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To date mortgages have not been a popular method of securing obligations in Russia for three main reasons.

The outgoing European Commission has proposed a directive to make it easier for public companies to alter the size, structure and ownership of their capital.

Norwich Union in October raised £200 million secured against future business profits, showing an increasing willingness among UK insurers to use securitization as a funding tool.

British property company Land Securities is attempting to cut its debt-servicing costs with an innovative hybrid securitization platform that uses a sliding scale of covenants.

The Financial Supervisory Commission amended the Guidelines for the Authorization of Banking Business in July 2004. The amendments now include prerequisites that foreign financial institutions (including foreign financial holding companies) must satisfy to establish subsidiary banks in Korea. The amendments have also relaxed the approval standards for foreign banks wishing to set up branches in Korea.

Consistent and well-crafted rules are critical to spur good corporate governance in Asia, says Jamie Allen

More collaboration is needed between national banking, securities and insurance watchdogs to improve the way financial conglomerates are regulated, said speakers at the annual International Bar Association conference in Auckland last month.

Network Rail: borrowing to fund development Linklaters, Allen & Overy and Clifford Chance have all won roles on UK rail operator Network Rail's planned £20 billion ($37 billion) multicurrency note programme.

An elite group of firms benefited from the gradual recovery of international equity markets last year, as revealed by IFLR's annual survey. The apparent improvement in fortunes of these firms, however, hides a trend with potentially worrying implications for legal advisers - the shift away from US-listed deals fully registered with the SEC. The burden of corporate governance legislation is deterring foreign issuers from seeking the US listings that used to be a badge of respectability in the international capital markets. "Sarbanes-Oxley has killed that market," says Nick Eastwell, head of capital markets at UK firm Linklaters.

How companies are managed in Latvia Raymond Slaidins and Mikus Buls of Klavins & Slaidins outline the roles directors and supervisory boards play in the Latvian corporate structure