article highlights the most significant developments related to the financial markets in the United Kingdom in 2009, as well as looking forward to those to come in 2010. Read more.

Following the failure of the Copenhagen Climate Change Conference to deliver a far reaching Accord to bring climate change under control, this article considers the role played by the financial crisis in making such an agreement more difficult to attain. Read more.

HM Treasury and the FSA have published a joint paper (Reforming OTC Derivative Markets - A UK perspective) responding to the recent European Commission Communication on ensuring efficient, safe and sound derivatives markets. In this paper they set out their thinking on the measures that need to be implemented to address systemic shortcomings in OTC derivative markets, the key points of which are summarised here. Read more.

HM Treasury has published a consultation document (Establishing resolution arrangements for investment banks) in which it sets out its thinking and outlines more than 30 policy initiatives that are designed to mitigate the impact of the failure of an investment firm. Read more.

The UK Government has introduced a new, temporary and one-off, tax on bonuses paid by banks and building societies to employees, where the bonus is paid before 6 April 2010 (although that date may be extended). Read more.

On 16 December 2009, the US Securities and Exchange Commission voted to adopt final rules amending the proxy disclosure rules applicable to all US publicly listed registrants. This articles outlines the new disclosure requirements set out in the rules. Read more.

On 11 December 2009, the US House of Representatives passed the "Wall Street Reform and Consumer Protection Act of 2009". The bill revamps fundamental aspects of financial services law and is intended to address many of the perceived causes of the recent financial crisis. At well over 1,000 pages, the bill defies summary, but especially significant provisions are summarised in this article. Read more.