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Five years from now, certificates will not be issued for the shares of Japanese public companies. All Japanese joint-stock companies are generally required to issue share certificates, and the transfer of shares is effected by delivery of share certificates. Also, for public companies, share transfers may be effected by entry in a book maintained by a central securities depository system, provided issued share certificates are deposited with the system. An amendment to the Commercial Code was approved in June 2004 that abolishes the use of physical share certificates. Within five years, a new book-entry system will be established, under which transfer of shares will generally be effected by debit and credit of shares between the relevant parties' accounts, and all public companies will be deemed to adopt this system. When this new system is established, all existing share certificates of public companies will become null and void.

Hong Kong's Legislative Council is considering a number of substantive amendments to Hong Kong's company law, including changes to the scope, application, content, registration, amendment, construction and advertisement of prospectus documents in Hong Kong.

A Ninth Circuit decision on loss causation in securities class actions has stirred controversy among banks. Ben Maiden reports from New York

Offshore firm Maples and Calder has acquired a firm in the British Virgin Islands (BVI) and opened a new office in Jersey, but has also lost a team of lawyers to offshore rival Mourant du Feu & Jeune.

The first senior fixed rate bond from a Hong Kong incorporated bank and a new high-yield bond from China have kept several English law firms busy in Asia.

European proposals on solvency requirements for life reinsurers could quadruple existing capital requirements, says Standard & Poor's.

Japan: bengoshi are crossing over to international firms Law firms in Japan are racing to convince senior lawyers at rival practices to switch firms as next April's market liberalization approaches.

Bank of Ireland has launched the jurisdiction's first mortgage-covered bond, testing both the market's appetite and the legislation permitting such bonds with a three times oversubscribed €2 billion offering.

Substantial amendments to China's Company Law are believed to have been proposed and may be on the agenda of the Standing Committee of the National People's Congress this year.

Korea aims for world-class corporate governance Kyung Taek Jung and Hwa Soo Chung of Kim & Chang Law Offices outline recent trends in Korean corporate governance focusing on the duties and liabilities of directors under Korean law