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Newspoints
The US Securities and Exchange Commission (SEC) has approved a new rule, Regulation Fair Disclosure (Reg FD), which will require US companies to release ‘material’ market-sensitive information to the public at the same time as it is..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
CONSOB issues guidance on auditing rules
Silvio Riolo, Clifford Chance, Rome
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Amendments to Borsa Italiana rules
CONSOB has also approved amendments to the Borsa Italiana rules. The amendments relate to the extension of rules governing co-operative banks; the introduction of covered warrant programmes; elimination of capital requirements for market makers in..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
CONSOB considers threshold for squeeze out provisions
The Commissione Nationale Per Le Societa e La Borsa (CONSOB) has concluded that, in determining if a company making a public offer for all the shares of a target company had acquired at least 98% of the target company’s shares in order to..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
CONSOB clarifies prospectus and disclosure requirements
The Securities Commission (CONSOB) has clarified the scope of the provisions of the Italian Single Financial Act that provide exemptions from prospectus and other disclosure requirements applicable to the solicitation of public savings in..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Council of Financial Supervisors promulgates rules on integrity-screening
Frank Graaf/Michel Jurgens, Clifford Chance, Amsterdam
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Central Bank issues new guidelines on credit risk
Following a statement of the Basel Committee on Banking Supervision in 1998, the Central Bank (DNB) has promulgated new guidelines on credit risk. The new guidelines, effective as of 1 July 2000, will improve on balance sheet netting possibilities..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Money Laundering Bill introduced into Parliament
The Minister of Justice has introduced into Parliament a Money Laundering Bill. On 1 February 1992, money laundering was first explicitly criminalised in the Netherlands by introducing changes to articles in the Penal Code regarding the receipt of..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Stock exchange held liable for inadequate supervision of stockbroker
The Amsterdam court has found the Amsterdam Stock Exchange Association (the Association), the legal predecessor of Amsterdam Exchanges (AEX), liable for losses suffered by Van den Broek, a Dutch stockbroker, following the 1993 bankruptcy of Nusse..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Minister of Finance gives further powers to Securities Board
The Minister of Finance has announced that he will transfer certain of the Amsterdam Exchanges’ functions powers in relation to listed securities offerings to the Securities Board of the Netherlands. In a letter addressed to the Lower House of..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Court of Appeal rules on price-sensitive info
The Court of Appeal has decided that the resignation of a board member was not to be considered as price-sensitive information. The decision (in case no. R99/266/12Sv) was delivered following a complaint by the Securities Board of The Netherlands..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Minister of Finance to enhance supervision of financial groups
The Minister of Finance has submitted a memorandum to the Lower House of Parliament, indicating that he wishes the supervision of financial groups by the Central Bank, the Securities Board and the Insurance Chamber to be enhanced.
In order to cope..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commission Bancaire issues notice on sociétés de crédit foncier reporting requirement
Olivier Bertin Mourot/Eric Haza, Clifford Chance, Paris
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
COB provisionally suspends all administrative enforcement action
The Commission des Opérations de Bourse (COB) has provisionally suspended all its administrative enforcement action following the decision of a French Court of Appeal. On 7 March 2000, the French Court of Appeal decided, in KPMG v. COB, that..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Paris Court of Appeal holds state liable for negligence of Commission Bancaire
The Paris Administrative Court of Appeal has required the French State to indemnify the victims of the liquidation of the United Banking Corporation which occurred in 1991. The Court said that the Commission Bancaire`s lack of control and its..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
CMF amends general regulations
The French Conseil des Marchés Financiers (CMF)has amended its general regulations. The first set of amendments concerns the conditions in which transactions involving equities and equity-related securities can be concluded between a..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Electronic signatures legislation adopted
The French Senate has adopted, at first reading, the Bill on Electronic Signatures. This implements under French law the EU directive on a common framework for electronic signatures. The Bill introduces four major changes to the law of evidence in..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Regional court decision on online broking
Marc Benzler, Clifford Chance, Frankfurt
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Federal High Court rules on cold-calling
The Federal High Court of Justice in Civil Matters (Bundesgerichtshof) has ruled that a credit institution may not ‘cold-call’ a private customer even if the customer has given his prior consent in a clause in the standard business terms..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Stock Exchange Commission of Experts issues code of conduct for issuers
The Stock Exchange Commission of Experts (Börsensachverständigenkommission) has issued a non-binding code of conduct for issuers and investment firms that are involved in share issues. The purpose of these principles is to establish..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
BAKred publishes draft circular on outsourcing
The Bundesaufsichtsamt für das Kreditwesen (BAKred) has published a draft circular on the outsourcing of functions to another enterprise pursuant to Section 25a (2) of the German Banking Act.
