. . . In Brief

• Author: International Law Group
• Pages: 78-80

Page 78

United Kingdom's new terrorism law enters into force

As of March 30, 2006, the United Kingdom has put into effect a new law to combat terrorism, the Terrorism Act of 2006. It prohibits, inter alia, (1) the fostering of terrorism through statements and publications; (2) the circulation of terrorist publications; (3) the making and possession of terrorist devices or materials; and (4) trespasses on nuclear sites. It also provides penalties for possessing material, including nuclear material, for terrorist purposes. The July 7, 2005 bomb attacks in London had motivated the passage of the Act.

Citation: Terrorism Act of 2006, available through website of the United Kingdom Office of Public Sector Information, www.opsi.gov.uk/ACTS/acts2006.htm; BBC News report of 13 April 2006, 10:48 GMT.

China substantially overhauls securities laws

Effective January 1, 2006, the People's Republic of China has made many basic changes in its statute regulating securities. The New Securities Law (NSL) has revised about 40% of the original provisions and contains amendments to more than 100 articles. Among the main topics addressed are the following. The NSL defines what constitutes a "public offering" under Chinese law. While not accurately defining "securities," the NSL seems to widen the scope of the regulations to include government bonds, investment fund units and securities-related derivatives. The new statute also sets a three-month time limit for the China Securities Re gulatory Commission (CSRC) to decide whether or not to approve issuance applications as well as a six-month period to allow the government to rule on the establishment of securities companies. The NSL substantially changes the administration of securities listings and relaxes the criteria for listing both stocks and corporate bonds on stock exchanges. The NSL increases the protections for small shareholders and imposes stricter rules on the liabilities of directors. Finally, it increases the powers of the SCRC to deal with illegal activity such as stock manipulations or insider trading.

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