This article highlights the most significant developments related to the financial markets in Australia in 2010, as well as looking forward to those to come in 2011. Read more.

The Australian government announced on 17 December 2010 that it would introduce new laws to provide certainty of tax treatment for foreign managed funds that have invested in Australia. The new rules will apply to a foreign fund (or relevant taxpayer, including trustee or investor of the fund) that has not lodged an Australian tax return for 2009-10 or prior income years in respect of the relevant income, gains or losses of the fund. Read more.

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The financial markets crisis triggered a series of regulatory reforms at international, European and domestic level. These reforms were aimed not only at stabilising the financial markets but also to create a regulatory basis to prevent future crises. This article looks back at a number of developments in 2010 that primarily relate to corporate governance and compliance, risk and management and capital requirements. Read more.

The German Investment Act (Investmentgesetz) will be significantly amended this year by two Acts. Both Acts are still in draft form and have not passed parliament yet; the German UCITS IV Implementation Act will align the German Investment Act with the requirements of the UCITS IV Directive (2009/65/EC). Furthermore, the Act to Strengthen Investor Protection and to Improve the Operation of Capital Markets (Gesetz zur Stärkung des Anlegerschutzes und Verbesserung der Funktionsfähigkeit des Kapitalmarktes – AnsFuG) will introduce significant changes to the regulation of German open-ended real estate funds. Read more.

The restructuring of highly-leveraged and complex debt structures in recent times has kick started a review of existing insolvency regimes in a number of European jurisdictions, among them Germany. The German review is aimed at facilitating and speeding up business rescue processes thus allowing for easier restructuring of financial debt. Read more.

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This article highlights the most significant developments related to the financial markets in Japan in 2010, as well as looking forward to those to come in 2011. Read more.

In 2010, volumes of short selling in shares in some companies listed on the Tokyo Stock Exchange increased and share prices of those companies dropped just before they announced their respective capital increase plans. These cases and other similar cases have given rise to speculation both within Japan and overseas that the holders of non-public information relating to fundraising activities and expected falls in share price consequential to such fundraising may be misusing such information. Read more.

The Financial Services Agency established a Disclosure System Working Group (DSWG) to consider expanding the scope of disclosures that may be made in English by foreign companies whose securities are transacted in Japan’s market. This article highlights findings of the DSWG's report published on 17 December 2010. Read more.

The ratio of the residuary amount of foreign direct investment against GDP in Japan is 3.6%; this is lower than when compared to Korea or the US. However, recent measures proposed by the Ministry of Economy, Trade and Industry (METI) may lead to Japan attracting more foreign investment. This article provides details of the proposed measures. Read more.

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On 28 December 2010, the President signed Federal Law No. 409-FZ amending the Law on Joint Stock Companies, the Law on Limited Liability Companies and the Tax Code, with respect to payment of dividends. The Law entered into force on 31 December 2010. Read more.

On 23 December 2010, the President signed Federal Law No. 375-FZ regarding suspension of certain rules of Federal Law "On the Insurance of Individual Bank Deposits in the Russian Federation." The Law entered into force on 7 January 2011. Read more.

On 27 December 2010, the Russian government issued Resolution No. 1149 "On Measures to Implement the Federal Law 'On Microfinance Activities and Microfinance Organisations'." This article provides a brief overview of the Resolution which entered into force on 4 January 2011. Read more.

On 28 December 2010, the President signed Federal Law No. 429-FZ amending the Bankruptcy Law. This article provides a brief overview of the new Law, which entered into force on 31 December 2010. Read more.

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This article highlights the most significant developments related to the financial markets in the United Kingdom in 2010, as well as looking forward to those to come in 2011. Read more.

The decision of Briggs J in Lomas v JFB Fi rth Rixson [2010] EWHC 3372 (Ch) gives rise to a number of important considerations for market participants in relation to the interpretation and construction of Section 2(a)(iii) of the ISDA Master Agreement. It also addresses whether this provision offends the anti-deprivation principle or could be classified as a penalty. Read more.

On 26 November 2010, the European Commission published a consultation paper on the current functioning of the Insurance Mediation Directive (IMD) (2002/92/EC) and on possible amendments which should be made to revise the Directive (IMD2). Read more.

Lehmans and Nortel (in respect of which FSDs were issued against 25 group companies in July 2010) challenged TPR's power to issue an Financial Support Direction against a company which was in administration or under insolvency protection. This article provides an overview of the case which is expected to go to appeal. Read more.

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One of the single most important developments in private securities litigation in 2010 for foreign issuers, and US issuers that raise capital in foreign markets, was the Supreme Court's decision in Morrison v. National Australia Bank, 130 S. Ct. 2869 (2010). This article looks at why the Morrison case was monumental and highlights other cases that will have an impact on the private securities litigation landscape in 2011. Read more.

On 10 January 2011, the US Internal Revenue Service issued Notice 2011-1, delaying the application of provisions of the Patient Protection and Affordable Care Act of 2010, prohibiting insured group health plans from discriminating in favour of highly compensated individuals. Read more.

2010 was a year of political reaction, with striking consequences for the US asset management industry. The Dodd-Frank Wall Street Reform and Consumer Protection Act was the publicity-grabbing tip of the iceberg, but US regulators also adopted or proposed a spate of new rules that directly target asset managers. This article summarises the new rules. Read more.

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