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The global financial services industry has grown accustomed to rapid change over the past two years. In the US, plunging stocks brought closer attention to conflicts of interest at leading investment banks. From there, attention turned to mutual funds and, more recently, to rating agencies. The Sarbanes-Oxley legislation passed in response to corporate governance failings has affected banking business also.

Asian central-bank bond funds will fail to prompt issuance and increase general liquidity, but might inadvertently succeed in promoting reform. Paul Lejot and Douglas Arner say why

US banks that support ABCP programmes are preparing for life under new capital requirements. James Croke and Peter Manbeck explain

Questions remain over how effective SEC proposals to register hedge fund advisers will be in preventing fraud, say Mark Bergman, Yvonne Chan and Marco Masotti

A ruling by the US Court of Appeals for the Second Circuit has shown that the 1999 Isda Credit Derivatives definitions are not as unambiguous as intended. James Warnot and Justin Williamson explain

Sandor E Schick analyzes the detail in China's proposed bankruptcy laws and what it means for creditors and private businesses in particular

On July 6 2004, the State Administration of Radio, Film and Television promulgated the Administrative Measures on Chinese-Foreign Cooperation Film Production. The regulations came into force on August 10 2004. The original regulations are now superseded. They had designated the China Cooperative Movie Production Corporation as the authority responsible for examining and approving applications for licences for Sino-foreign film production. Under the new regulations, the China Cooperative Movie Production Corporation will play no role in examining and approving applications for licences. Applications for licences must now be submitted directly to the State Administration of Radio, Film and Television, which must determine the application within 20 days. If the application is rejected, the authority must provide reasons for its decision.

A judgment of the Higher Regional Court (Oberlandesgericht) Frankfurt/Main of May 25 2004 has caused unrest in the German market regarding securitization or sales of non-performing loans.

Naohiko Matsuo, director for international financial markets at Japan's Financial Services Agency, tells Andrew Crooke about a spate of planned reforms to try to instil confidence in the country's securities markets and attract much-needed foreign investment

If Japan doesn't push ahead with the necessary tax reforms to tempt foreign investors to buy stakes in domestic companies, productivity and economic growth will continue to lag. But, as Andrew Crooke reports, change won't come without a fight