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China's newly amended Securities Law, which took effect in January 2006, has modified provisions that relate to disclosure liabilities. The new Securities Law introduces a sliding scale of liability for three separate classes of defendants when a required disclosure document contains untrue statements or omissions of material fact.

Plans for a formal sovereign bankruptcy regime have failed, but creative use of courts and bond contracts could achieve similar benefits, says David Skeel

The dispute over the intention of Section 304 of the Sarbanes-Oxley Act in the US that forms the subject of IFLR's cover story this month is a model of how difficult the task facing those drafting the law can be.

Clifford Chance, Linklaters, and Shearman & Sterling lead winners

Under Hungarian capital markets law, the mechanics of public takeover offers work under the general principle of priorly made offers. This concept raises several unanswered issues in practice.

An efficient bankruptcy procedure is a feature of a developed economy. In the US, about 1.5 million bankruptcies occur each year and around 6000 in Austria. These economies rely heavily on undertaking risk and on vigorous consumption. A fast and forgiving bankruptcy procedure keeps entrepreneurs and consumers active and provides balance. Fewer companies in transitioning and developing countries are put into bankruptcy but this is not unexpected, considering that bankruptcy procedures in such countries are usually complex and too expensive for creditors or companies to take on. It is telling that more companies go into bankruptcy in Belgium than in all of Latin America.

Julian Tucker of Shearman & Sterling tells IFLR about the challenges of building a securitization practice in a competitive market

China's newest investment treaties will strengthen the position of foreign investors. Robert Greig and Claudia Annacker explain

The latest overhaul of Mexico's securities laws will require careful implementation to avoid potential problems. James Ritch explains

All go for Exco IPO Haynes & Boone and Simpson Thacher & Bartlett were outside counsel on the $650 million initial public offering (IPO) of Exco Resources. The oil and gas exploration and production company turned to William Boeing of Haynes & Boone's Texas office to guide it through the flotation. Gary Sellers of Simpson Thacher acted for the lead underwriters Bear Stearns, Goldman Sachs and JPMorgan.