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A new regulation that is genuinely welcomed by the securities industry is a rare sight, so the favour heaped on the SEC's latest proposals comes as something of a surprise. After almost four years of regulatory crackdowns, onslaughts, attacks and clean-ups, now is the perfect time to for lawmakers to give something back to the industry.

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

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

Parties pursuing the kind of state-investor arbitrations that have mushroomed in Latin America are wrong if they think the Icsid Convention ensures that awards will be enforced, say Edward Baldwin, Mark Kantor and Michael Nolan

Saudi Arabia recently issued implementing regulations to the Commercial Mortgage Regulations (the CMR). The CMR addresses mortgages on commercial movable property and does not cover real property.

Historically, independent directors of offshore hedge funds and managers were often appointed with the sole intention of fulfilling a limited but important function in relation to UK tax planning - to maintain the offshore tax status of the fund and its manager. The calibre and experience of the directors was often of limited concern. The annual cost usually was. However, recent hedge fund litigation, the issue of SEC guidelines on independent directors for US mutual funds, the recent UK Inland Revenue initiatives and corporate scandals in Houston and Parma have led to a new focus on the issue of corporate governance.

HKMC adapted an existing debt programme to achieve the first retail offering of mortgage-backed bonds in Hong Kong. Adrienne Showering and Lydia Lye explain how

Freshfields Bruckhaus Deringer and White & Case helped structure a recent securitization for Rosbank to achieve a rating higher than that of the originator. The Eurobond backed by credit card receivables won a B-plus rating, a level higher than that assigned to the parent bank thanks to the negation of Russian currency risk and a solid security package to protect investors.

Japanese issuers must overhaul their reporting practices to avoid the attention of increasingly intolerant regulators intent on improving investor confidence. Andrew Crooke reports

General counsel at international companies are going to increasing lengths to ensure compliance with corporate governance codes.