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The difficulties with working in Hong Kong for the first time. A diversity of laws and trying to find somewhere to go running

Counsel debate liability from the credit crunch

What to do if you are the subject of an unsponsored ADR programme

Many factors have been identified as contributing to the financial crisis. If we were to produce a Top 10 list of these, it would surely include credit derivatives (although we might not agree with this). Credit default swaps (CDSs) are the most significant component of the credit derivatives market, which has grown in recent years. But no one is quite sure how large it actually is.

Kei Okubo and Kan Watanabe of Nagashima Ohno & Tsunematsu provide an overview of the regulations that foreign companies and funds should take into account before acquiring or investing in a Japanese company

Kei Ito and Yusuke Motoyanagi of Nishimura & Asahi track developments following the 2007 amendments to the TSE's securities regulations

Takashi Toichi and Yosuke Fujisawa of Anderson Mori & Tomotsune outline the Electronic Share Certificate System and how it works in relation to M&A involving listed issuers

The past 12 months have been a struggle for most markets, and Japan's has not escaped. In August, the government unveiled a ¥11,500 billion ($105.8 billion) programme to stimulate the flagging economy, a move the government reinforced in October by easing restrictions on share buybacks. Until the end of 2008, companies are allowed to buy 100% of their stock in one day, rather than 25% of the average trading volume calculated over the previous four weeks.

In accordance with Croatia's pre-accession obligations, the Croatian Parliament enacted the new Capital Market Act in July 2008 (New Act). It will enter into force on January 1 2009, bringing with it significant changes to existing capital market regulation. The EU standards and the acquis communautaire have been reflected in it. However, the legal effect of some provisions, such as those pertaining to the freedom to provide services, has been postponed until Croatia's accession to the EU.

In Japanese structured finance transactions, limited liability chukan hojin (yugen-sekinin-chukanhojin) have been used as parent companies holding the voting interests of special purpose vehicles (SPVs), the latter holding the assets underlying the transactions: that is, they function as Cayman charitable trusts for Cayman SPVs. On December 1 2008, the Shadanhojin Act (Ippan Shadanhojin-Ippan Zaidanhojin Hou) will take effect, and the law governing the chukan hojin will be repealed. Accordingly, existing limited liability chukan hojin will automatically turn into ippan shadanhojin.