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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 The original regulations are now superseded.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

Optus Networks used a novel price and rebate structure to buy Uecomm after convincing the Australian regulator that its takeover rules would stand in the way of shareholders getting the best deal. Costas Condoleon and James Philips explain

The UK Law Commission's proposals on preventing trustees from limiting their liability should not apply to capital markets trustees. Jane Borrows and Eoin Gillen explain why

Lawyers on Hungarian telecoms company Invitel's latest financing had the challenge of blending, for the first time, senior and high-yield debt on a Hungarian deal.

August is traditionally a stagnant time in the equity markets, but this year the holiday month has seen several $100 million-plus initial public offerings (IPOs) reach the US markets. Google's auction-style launch may have taken all the media attention, but several real estate investment trusts (Reits) were among seven issuers who raised more than $2 billion between them.