Economic Regulation Issues March 2009

Supplementary Financial Market Stabilisation Act Passed
International Law Office, March 27, 2009

In March 2009, German Parliament passed the Supplementary Financial Market Stabilization Act, which includes some improved and some new tools for stabilising the financial markets, but which is primarily intended to provide the foundation for the nationalisation of the real estate financing company Hypo Real Estate AG. The act is likely to take effect as early as April 2009. <<More>>

European Parliament Reaches Agreement On Energy Market Reform
The Wall Street Journal Europe, March 25, 2009

Finally, the European Union has reached on a provisional agreement on the reform of European energy markets. The regulator had observed that control over the transmission network by energy giants was limiting the scope for competition in the bulk market. Now, it has been proposed that the grid management would be monitored by an independent regulatory agency to ensure open access to the grid.

EU to ensure unbarred open access to gird
Financial Times, March 24, 2009

Finally, the European Union has reached on a provisional agreement on the reform of European energy markets. The regulator had observed that control over the transmission network by energy giants was limiting the scope for competition in the bulk market. Now, it has been proposed that the grid management would be monitored by an independent regulatory agency to ensure open access to the grid.

New Requirement for Forex Purchases
International Law Office, March 20, 2009

In keeping with its statutory duty to stabilise Indonesia's currency, the Bank of Indonesia has taken measures to control speculative rupiah transactions. On November 12, 2008 it issued the Regulation on the Purchase of Foreign Currencies in Banks. In essence, the regulation provides that purchases of foreign currency from a bank may not exceed US$100,000 a month unless the purchase can be justified economically.  <<More>>

Consumer Protection Agency Questions Changes to Universal Service Target
International Law office, March 11, 2009

Through Decree 6424/08 the Executive Branch authorised an amendment to the general plan on universal service for the fixed switch telephone service. Concession holders are no longer obliged to install telecommunications service points (i.e., a set of public facilities involving a fixed switch telephone service terminal and internet access). Concession holders must now implement a backhaul (i.e., a telecommunications services network infrastructure). The backhaul must make broadband internet access available in all Brazilian municipalities by December 2010. <<More>>

Parliament Adopts New Law on Bank Takeovers
International Law Office, March 06, 2009

In Latvia, the new Law on Bank Takeovers recently came into force, stipulating the conditions and procedures for bank takeovers by the state. Bank takeovers have been approved in many EU countries. In Latvia, the need for the Law on Bank Takeovers mainly arose after the country's second-largest bank with local capital, Parex Banka, ran into liquidity difficulties and 85 percent of its shares were acquired by the state.  <<More>>

Swisscom to Offer Regulated-Price Bitstream Access
International Law Office, March 04, 2009

On February 19 2009 wisscom announced that the Federal Administrative Court has confirmed a Communications Commission decision of November 21 2007, pursuant to which Swisscom was ordered to offer bitstream access at regulated prices. The proceeding against Swisscom was initiated by TDC (Switzerland) AG, operating under the brand name 'Sunrise'. <<More>>

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