The first draft of the circular was published in..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Guidelines issued for financial institution staff
The Bundesaufsichtsamt für das Kreditwesen (BAKred) and the Bundesaufsichtsamt für den Wertpapierhandel (BAWe) have jointly amended the ‘Guiding Principles for the Rules of Conduct for Members of Staff of Credit Institutions and..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
BAWe issues new rules of conduct
The Bundesaufsichtsamt für den Wertpapierhandel (BAWe) has published new rules of conduct for investment services institutions concerning commission business, proprietary trading on behalf of a third party and agency business.
The BAWe says..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
New takeover legislation planned
The Federal Ministry of Finance has published draft takeover legislation. It aims to ensure that takeover procedures are fair and transparent, taking particular account of the interests of minority shareholders and employees. The Takeover Act will..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Electronic Signatures become enforceable
Nicholas O’Neill, Clifford Chance,London
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
FSA Consults again on Market Abuse Code
Joanna Gray
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commission welcomes Common Position on proposed take-over Directive
Nicholas O’Neill, Clifford Chance ,London and Christel Vanassche, Clifford Chance, Brussels
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Banking legislation consolidated
The EU Parliament and EU Council have adopted a directive which consolidates the provisions of the core EU banking directives (these separate directives are repealed by the new directive) into a single piece of legislation. The main aim of enacting..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Proposal for directive relating to life assurance
The EU Parliament and EU Council have proposed a directive on life assurance. The proposal contains various amendments to existing EU legislation, many of them minor drafting changes but some of them relatively significant substantive amendments...
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commission publishes communication on practical aspects of the euro
The EU Commission has published a communication to the EU Parliament, the EU Council, the EU Economic and Social Committee, the EU Committee of the Regions and the European Central Bank on practical aspects of the euro. The communication provides an..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commissioner announces plans for data protection
EU Internal Market Commissioner, Frits Bolkestein, has announced to the EU Parliament`s Civil Liberties Committee, that he intends to propose that the EU Commission adopt a formal decision recognising that the ‘safe harbor’ arrangement..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
ECOFIN adopts common position on directive on winding up of credit institutions
At its meeting on 17 July 2000, the Council of Economic and Finance Ministers (ECOFIN) adopted, by qualified majority (The Netherlands voting against), a common position on the proposed directive on the winding up of credit institutions, originally..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commission issues communication on EU accounting strategy
The EU Commission has issued a communication outlining its proposed strategy on accounting issues. The Communication indicates that the Commission will come forward by the end of 2000 with detailed proposals to require all EU companies listed on a..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commission proposes simplification for securities offerings
The EU Commission has proposed that four EU directives and four amending directives relating to the listing of securities should be codified into a single directive. Simplifying the legislative framework for offerings of securities and listing has..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Commission issues recommendation on financial institutions’ accounts
The EU Commission has published a recommendation that financial institutions and banks disclose additional information in their annual accounts. The additional information would include details of financial instruments, risk measurement and..
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000
Global capital flows
George Walker
Online Published Date:
01 September 2000
Appeared in issue:
September 2000 - 01 September 2000