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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

An overview of directors' liability in Indonesia Directors of new companies need to ensure that they're not held liable for actions carried out in the company's formation that they had no say over. By Dezi Kirana and Mufti Habriansyah of Soemadipradja & Taher

Recent developments in German corporate governance German companies have been inundated with corporate reforms in 2004. Ralph Wollburg of Freshfields Bruckhaus Deringer summarizes the changes

Finland revamps competition and governance regimes Finland is overhauling its Competition Act and has released new corporate governance recommendations. Jan Waselius of Waselius & Wist outlines the changes

US sets global trends behind governance shake-up Corporate governance reform in the US has launched a new era of legislative activity worldwide. Simon Wong of McKinsey & Company picks out the recurrent themes from country to country