Lenders in Canada frequently require that funds are held on deposit so that set-off rights are available. The Supreme Court of Canada held in this case that also taking a pledge or charging interest over such amounts (as is commonly done) can, in some circumstances, reduce or eliminate the lender's power to exercise those set-off rights. Read more.

The restructuring of the Gandi Group presents an interesting example of the co-operation between the Canadian and US courts in facilitating cross-border restructurings and also provides an example of a creditor driven CCAA filing. Read more.

Court rejects certain secured lenders' claims for adequate protection charges in its decision to approve a petition to prime a DIP facility in the AbitibiBowater Inc restructuring process. The court did, however, approve a somewhat novel protection for creditors whose position is affected by the priming DIP. Read more.

Ontario Superior Court of Justice (Commercial List) sets out the factors to be considered in determining the appropriateness of authorising a guarantee for a Canadian debtor in connection with cross-border DIP financing. Read more.

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

On 19 June 2009, the German Parliament (Bundestag) passed legislation limiting remuneration of the top management of German stock corporations (Aktiengesellschaften). Read more.

The German Bundesrat accepted the so-called Bad Bank Act, aimed at stabilising the position of banks and other financial institutions by allowing them to offload specific "toxic" assets, on 3 July 2009. This article looks at some of its provisions. Read more.

The second German stimulus package providing for, among other things, specific subsidised loan guarantees, was adopted on 20 February 2009. This article looks at the key provisions of two forms of subsidised loan guarantees. Read more.

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

PLC Global Finance has published a Q&A guide on the causes, effects and regulatory impact of the financial crisis in Germany, contributed by Simmons & Simmons.

This article is part of our new series of Country Q&A Guides to the Financial Crisis, available on the PLC Global Finance site.

Japanese listed companies have been taking advantage of amendments to the Corporate Code made in 2001, aimed at enabling companies to become more capital efficient, to pay dividends this year. Read more.

An arm of US activist hedge fund group, Steel Partners, won a vote to elect board members at the annual general meeting of Aderans Holdings Company Limited (Aderans), Japan's biggest wigmaker, after successfully gaining the support of other shareholders on how to improve Aderans' business. Read more.

The Japanese government has passed a bill amending the Antimonopoly Act to harmonise Japanese anti-monopoly laws with those in the EU. This article sets out details of the amendments. Read more.

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

VEB published information on its Supervisory Board's decision to amend the procedure for granting subordinated loans. Summary details of the amended procedure are given here. Read more.

The Central Bank has again decreased the refinancing rate by 0.5%. Read more.

A new law for the acceptance of payments from individuals by payment agents has been passed and, accompanying it, various other laws, including the Law on Banks and Banking Activities and the Anti-Money Laundering Law, have been amended to give effect to the new framework. Read more.

The Central Bank has issued a directive on its evaluation of banks' economic position when categorising them. Such categorisation affects, among other things, a bank's ability to obtain loans from the Central Bank. Read more.

Under a new law, the Government will submit to the State Duma and the Federation Council quarterly reports on the implementation of measures undertaken in support of the financial market, banking system, labour market, economic sectors and social security. Read more.

On 19 June 2009, the Russian Prime Minister signed the Programme of anti-crisis measures for 2009. The key measures contained in the programme are summarised here. Read more.

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

This month, PLC Global Finance has published four special updates, covering in detail certain legislative developments in the Russian Federation, contributed by White & Case LLP.

The special updates are on:

These are also available on Russian Federation contents page, located on the PLC Global Finance home page (accessible through the map).

The disclosure regime for significant net short positions in the stocks of UK financial sector companies, which was due to expire on 30 June 2009, has now been extended indefinitely by the FSA. Read more.

As the European insurance market prepares for a regulatory overhaul, insurers are keen to avoid repeating perceived failings in the regulation of the banking system and are lobbying hard against a "one size fits all" approach under the new European supervisory order. Read more.

A new Code of Practice for the Pensions Regulator has been brought into effect, setting out its intended approach in its use of its amended "moral hazard" powers introduced under the Pensions Act 2008. Read more.

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

In announcements concerning executive compensation at US public companies made on 10 June 2009, the SEC stated that it will be considering enhancing disclosure requirements, while the Treasury Department outlined five broad-based principles governing compensation. Read more.

In response to the Madoff fraud, and other frauds like it, in which numerous investors discovered that funds they entrusted with their investment adviser were not actually invested, and that the account statements they received were illusory, the SEC recently proposed amendments to the investment adviser custody rules which apply to registered investment advisers. The new rules, the most significant of which are discussed here, aim to "promote independent custody and enable independent public accountants to act as third-party monitors". Read more.

This article gives details of the bar date motion filed by the Lehman Brothers chapter 11 debtors, which seeks to establish 24 August 2009 at 5:00 pm (prevailing Eastern Time) as the last date and time for all creditors to file proofs of claims against them. Read more.

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