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Bankers' counsel believe a single global regulator is both undesirable and impossible. They also think that the FSA has been the UK's biggest asset and that a return to Glass-Steagall would be a bad move. By Elizabeth Fournier

Copycats need to walk carefully Short sellers should privately disclose positions as low as 0.1%. And local regulators should aggregate the information and publicly disclose at slightly higher levels according to Eddy Wymeersch, chairman of the Committee of European Securities Regulators (Cesr).

Arthur B Culvahouse Jr, counsel to President Reagan and managing partner of O'Melveny & Myers, says the US needs to sort out its regulatory arbitrage

Under a securities loan agreement, a borrower typically borrows securities from a lender and posts collateral to secure its obligation to return identical securities. Even though the securities are loaned, for US federal income tax purposes there is a transfer of ownership from the lender to the borrower resulting in an exchange upon entering into the agreement and upon termination. However, no gain or loss is recognised to the lender for US federal income tax purposes upon the initial transfer of securities to the borrower and the return of identical securities to the lender upon termination of the securities lending agreement, provided the securities loan agreement meets certain requirements specified by Section 1058 of the Internal Revenue Code.

At least the final directive has some options for banks. That 5% retention might go up though

Rudolph du Plessis of Bowman Gillfillan discusses South Africa's recent companies legislation, and how it will change M&A transactions

Thomas Farhang and Øystein Løken of Kvale & Co describe how the Norwegian government learned the perils of minority investments the hard way

Yo Uraoka of Mori Hamada & Matsumoto discusses important changes and developments in Japan's corporate laws

Linda Widyati and Emalia Achmadi of Soemadipradja & Taher on how to negotiate Indonesia's complex regulatory environment

H. Ercüment Erdem of Erdem & Erdem discusses board of director liabilities following 2001's banking crisis