This article considers various measures that will be implemented in Australia to give effect to the Basel III Framework. Read more.

The Commonwealth has issued its much awaited Exposure Draft of proposed legislation to implement reform to the current credit reporting provisions of the Privacy Act 1988 (Privacy Act). The Exposure Draft contains some 195 sections which will form a part of a proposed new privacy act. This part of the new privacy act will contain provisions relating to the collection, use and disclosure of information for credit reporting purposes. The Exposure Draft is accompanied by a Companion Guide issued in January (guide) which highlights the major features of the new provisions. This article considers some key points of the Exposure Draft. Read more.

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The German Federal Court of Justice has decided that the claim of a non-partner lender against an insolvent company shall not be treated like a shareholder loan and therefore shall not be subordinated to other third-party loans solely because the lender is related to the partner of the insolvent company. Read more.

The draft act amending the law for investment intermediaries and capital investments (Draft Act) was published on 6 April 2011. Under the Draft Act, German IFAs will have to comply with a number of additional requirements. These are outlined in this article. Read more.

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In the aftermath of the national disaster in Japan in March 2011, many companies are becoming concerned that they may not be able to hold the annual shareholders' meeting this year. In late March, the Ministry of Justice provided guidance on this issue, and the Financial Services Agency of Japan also announced that it will enact measures with respect to securities reporting to allow companies more time. Read more.

The Tokyo Stock Exchange has announced its new rules and framework for exchange traded notes. The new rules came into effect on 1 April 2011. Read more.

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On 25 March 2011, the Central Bank issued Directive No. 2601-U increasing mandatory reserves required for various obligations of credit organizations. The Directive entered into force on 25 March 2011. Read more.

On 23 March 2011, the State Duma adopted in the first reading Draft Law No. 503176-5 amending the Strategic Investments Law. Read more.

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An update on recent comments by the EU Commissioner for the Internal Market and Services and the chairman of the European Securities and Markets Authority (ESMA) about the role the three new European Supervisory Authorities will have in shaping the European regulatory reform programme. Read more.

This article looks at responses to a recent consultation paper published by the European Securities and Markets Authority (ESMA) on its proposed interpretation of Article 4(3) of the regulation on credit rating agencies, which provides that ratings issued outside the EU can be used inside the EU if they fulfil the endorsement regime contained in Article 4(3). Market participants have adopted a very contradictory stance to the regulator on how the article should be interpreted however. Read more.

On 6 April 2011, the Supreme Court upheld the decision on the appeal from the Court of Appeal in the case of Enviroco Ltd v Farstad Supply A/S [2011] UKSC 16. Dismissing the appeal, the Supreme Court agreed with the Court of Appeal that when a shareholder transferred its shares in its subsidiary to a lender in connection with the taking of security and the lender entered its (or its nominee's) name in the register of members, that company then ceased to be a subsidiary of the holding company within the meaning of section 736(1)(c) of the Companies Act 1985 (now replaced by section 1159(1)(c) of the Companies Act 2006 but without change in form). Read more.

A ground-breaking scheme of arrangement has been approved by the High Court. The innovative restructuring of the pension liabilities of Uniq plc allowed the company to dispose of its defined benefit pension liabilities in the first pension debt-for-equity swap of a listed company in the UK. Read more.

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The US Supreme Court's recent decision in Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156, (Mar. 22, 2011) (Matrixx Initiatives), marked the first time in over twenty years that the Court addressed the standard for materiality under the federal securities laws. Although there was widespread speculation that the Supreme Court might use Matrixx Initiatives as an opportunity to redefine materiality, it did not. Read more.

On 30 March 2011, seven US Federal financial agencies (Agencies) announced a joint proposed rule to implement the provisions of Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to payment of incentive compensation at covered financial institutions with at least US$1 billion in assets (Proposed Rule). The annual report required of covered financial institutions by the Proposed Rule will be due within 90 days following the end of each covered financial institution's fiscal year. This article outlines key aspects of the Proposed Rule. Read more.

On 30 March 2011, the Securities and Exchange Commission (SEC) issued proposed rules directing the national securities exchanges to adopt listing standards related to the independence of compensation committees and their selection of advisers. SEC rulemaking on these topics is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act), which prohibits national securities exchanges from listing any equity security of an issuer not in compliance with the exchange's compensation committee independence and adviser requirements. In the proposing release, the SEC also slightly revised its proxy disclosure rules related to the use of compensation consultants by compensation committees and an issuer's management. Read more.

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