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The Kingdom of Saudi Arabia has enacted legislative milestones for the insurance industry: the Cooperative Insurance Companies Control Law (promulgated by Royal Decree M/32, dated 2/6/1424 H) and its implementing regulations (issued by Ministerial Order 1/596, dated 1/3/1425 H) (the Insurance Law); and regulations permitting insurance companies to open branch offices.

Article 1(71) the Financial Law for 2005 (Law 311 of December 30 2004) provides that state, regional and local authorities must convert loans whose debt service is paid either fully or partially by the state into notes of new issue, or re-negotiate those loans, if:

Michael Shaw explains how Britannic Group and Resolution Life merged under the UK's new prospectus and listing regime by producing a document equivalent to a prospectus

Christian Lambie, Allen & Overy The Royal Bank of Scotland acted as arranger and lead manager on a £355 million ($616.5 million) issuance of commercial mortgage-backed notes by Trafford Centre Finance, a member of Peel Acquisitions Group. The transaction involved the issuance of reserve notes, on which no interest or principal is payable while held by the issuer. Partner Christian Lambie led the Allen & Overy team advising RBS. Travers Smith advised The Peel Acquisitions Group. Sachin Zodgekar is in-house counsel at RBS.

Gaz de France IPO largest this year The part privatization of Gaz de France (GdF) represents the world's largest initial public offering (IPO) so far this year. France's stake in GdF will diminish to 79.45% on completion of the IPO. The deal values GdF at €23 billion, based on proceeds of €2 billion. Cleary Gottlieb Steen & Hamilton advised Gaz de France and Gide Loyrette Nouel represented the French State. Linklaters advised the underwriters and global coordinators.

Nicholas Moussas of Moussas & Tsibris says criminal proceedings can be just as effective as civil action when protecting industrial property rights in Greece

John White and Andrew Pitts take a first look at the SEC's revised securities offering rules and some of the comments that might have influenced the changes

The amendments to the Foreign Exchange Transaction Regulation of Korea (FETR) took effect as of July 1 2005.

The implementation of a free foreign exchange system in Indonesia has accelerated the expansion and integration of the Indonesian financial market into the world's financial markets. As a result, the growth in rupiah transactions between banks and foreign citizens and foreign legal entities has led to instability in domestic monetary conditions, putting pressure on the rupiah exchange rate. This has recently been exacerbated by state oil firm Pertamina buying large amounts of dollars to counteract increasing oil prices.

The central challenge of China's corporations is to deliver results that will satisfy an ownership base that is increasingly comprised of institutional investors. Unlike most of the OECD, China has to reconcile from the outset the twin demands of corporate managerial risk-taking, which is the essence of robust economic growth, and institutional investor prudence, the main pillar of which is liquidity of investment (at least in the same currency).