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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

A recent decision from the Delaware Court of Chancery may limit the effect of a previous case in which the Delaware Supreme Court invalidated takeover lockups that guaranteed approval of a deal. By Rod Howard, Norman Veasey and Frederick Green

In its short history, the year-old Indirect Investment Asset Management Business Act has continued to evolve. On October 14 2004 the Ministry of Finance and Economy announced that the Act's implementing presidential decree will be revised to introduce a new type of investment vehicle, called the private investment specialized company (samo tooja junmoon hoesa, or more generally known as a private equity fund (PEF)).

Ben Maiden looks at proposals that could change the way issuers tap the US financial markets

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.

After the latest amendment to the Securities and Exchange Law of Japan, more types of legal interest will come under the protection of the Securities Law. The Securities Law defines regulated securities as government bonds, local bonds, corporate bonds, stock certificates or other securities that represent certain interests as specified by a government ordinance. The legal interests represented by those securities will be deemed securities even if certificates are not issued for them. Also, certain legal interests that are not represented by certificates will be deemed securities and will be subject to various regulations under the Securities Law.

The new ministerial cabinet of Indonesia, headed by the president, Susilo Bambang Yudhoyono, has announced its objectives for its first 100 days in power.

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.

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