Why innovative securitization is far from dead Securitization remains innovative despite a wave of commoditization, says Paul Ali
Banks must not ignore the legal risks in China Foreign banks that want management influence over their China investments risk litigation as their western business systems based on law clash with local systems based on connections, says William Gamble
Cutting edge close-up: Optus bid adapts rules to secure premium for minority shareholders Optus Networks used a novel price and rebate structure to buy Uecomm after convincing the Australian regulator that its takeover rules would stand in the way of shareholders getting the best deal. Costas Condoleon and James Philips explain
Is the UK wrong about trustee liability? The UK Law Commission's proposals on preventing trustees from limiting their liability should not apply to capital markets trustees. Jane Borrows and Eoin Gillen explain why
Protectionists threaten Japanese economy If Japan doesn't push ahead with the necessary tax reforms to tempt foreign investors to buy stakes in domestic companies, productivity and economic growth will continue to lag. But, as Andrew Crooke reports, change won't come without a fight
Interview: Helping Japan compete in the global securities race Naohiko Matsuo, director for international financial markets at Japan's Financial Services Agency, tells Andrew Crooke about a spate of planned reforms to try to instil confidence in the country's securities markets and attract much-needed foreign investment
Timing rules narrow window for French IPOs The revival of the French equity markets is putting the country's untested initial public offering rules on trial. Andrew Bernstein and Valérie Lemaitre make the initial assessment
Legislators fix unwieldy securities laws France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years. Martine Dalet and Pierre Descheemaeker explain the new securities ordinance
France brings synthetic structures onshore Xavier de Kergommeaux and Colin Mercer describe how French regulators are on the verge of expanding and clarifying the role of the country's securitization vehicle
German banks caught in bad-loan trap German banks are looking with increasing urgency at ways to rid themselves of their portfolios of non-performing loans, but legal hurdles remain, say Oliver Kessler and Melanie Schlage
Insolvency reform poses risks for lenders Spain's new insolvency law comes into force this month. It increases legal certainty, but lenders must still beware. Gabriel Núñez and Cristina Pérez Cajal explain why
Isda definitions unclear, says US court A ruling by the US Court of Appeals for the Second Circuit has shown that the 1999 Isda Credit Derivatives definitions are not as unambiguous as intended. James Warnot and Justin Williamson explain
SEC plan to register advisers fails to convince Questions remain over how effective SEC proposals to register hedge fund advisers will be in preventing fraud, say Mark Bergman, Yvonne Chan and Marco Masotti
New capital rules affect ABCP liquidity US banks that support ABCP programmes are preparing for life under new capital requirements. James Croke and Peter Manbeck explain
What China's bankruptcy reform means for creditors Sandor E Schick analyzes the detail in China's proposed bankruptcy laws and what it means for creditors and private businesses in particular
Why Asia's central-bank bond fund will fail Asian central-bank bond funds will fail to prompt issuance and increase general liquidity, but might inadvertently succeed in promoting reform. Paul Lejot and Douglas Arner say why
