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Ben Maiden reports on how lawsuits have failed to derail the Argentina debt exchange

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

The recent publication of the Implementing Regulations (Official Gazette (Umm Al-Qura) edition 4021) to the Capital Market Regulations (Royal Decree M/30, 2/6/1424H), has given rise to some uncertainty for prospective issuers in an increasingly active IPO market in the Kingdom.

The requirement to apply international financial reporting standards (IFRS) for any accounting period commencing on or after January 1 2005 has raised questions relating to whether the use of IFRS could result in accounting profits (and as a result taxable profits) appearing in the accounts of Irish structured finance special purpose vehicles (otherwise known as Section 110 Taxes Consolidation Act 1997 companies) where previously no such profits would have arisen.

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.

For many observers, Argentina's debt restructuring has promised much and delivered little in terms of offering new solutions to future crises. Despite this, there are important lessons to be learned from the world's biggest sovereign exchange.

Income trusts have become a powerful structure for Canadian and cross-border securities offerings. Simon Romano and Jeffrey Singer explain how they work

The timeframe imposed on the MyTravel restructuring by regulatory considerations forced the company to take a tough line with bondholders. William Underhill and Caroline Edwards report

Neil Cummings and Martin Zohn explain why the outcome of a bankruptcy appeal hearing could have far-reaching consequences for lenders and the way US companies are structured

The Monopoly Regulation and Fair Trade Act of Korea (MRFTA) has been amended. The Act now provides a more efficient system for filing business combination reports for M&A and unfair trade practices, and places certain restrictions on voting rights allowed for financial affiliates. It also re-introduces the Korean Fair Trade Commission's right to request financial transaction information.