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The Government of Republic of Indonesia and the Central Bank of Indonesia have agreed on a new joint policy package on the financial sector. It is intended to increase coordination between fiscal and monetary authorities, and to intensify the reform of the banking industry, non-bank financial institutions and the capital markets within the next nine months. The policy is enacted through a joint decision letter (SKB) signed and issued by the ministries of economy, finance and state-owned enterprises (SOE or BUMN), together with the Bank of Indonesia, on July 5 2006. Based on the SKB, the programme will be executed in stages over nine months. The SKB's 14 stipulations, 34 programmes, and 55 action plans will be conducted by the Department of Finance, State Ministerial Office of BUMN and the Central Bank. The package consists of four groups of policy, as follows.

Stephen Rooney explains how a conservative life insurance rule has sparked a securitization boom

Peter Declercq explains why a European group of companies facing insolvency should avoid secondary insolvency proceedings to optimize value

No one quite knows what is going to happen with Mifid, the Markets in Financial Instruments Directive. It was supposed to improve the efficiency of the single market in Europe by removing some of the drawbacks of the previous regime, the Investment Services Directive. But the aims seem to have got lost in the implementation.

Derek Woodhouse explains the challenges facing lawyers and lawmakers as Mexico embarks on a programme of public works projects

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