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

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.

Linda Lerner examines the SEC's sweeping Regulation NMS proposals and argues that a lack of self-reform by the market has made new regulation necessary

The Securities Class Action Act (SCAA), which is the first class action act recognized and implemented in Korea, took effect on January 1 2005. The SCAA permits initiation of class action by shareholders against companies listed on the Korea Stock Exchange or registered on the Kosdaq in connection with, among others, accounting fraud, fraudulent disclosure, stock-price manipulation and insider trading. The SCAA aims to: (i) effectively remedy loss incurred by a group of (minority) shareholders in the course of securities transactions; (ii) alleviate the shareholders' burden of suing on a cause of action as individuals; and (iii) promote transparency in corporate management.

A recent code has modified Belgian rules on conflicts of laws and jurisdiction. Vanessa Marquette, Michèle Grégoire and Sandrine Hirsch outline the main changes in financial law

Siegfried Knopf, James Huang and Giselle Barth explain some of the issues that securitization counsel must prepare for as the SEC introduces its landmark ABS rules

Law 311 of December 30 2004, which is the Financial Law for 2005 (the 2005 Financial Law), provides for new limits to capacity of Italian local authorities to enter into loans and bonds.

The Financial Services Agency of Japan (FSA) plans to establish a new law to regulate financial products and services. Although the details of the law are not yet decided, it is expected to regulate investment services in similar fashion to the UK's Financial Services and Markets Act 2000.

Extortive challenges to shareholders' resolutions might soon end, as Germany prepares a new stockholder law. Konstantin Günther and Barbara Roth explain why reform can't come soon enough

BUPA: keeping its finances healthy BUPA Finance in December 2004 issued £330 million ($621 million) in subordinated perpetual bonds. The issue by the UK healthcare provider is the first deal involving upper Tier 2 bonds to give the issuer unlimited discretion to defer interest payments. Slaughter and May advised BUPA Finance and BUPA Insurance, while Allen & Overy advised HSBC and ABN AMRO as lead managers.