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With Korea soon to pass new bankruptcy legislation, Mark A Walker, James L Bromley and Sang Jin Han outline what the country’s lawmakers should learn from past experience

Carol Hansell examines the progress towards improving corporate governance in Canada in the shadow of US reforms

Foreign vendors that sell to China's increasingly acquisitive companies are exposed to China’s less than transparent regulatory regime, say Jean-Marc Deschandol and Tom Luckock

A new currency law in Turkey aims to resolve the difficulties caused by hyperinflation in the country over the past two decades. The hyperinflation that started in the 1970s meant that during the 1980s new banknotes in larger denominations came into circulation to meet the cash demand in the economy. For the past few years the highest denominated banknote has been TL20 million, which is also the highest denominated banknote in the world. Use of figures with multiple zeros has created many technical and operational problems in particular for banks and the treasury. The creation of official financial records has also proved troublesome.

As the documentation of syndicated loans in the US increasingly resembles that of bonds, Gregory Woods warns that lenders could stray accidentally under onerous securities laws

On October 29 2004 the Swedish Supreme Court rendered a judgment that should be of interest for many directors of Swedish limited liability companies. The case concerned a Swedish limited liability company that had omitted to close the accounts on time for the financial years 2000 and 2001 with annual reports. The Supreme Court held (just like the District Court but in contrast to the majority of the judges of the Court of Appeal) that these omissions constituted accounting offences according to chapter 11, section 5 of the Swedish Penal Code.

Margaret Tahyar gives an insight into SEC decision making and tells European issuers that facts are the key to influencing the US regulator

Article 66 of Consob Regulation No 11971 of May 14 1999 requires Italian listed companies issuing bonds to inform the public and Consob promptly of events occurring in their or their subsidiaries' sphere of activity that are likely to have a significant effect on the price of the issuer's financial instruments. Article 66 applies irrespective of whether the placement is private or public, or listed.

Establishing private equity funds (PEFs) in Korea is now possible under the amended Indirect Investment Asset Management Business Act (IIAMBA), which took effect as of December 6 2004.

On December 4 2004 the Saudi Arabian Capital Markets Authority released the first four Implementing Regulations (Official Gazette (Umm Al-Qura) edition No 4021) to the Capital Markets Regulations. The publication of these Implementing Regulations, which are retroactive to February 24 2004, will significantly affect both issuers and investors in Saudi Arabia's capital markets. This first set of Implementing Regulations addresses three main categories: market ethics and conduct; securities offerings; and rules of registration and listing.