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Ko-Yung Tung joined Morrison & Foerster's New York office as a senior counsellor. Tung is former general counsel and vice-president of the World Bank, and former chair of the global practice group and member of the management committee at O'Melveny & Myers. Tung was approached to join Morrison & Foerster after leaving O'Melveny at the end of March. He was general counsel at the World Bank from 1999 to 2003. He has also served as secretary-general of the International Centre for the Settlement of Investment Disputes.

Ben Maiden reports from Toronto on the impact of corporate governance and secondary liability reforms

On January 28 2005, the Luxembourg government adopted a Bill of Law to implement the EU Prospectus Directive, which is due to be implemented by June 30 2005.

David Lindsey and James Hosking explain why the US Supreme Court may have opened the door for parties to obtain discovery from US courts in aid of international arbitration

There are four distinct laws governing debtor rehabilitation and bankruptcy in Korea: the Corporate Reorganization Act; the Composition Act; the Bankruptcy Act and the Individual Debtor Rehabilitation Act. In an effort to overhaul the insolvency system, the Korean government has enacted the Debtor Rehabilitation and Bankruptcy Act (the DRBA), which will take effect in April 2006.

Under Indonesian bankruptcy law (Law 37 of 2004 on Bankruptcy and Suspension of Debt Repayment) the creditors of a bankrupt debtor are required to meet in a creditors meeting. Within 30 days after the bankruptcy is declared, the supervisory judge determines the date, time and place for the first creditors meeting. The agenda will include debt verification and voting on the composition plan that has been submitted by the bankrupt debtor.

In implementing the EU Collateral Directive, France has extended netting possibilities and provided an exception to the general French requirement for a court order or auction when selling a pledged asset. By Pierre Lastenouse

The Reserve Bank of India (RBI) issued a notification on April 25 2005, granting permission to foreign insurance companies to set up liaison offices in India. However, the activities of these liaison offices are subject to the approval of the Insurance Regulatory and Development Authority of India (IRDA).

Danish law on taking securities does not permit floating charges, or similar pledges or mortgages of an undetermined plurality of assets.

Under the WTO concessions, notional majority ownership is possible only in the insurance industry. In fund management, securities and commercial banking, foreign strategic investors in an onshore financial services company need to think harder about the risks and rewards of a notional minority position.