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On July 1 2005 the UK overhauled its listing regime. Alex Kay and Justine Fowler of Herbert Smith consider whether the changes point to a brave new world for UK corporate governance

International banks and corporations with dealings in Italy should take notice of new precedents that require them to have tough controls to prevent employees from committing financial crimes, say Raffaele Rizzi and Nadia Rahman

Tsvetan Krumov and Iskra Neicheva of Landwell Bulgaria explain the ins and outs of corporate governance in Bulgaria

Melissa J Schwartz and Felix Saratovsky of Akin Gump Strauss Hauer & Feld highlight the differences between US and Russian board of directors standards and the developments expected in this area of Russian corporate governance

Neil Cummings and Martin Zohn explain why, to the relief of lenders, the controversial Owens Corning ruling has been overturned

Japanese companies have faced various stages of corporate governance reform since 2001. Hiroki Kodate and Norifumi Takeuchi of Anderson Mori & Tomotsune highlight the changes

David Leinwand explains why directors can take some comfort from the recent ruling over Disney's handling of the Michael Ovitz affair

The Swiss parliament is considering two bills that will update Swiss corporation law: one revises the Swiss Code of Obligations (the CO) regarding audits and one introduces the Swiss Federal Act on Admission and Supervision of Auditors. These two bills reflect recent international developments in the field of corporate governance.

The government of Serbia has recently proposed a new Takeover Act to more effectively regulate takeovers. The proposed Takeover Act, which is modelled on the EC Takeover Directive (Directive 2004/25/EC), incorporates the main principles of the Directive – the equivalent treatment of all shareholders, the provision of information so that shareholders can make informed decisions, the duty of management to act in the interests of the target as a whole, the prevention of false markets and market distortion, the duty of a bidder to secure funding before making an offer, and requiring the takeover to be carried out quickly to prevent damaging the target's business. The Takeover Law has been presented to the parliament and should be enacted by the end of 2005.

Recently parliament has passed the Completion of the Privatization of the State and Municipal Property and Use of the Privatization Vouchers Law, which enters into force on September 1 2005.