In early July 2009, the Bundestag passed a new act aimed, among other things, at strengthening the position of holders of German bonds. The Act adapts creditors' meetings to some extent to the rules governing annual shareholders' meetings of German stock corporations and so clarifies that, in future, collective action clauses will be enforceable in Germany. Read more.

In early July 2009, the Bundestag passed a new act aimed, among other things, at improving the enforceability of investor claims arising from misleading or incomplete investment advice (as defined in MiFID). Read more.

The implementation of the German Act to Develop the Mortgage Bond Law in May 2009 changed the German legal landscape on refinancing matters in several ways. Read more.

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

New Japanese legislation on settlement and payment systems was passed in July 2009, aiming to increase the international competitiveness for settlement services of Japanese companies and improve services to consumers by allowing non-bank entities with appropriate authorisations to provide fund remittance services. Read more.

The Japanese Financial Services Agency has taken administrative action against Citibank Japan Ltd. after finding fundamental problems with its compliance and governance systems, as well as discovering numerous customer accounts suspected of being used for illegal activities. Such administrative actions are expected to become more widespread as the Japanese authorities take a stricter attitude on enforcement and in an effort to improve transparency in financial activities. Read more.

The new JAS, which apply to annual financial statements ending on 31 March 2009, alter the rules for the treatment of non-transfer of ownership finance lease agreements (NTLAs) included in financial statements. The new rules are being criticised as they provide the potential for inconsistencies, which will reduce the transparency of such accounts to investors. Read more.

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

Under a new law, banks meeting certain criteria will be able to exchange specially issued preference shares (which carry a repurchase right for the issuer) for federal loan bonds, enabling them to increase their capitalisation. Read more.

The amount of subordinated loans that VEB is allowed to lend to Russian Banks under an earlier measure to support the financial system (passed in October 2008) has been increased. Read more.

Measures introduced in October 2008 to prevent the bankruptcy of Russian banks have been amended to extend the Central Bank's powers to help banks that were in difficulty before the October 2008 law came into force. Read more.

The Central Bank has amended the regulation concerning the calculation of a credit organisation's net worth (capital) so that subordinated loans meeting certain criteria can now be included in Tier 1 capital with the Central Bank's consent. Read more.

For now the fourth month in a row, the Central Bank has decreased the refinancing rate by 0.5%, from 11.5% to 11% per annum. Read more.

The Bankruptcy Law and some other legislative acts have been amended to enable pledge holders to enforce their security rights more easily when the pledgor is bankrupt. Read more.

The Mortgage Law has been amended in a number of ways to improve the protection of both borrowers and lenders in real estate transactions. Read more.

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

This month, 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 (accessible through the map).

The New York Court of Appeals held recently that New York courts can order banks with registered offices in New York to hand over assets of a judgment debtor located outside New York to a judgment creditor. The decision presents good opportunities for creditors, but is potentially problematic for banks. Read more.

HM Treasury has published a White Paper (entitled "Reforming financial markets") setting out the UK Government's plans for further regulatory reforms in response to the financial crisis. The plans include various extensions to the FSA's powers and objects, which are summarised here. Read more.

HM Treasury has published a consultation paper, prepared by Sir David Walker (Walker Review), recommending substantial changes to the way the boards of banks and other financial institutions function, in particular through boosting the role of non-executive directors in the risk and remuneration process. This article outlines the main themes of the Review. Read more.

HM Revenue & Customs are consulting on a voluntary tax code of practice for banks operating in the UK which aims to reduce tax avoidance through a number of measures affecting banks' governance, tax practices and their relationships with HMRC. Read more.

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

The SEC, Treasury Department and Congress have released proposals for far reaching reforms to executive compensation disclosure and practice. This article summarises some of the key measures contained in their proposals. Read more.

The Obama Administration has submitted to Congress a six-page amendment to the Investment Advisers Act of 1940, proposing, among other things, removing or narrowing exemptions to registration for certain investment advisers and granting the SEC broad new powers. This article examines the key provisions of this proposed legislation. Read more.

The US Department of the Treasury has published an extensive plan for regulatory reforms to the US financial industry, affecting both domestic market participants and foreign participants in the US financial markets. This article considers some of the more significant proposals contained in the plan. Read more.

The Bankruptcy Court in the Lehman Brothers chapter 11 cases has issued a bar date order setting out the bar date, a special form for claims and special procedures for certain types of claim. Read more.

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