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The UK's Financial Services Authority (FSA) has published a policy update to push the brokerage and funds industries towards a more transparent way of dealing with commissions and other fees.

New rules that simplify offers to professional investors are welcome, but Hong Kong's shake-up of securities laws falls short on other counts. By Andrew Malcolm

Bryant Edwards: high-yield chair Latham & Watkins partner Bryant Edwards has been appointed chairman of The European High Yield Association (EHYA). Edwards is a corporate partner at the firm specializing in high-yield and mezzanine finance. He is joined on the EHYA board by three new directors: James Amine, co-head of global leveraged finance at Credit Suisse First Boston; Eric Capp, managing director of high-yield capital markets at JP Morgan in London; and Tim Flynn, managing director and co-head of leveraged finance at Goldman Sachs in London. The EHYA was set up in 2000 to promote knowledge about non-investment grade debt instruments and work towards standardizing products.

In the months since the controversial Welcome Break restructuring, bondholders have been analyzing multi-tiered security packages of corporate securitizations with extra care. Bodo Schaar explains how documentation should evolve

Linklaters has advised Deutsche Bank on securitizing public-private partnership (PPP) road construction contracts in Portugal.

In the second of two articles, Jack Lange and Marcia Ellis consider how investors in a Chinese company might realize their gains

William Braithwaite and John Ciardullo discuss new secondary market liability regimes soon to take effect in Canada

Hong Kong is one of the few common law jurisdictions to still operate a deeds registration system for recording interests in land and property, rather than a system of registration of title. In a property transaction, a solicitor has to review the deeds for at least the past 15 years to establish title, unlike a system of registered title, where the register itself gives the evidence of ownership and interests in the property.

Robert Falkner counters the presumption that equity contracts for differences give rise to market abuse

Conflicting court decisions over the transfer of receivables have held back whole-business securitization in France. Yet the government has postponed legislative settlement of the issue. Clotilde Dirnat and Jonathan Souffir explain