From 1 September 2009 new rules governing annual general meetings of shareholders of public German stock corporations took effect. The new rules allow for a much more flexible handling of the AGMs, including participation by shareholders via electronic media and absentee votes. Read more.

On 1 August 2009, parts of the German Act relating to the Strengthening of the Financial Markets and Insurance Supervision came into force. The Act was passed in response to the financial crisis and, among other things, enhances the regulatory powers of the German Federal Financial Supervisory Authority. This article looks at some of the Act's key provision. Read more.

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Since the introduction of the Companies Act in 2005, studies and discussions regarding corporate governance have raged in Japan. This article considers some of the views concerning independent directors and statutory auditors. Read more.

Hitachi Ltd announced on 28 July 2009 that is has launched tender offers to buy shares in five of its listed subsidiaries. Hitachi is seeking to raise profitability by consolidating marketing and technological development within the group and would eventually delist the subsidiaries if the plan is successful. This articles considers the deal and the motivations behind it. Read more.

In a bid to stimulate foreign investment in funds by foreign investors (both corporate and individual) the Japanese Diet has introduced new tax rules applicable to capital gains on the sale of shares sold on or after 1 April 2009 where such shares are held through limited partnership-type funds. Read more.

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On 19 June 2009, the Russian Central Bank issued two regulations on the procedure and criteria for evaluating the financial standing of participants in credit organisations; one regulation deals with legal entities who are participants, the other with individuals. The new regulations replace previous regulations on this matter from 2003. Read more.

The refinancing rate continues to slide, this time being decreased by 0.25% by the Central Bank. Read more.

In late July, two new Federal Laws were passed regulating credit co-operatives. One of the laws concerns their establishment, reorganisation, liquidation, membership, management and assets; the other extends the anti-money laundering regime to include credit co-operatives. 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 are also available on Russian Federation contents page, located on the PLC Global Finance home page.

The FSA has written to the Institutional Shareholder Committee (ISC) to set out how activist shareholders should engage with the boards of companies in which they have invested to promote good governance. The letter responds to concerns expressed by institutional investors over the extent to which more active shareholder engagement was consistent with elements of the existing regulatory regime. Read more.

The Norton Rose Group has just published its fifth survey tracking market views on the global financial crisis. The latest survey sought the views of international financial institutions about Iceland's handling of its financial crisis and finds a collapse of trust in Iceland among the respondents. Read more.

This article reflects on the wave of activity from the FSA over the past year and looks forward to what is still to come from the regulator. Read more.

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The IRS has set a 23 September 2009 filing deadline for FBARs for qualified retirement plans with assets invested in a foreign financial account that is a separate account in the name of the plan. This article summarises the key details. Read more.

On 3 August 2009, the SEC announced proposed rules under the US Investment Advisers Act of 1940 aimed at eliminating "pay to play" practices among investment advisers that manage assets or seek to manage assets for state and local government bodies. This article explains the key elements of the proposals and the issues surrounding them. Read more.

In the recent bankruptcy case of General Growth Inc., the Bankruptcy Court for the Southern District of New York considered the question of the insolvency remoteness of numerous special purpose entities. This article explains the facts of the case, the court's decision, and any wider implications the ruling may have. Read more.

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