In its decision of 27 October 2009, the German Federal Court of Justice eliminated uncertainty relating to the application and interpretation of German bank secrecy rules and criminal laws as they apply to public law institutions in the context of receivables assignments. Read more.

Following the first Islamic finance conference in Frankfurt in late October, there is hope that, next to the UK, Germany will establish itself as a European hub in the ever-growing Islamic finance market. Read more.

On 9 November 2009, the German cabinet published the draft Law for the Acceleration of Economic Growth, which is generally expected to come into force on 1 January 2010. The Bill, if enacted, would provide relief from the current restrictions relating to thin cap rules (the so-called interest barrier) and tax loss carry forwards and would additionally provide for a number of other changes that will benefit taxpayers. Read more.

Click here for the full text of this month's Germany updates.

On 17 June 2009, a bill to amend the Financial Instruments and Exchange Act, the Banking Act and other related legislation was enacted. Among other things, these amendments set out a framework for alternative dispute resolution (ADR) in financial services. Read more.

Responding to the Japanese Financial Services Agency's concerns about over-leveraging in the case of FX derivatives and contracts for difference, new measures restricting such leverage are being introduced. Read more.

Click here for the full text of this month's Japan updates.

On 29 October 2009, the Government adopted Resolution No. 853 on the procedure for increasing banks' capitalisation by the exchange of preferred shares for federal loan bonds. Read more.

The refinancing rate has been changed once again by the Central Bank, this time going down from 10% to 9.5% per annum. Read more.

The State Duma has adopted, in the first reading, two draft laws aiming to establish a better legal framework for carrying out securitisations in Russia. The laws, among other things, introduce the concept of a special financial entity to act as the issuer, as well as seeking to establish an effective mechanism for securing financial obligations for securitisation purposes. Read more.

Click here for the full text of this month's Russian Federation updates.

PLC Global Finance has published two special updates, covering recent developments in the Russian Federation, contributed by White & Case LLP.

This month's special updates are on:

These, and other special updates, are available on the Russian Federation contents page, located on the PLC Global Finance home page.

Adair Turner, Chairman of the FSA recently made a speech in which he discussed the regulation of large systemically important banks (banks that governments deem are 'too-big-to-fail'). This article summarises some of his key views. Read more.

The Solvency II Directive, which will radically modernise the prudential regulation of insurers and reinsurers in Europe, is due to be implemented by 31 October 2012. The European Commission requested that CEIOPS provide it with fully consulted-upon advice on Level 2 implementing measures (containing much of the detail of the new regime) by January 2010. So far, CEIOPS has received feedback from two 'waves' of advice (one in March, followed by a second wave in July) and has now sent out a third wave of advice for consultation. Read more.

Proposed changes to the Employer Debt Regulations aim to assist some 50% of corporate restructurings. This article highlights potential issues under the current proposals. Read more.

On 14 October 2009, the Government announced a major change to the way in which company buy-backs of debt will be taxed. The change may be relevant to any corporate debt buy-back where debt is being purchased back by the group at less than face value, including in a securitisation or a commercial refinancing. Read more.

Click here for the full text of this month's United Kingdom updates.

In response to incidents of foreign US persons failing to report foreign account information, the Foreign Account Tax Compliance Act of 2009 was introduced by Democratic members in the House of Congress and in the Senate on 27 October 2009. The Act, among other things, would broaden required disclosure and reporting by foreign financial institutions and other foreign entities about US account holders, as well as requiring US taxpayers and their material advisors to provide information about foreign assets and transactions involving certain foreign entities. This articles looks at some of the key provisions contained in the Act. Read more.

The PLC Global Finance site contains lists by jurisdiction of law firm publications relevant to the financial sector that are updated weekly.

This month we have also added articles from new jurisdictions, including Belgium, Indonesia, Switzerland and Turkey. Further jurisdictions will be added over the coming months.

Click here to go to the full list of jurisdictions covered.