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On January 5 2008, the electronic share certificate system under the Law on Book-Entry Transfer of Corporate Bonds, Stock and Other Securities (shasai-kabushiki-tou-no-furikae-ni-kansuru-horitsu) will be implemented. Upon implementation, all shareholders' rights in listed companies will be recorded and managed electronically in transfer account books (furikae-kouzabo) maintained by record-keeping organisations (kouza-kanri-kikan) such as banks and securities companies. Under the present system, shareholders hold paper share certificates and transactions are conducted by physically transferring the paper share certificates. In accordance with the Act on Custody and Transfer of Share Certificates (kabuken-tou-no-hokan-oyobi-furikae-ni-kansuru-horitsu), shareholders of listed companies also have the option of depositing paper share certificates of those listed companies with the Japan Securities Depository Center (JASDEC) (hofuri), a public custody organisation in Japan. However, with the implementation of the new system, paper share certificates will no longer be used and all accounts will be maintained electronically. The introduction of the electronic share certificate system should be beneficial to both shareholders and listed companies.

Rules on convertibles have been loosened, thankfully

China

Foreign investors will try to avoid unsophisticated civil courts imposing antique bankruptcy statutes

Rules being debated in the US create a framework for more restrictions on executive pay across industries.

Italy

Brazil

Companies would like to buy back their debt but worry about opaque market abuse rules. The other options aren't great

Basel may provide the model for regulatory cooperation, with the help of a college of supervisors

Distressed-asset acquisitions will boom as more private equity firms take advantage of relaxed bank-holding requirements from the US Federal Reserve