The Australian Personal Property Securities Act 2009 applies to both new security interests and existing security interests. The priority, extinguishment and enforcement rules of the Act will apply to security interests pre-dating its enactment. Read more.

On 1 September 2010, in a clear 5-0 joint judgment, the Australian High Court dismissed the appeal in the Octaviar case, relating to the registration of changes to charges registered with the Australian Securities and Investments Commission (ASIC). Read more.

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Due to the implementation of CRD II, the German Financial Services Supervisory Authority is currently working on changes to, among others, the Regulation on Large Exposures and Exposures exceeding EUR1.5 million. Read more.

The Federal Ministry of Finance started a consultation on the "discussion draft" of the amended Investment Act (Draft InvG), which contains the implementation of the new European Investment Funds Directive. It also contains a partial implementation of the four measures enacted in the course of the UCITS IV implementation. Read more.

The German Federal Court of Justice (Bundesgerichtshof – “BGH”) has ruled that comfort letters may contain provisions that allow the issuer to terminate the letter (decision dated 20 September 2010 – II ZR 296/08). Read more.

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On 1 September 2010, the Japanese Ministry of Economy, Trade and Industry (METI) announced its action plan, "Shin seicho senryaku: Jitsugen action 100". This article highlights key points of the action plan. Read more.

The Japanese government is under pressure to cut public expenditure while Japanese banks, companies and investors are building up surplus cash reserves as a buffer against future market turmoil because of a perceived lack of attractive investment opportunities in the domestic market. This article outlines how the public-private fund structure will allow the government to reduce budget expenditures on developing and maintaining public infrastructure. Read more.

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The Singapore Exchange (SGX) is proposing changes that will require investors who sell securities listed on the SGX to identify their sell orders as either short sell orders or normal sell orders. This measure has been put in place to provide better market transparency and enhanced accountability. Read more.

Price stabilisation of securities that are listed or to be listed on Singapore Exchange Securities Trading Limited may contravene the false trading, securities market manipulation and insider trading prohibitions, set out in the Securities and Futures Act. This article outlines the changes to the price stabilisation exemption regime. Read more.

Following a press release on 6 August 2010, the Ministry of Finance conducted a public consultation on three proposed legislative amendments under the draft Stamp Duties (Amendment No. 2) Bill 2010. This article highlights the amendments made to the Stamp Duties Act and how it will affect qualifying M&A transactions. Read more.

This article highlights some of the tax changes to the Goods and Services Tax Act that were announced in the 2010 Budget Statement, as well as changes from the ongoing review of the Goods and Services Tax regime. Read more.

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On 7 September 2010, the European Council formally approved plans to rebuild the supervisory architecture of financial services in the EU. The plans will introduce three new supervisory authorities responsible for the stability of banking, insurance and securities markets, as well as create a European systemic Risk Board in a move which many believe will represent a shift towards greater centralised control over financial services in Europe. Read more.

Section 251 of the Pensions Act 2004 applies to pension schemes that were established before 6 April 2006 and that meet certain conditions immediately before that date. Section 251 prevents payment of funding surplus to participating employers from such pension schemes unless a resolution in the required form has been passed by the pension scheme's trustees before 6 April 2011. Read more.

From 1 September 2010, HMRC's guidance relating to streamlined treaty relief for syndicated loans has been reissued as the Syndicated Loan Scheme (SLS). Where certain payments of interest are made from UK borrowers to lenders in other jurisdictions, any UK withholding tax may be reduced or eliminated pursuant to a relevant double tax treaty. Read more.

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While the regulation of the over-the-counter derivatives market required by the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act has received a great deal of attention, other less-discussed provisions of the legislation impose additional restrictions on the treatment of derivatives as extensions of credit by banks where the bank is subject to counterparty credit risk. Read more.

The US Securities and Exchange Commission recently adopted changes to Form ADV, the form used by investment advisers registered or registering with the agency. The changes which are to Part 2 of the Form and related rules under the US Investment Advisers Act of 1940, represent a major overhaul of investment adviser disclosure practices. Read more.

In July, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act which contained numerous provisions intended to enhance regulatory enforcement and the remedies available to the agency. This article highlights three of the new laws that are particularly relevant to issuers, lawyers, accountants, financial institutions and other secondary actors who work with publicly-traded companies. Read more.

On 16 July 2010, the US Department of Labour issued an interim final rule, requiring the disclosure of compensation paid in connection with the performance of services to an employee pension plan. The rule will likely require many service providers to pension plans, in particular fiduciaries, to "plan asset" investment funds and recordkeepers, to make significant changes in their disclosure practices. The rule is effective from 16 July 2011. Read more.

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