Comment The OECD convention against corruption is a major step against bribery. But a totally fair market is still far off. By Michael Hershman of Decision Strategies/Fairfax International LLC, Falls Church, Virginia
Austrian clients drive modernization Privatization and deregulation are creating a more modern business environment in Austria and law firms are under increasing pressure to provide a similarly modern service. Nick Ferguson writes
ISDA offers standard documents for credit swaps The new ISDA standard confirmation for credit swaps should boost the credit derivatives market. By Daniel P Cunningham, R Brent Jones and Thomas J Werlen of Cravath, Swaine & Moore, New York
Italian government reforms corporate governance A wide-ranging reform and codification of Italian capital markets law tidies up some outstanding problems. It also introduces detailed rules on corporate governance. By Susanna Beltramo and Stefano Agnoli of Studio Legale Beltramo, Rome
SEC tightens Regulation S rules for US issuers To cut perceived abuses of the safe harbour for offshore securities sales, the US SEC has restricted the use of Regulation S by US issuers. By Richard Muglia and Annemarie Tierney of Skadden, Arps, Slate, Meagher & Flom LLP, London
British Columbia relaxes rules for international securities offerings Formerly restrictive of international offerings of securities, the British Columbia Securities Commission has introduced measures more favourable to foreign purchasers. By David Glennie, Peter O’Callaghan and Geoffrey Belsher of Blake, Cassels & Graydon, London and Vancouver
How to enforce debts in Malaysia Creditors have several options under the Malaysian Companies Act 1965: the company can be wound up, put into receivership or have its assets possessed. By Philip Teoh Oon Teong of David Chong & Co, Kuala Lumpur
Citigroup can avoid US regulatory barriers Citigroup, the new company formed by the Travelers/Citicorp merger, appears to breach the US’s regulatory barriers between financial services. But lawyers suggest there are possible structures for the company to offer the full range of services. Paul Lee reports
Italian firms face foreign invasion Traditional Italian lawyers are beginning to adapt to competition from larger overseas firms. The believe they must follow the English and American model while retaining Italian characteristics. Barbara Galli reports
Czechs start to make necessary reforms The Czech government is beginning the slow process of rebuilding investor confidence. Further banking and funds reforms are planned. By Madle Waldvogel of Beiten Burkhardt Mittl & Wegener, Prague
China’s new loan rules add to project finance burdens Foreign investment enterprises in the project finance field must now seek the same foreign exchange authorizations as domestic entities. By Edward Turner and Edward Lam of Shearman & Sterling, Hong Kong and London
