This article looks at why Australian banks, building societies and credit unions will now be allowed to issue covered bonds as part of the federal government's banking reform package. Read more.

The Australian government announced a two-stage plan to implement its proposed carbon pricing mechanism, which will include a fixed price carbon tax phase and a cap-and-trade emissions trading phase. This article examines key features of the carbon tax framework. Read more.

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

The draft Act amending the law for investment intermediaries and capital investments in Germany was published in February and new rules under the Act will have a significant impact on the German fund and financial services industry. This article highlights the proposed new rules for issuers and distributors. Read more.

The Frankfurt higher regional court revisited its jurisprudence in respect of wrong investment advice. The court was asked to decide on a damages claim in relation to wrong advice given by a bank on an investment in a film fund organised as a German limited partnership. This article looks at the court's decision. Read more.

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The Central Bank issued Directive No. 2582-U, regarding mandatory reserves required for various obligations of credit organisations. Read more.

The Central Bank issued Directive No. 2583-U increasing the refinancing rate. Read more.

This update is a summary of long-awaited clarifications of the Supreme Commercial Court, mainly related to the levy of execution on secured property. Read more.

This article discusses the recently enacted Federal Law No. 7-FZ (the Clearing Law) and Federal Law No 8-FZ (the Amending Law). Read more.

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

This article examines the issues facing the Independent Commission when it will decide in September 2011, a number of policy recommendations concerning structural measures to reform the UK banking system, including the complex and controversial issue of separating retail and investment banking functions. Read more.

The European Parliament has approved a non-legislative resolution in favour of a report which recommends the introduction of an EU Financial Transaction Tax. This article highlights the aim of the tax and its implications for the wider European financial community. Read more.

The ECJ followed the Advocate General's Opinion and ruled that gender-based pricing in insurance contracts is unlawful in a recent judgment. This article examines the ECJ ruling and its impact, particularly on the EU insurance industry. Read more.

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

This article examines Form PF; a proposed new piece of documentation unveiled by US markets regulators that would be filed by most investment advisers to private funds and would reveal far more information about private funds to the US government than ever before. Read more.

In ReGen Capital I, Inc. v. UAL Corporation (In re UAL Corporation), the Seventh Circuit permitted a debtor to reject certain executory contracts more than 29 months after confirmation of a plan, even though the plan listed the contracts on an "assumed contract" exhibit. This article examines the case in detail. Read more.

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