The new personal property securities regime set out in the Personal Property Securities Act will be delayed until October 2011 to allow the industry time to prepare for the change to securities law. Read more.

This article looks at a case related to the purported transfer of rights and obligations in respect of a margin loan that had been made available by a bank to an investor. Read more.

The Australian Securities and Investments Commission applied for special leave to appeal against a New South Wales Court of Appeal judgment, after failing to prove that at a board meeting of non-executive directors approved a draft of a misleading market announcement. Read more.

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The European Commission declared Germany's Growth Acceleration Act provision to be unlawful state aid and ordered Germany to recover all already assessed tax reliefs based on the provision. Read more.

The Frankfurt district court has given its view on how the ongoing compensation of holders of participation certificates in banks could be structured. Read more.

On 11 February 2011, the German parliament passed the Act to Strengthen Investor Protection and to Improve the Operation of Capital Markets which will introduce significant changes to the regulation of German open-ended real estate funds. Read more.

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The Japanese government has announced its intention to facilitate Sukuk (bonds) issuance by Japanese domestic corporations by extending to them the benefits of certain tax reforms. Read more.

Recent amendments to the Moneylending Control Act and to the Instalment Sales Act appear to be having a positive impact on the levels of personal debt in Japan. Read more.

The Financial Services Agency of Japan's published report addresses issues under current rules for rights offerings and proposes certain improvements. Read more.

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The Central Bank issued Directive No. 2573-U regarding mandatory reserves required for various obligations of credit organisations. The Directive entered into force on 31 January 2011. Read more.

On 29 December 2010, the Central Bank issued Directives Nos. 2556-U and 2557-U which concern submission by residents to authorised Russian banks of documents under currency operations. This briefing outlines the scope of the Directives. Read more.

On 7 February 2011, the President signed Federal Law No. 7-FZ "on clearing and clearing activity", establishing a unified legal framework for clearing activities. The Law is expected to contribute to development of the financial market in Russia. Read more.

President signed Federal Law No. 8-FZ amending the Securities Market Law, the Bankruptcy Law and certain other legislative acts in connection with the Law on Clearing. The Law entered into force on 11 February 2011. Read more.

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

The LMA has issued advice on negotiating the Increased Costs Clause in its recommended forms of facility agreement in light of the Basel III Accord. Read more.

The Association of Investment Companies published a paper exploring the risks associated with third party custody of an investment company's assets and how investment companies should report on their custody arrangements to shareholders. Read more.

This article looks at measures that EU member states have been implementing at national level to update short selling provisions. Read more.

The UK government has announced that the rate of bank levy payable during 2011 will be increased to 0.075% for short-term liabilities and 0.375% or long-term liabilities. Read more.

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The Basel Committee on Banking Supervision finalised new requirements for preferred stock and debt instruments to qualify as regulatory capital for internationally active banks under the new "Basel III" capital and liquidity standards. Read more.

The Securities and Exchange Commission (SEC) issued final rules implementing the say-on-pay provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This article looks at the Dodd Frank requirements. Read more.

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