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The ownership battle over Nippon Broadcasting System Inc (NBS) has ignited discussions about Japanese M&A rules.

Dan Andrews assesses the threat posed to private equity houses by public sector disclosure requirements

David Spencer argues that the OECD must do more to abolish banking secrecy rules to prevent capital flight from exacerbating sovereign financial crises

Andrew Carmichael (Linklaters), Leonard Birmingham (Harneys),

New regulatory limitations on offshore restructuring by Chinese private enterprises will limit their ability to attract overseas financing, say Terence Foo and Jeffrey Ren

The Securities and Exchange Law of Korea requires any investor (together with any special related persons) who acquires 5% or more of total outstanding shares in a listed company (or who changes their share ownership by 1% or more thereafter) to file a report to the Financial Supervisory Commission of Korea and the Korea Exchange within five days of the relevant transaction. This filing requirement is referred to as the 5% rule, which helps to promote transparency in the market and prevent hostile takeovers. Any investor failing to comply with the 5% rule can be restricted from exercising their voting rights and ordered to sell the acquired shares.

Australia's first successful proceedings for civil penalty and compensation orders for insider trading bode well for the regulator's attempts to rid the market of misconduct. By John Warde and Kim Reid

Continuing his article on applying securitization to social housing finance, Chris Oakley explains why the market has been slow to go beyond bank loans, what the legal barriers are, and how deals in the sector have been structured around Europe

In an effort to regain public trust after the Indonesia's banking crisis in 1998, the Indonesian government provided a blanket guarantee over all of a bank's obligations to its depositors. Regulations on the blanket guarantee were provided under Presidential Decree 26 (1998) on Guarantee of Commercial Banks Obligations, which was further amended on February 27 2004 by Presidential Decree 17 (2004).

James Cole, Jeremy Dickens and Ellen Odoner look at what UK companies should learn from US disclosure to help prepare the new Operating and Financial Review