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Austria is using all the national discretion available in its implementation of the Directive, creating some interesting quirks for issuers. By Peter Knobl

Kathy McFarland explains why companies should avoid complacency on document retention in the wake of Andersen's overturned conviction

Chinese investors are going global. John E Lange of Paul Weiss Rifkind Wharton & Garrison explains how and why Chinese companies are investing overseas

Despite its entry into the WTO, China still presents challenges to foreign investors hoping to enter the Chinese financial market, says David Liu of Jun He Law Offices

Frances Cohen explains why the Seventh Circuit's decision in Kircher is a victory for defendants in securities class actions

Raj Panasar and Haydn Main review changes to the UK listing regime that took effect this month, and find practitioners broadly pleased with the British approach to European regulation

The Korea Federation of Banks (KFB), a trade association representing the interests of the Korean banking industry, has amended its Guidelines Concerning Management and Sale of Capital Stock Acquired by Creditor Financial Institutions by way of Debt-to-Equity Swap (the KFB Guidelines) to enhance the level of transparency during the sale of restructured companies. The amended KFB Guidelines, to which all banks in Korea are bound, took effect as of June 3 2005 and will apply to the up-coming sale of restructured companies.

China's first asset-backed securitization (ABS) legislation has been introduced. The Administrative Measures on Pilot Projects of Credit Assets Securitization promulgated by the People's Bank of China and the China Banking Regulatory Commission became effective on April 20 2005. In connection with the State Council's approval in principle of the two pilot projects, China Development Bank and China Construction Bank, other relevant authorities have or will issue provisional rules to facilitate the launch of these projects.

The German Ministry of Defence has entered into a private finance initiative (PFI) deal with a consortium of four defence industry manufacturers. The transaction concerns financing for flight simulators used to train army and navy pilots on the new Nato transport helicopter. Consortium members CAE, Eurocopter, Rheinmetall Defense Electronics and Thales have entered into an 18-year €488 million deal with the Ministry. Stephen Hodgson led a White & Case team advising the consortium while the German Ministry of Defence used its internal legal team.

Spain has met the implementation deadline only partially and issuers will face some uncertainty until secondary legislation is implemented. By Yolanda Azanza and José Manuel Cuenca