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The South Korean government has announced measures to counter increasing cases of violations of reporting requirements with respect to share acquisitions of mutual savings banks (MSBs). These violations have made it more difficult for regulators to enforce loan restrictions on the principal shareholders of MSBs. The Financial Supervisory Service (FSS) announced that it would provide stiffer penalties for individuals who have violated such requirements. These violations usually involve acquiring shares of MSBs to intentionally postpone or evade the pre-acquisition and pre-approval filings with the FSS or to misrepresent the true nature of the holdings by registering in another person's name.

Royal Decree 78/2004 has been issued, which promulgates the law regulating and privatizing the electricity and water sector in Oman.

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.

In connection with the integration of the securities exchanges within the Nordic and Baltic regions, the Helsinki Stock Exchange (OMX) began applying the Norex member rules as of September 27 2004. At this date, the Helsinki Stock Exchange, as well as the Tallin and Riga stock exchanges, began using the same electronic trading system as the Stockholm Stock Exchange (Saxess) and the trading hours of the equity and derivatives markets of the Helsinki Stock Exchange and Stockholm Stock Exchange were harmonized.

Several groups are challenging the SEC's authority as it tries to reform the US funds sector. Ben Maiden reports

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.

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

The European Commission is looking to remove obstacles to cross-border mergers in the banking industry.

Mayer Brown Rowe & Maw and Freshfields Bruckhaus Deringer have advised on the $3.6 billion sale of a real estate loan portfolio by German bank Hypo Real Estate to US private equity house Lone Star.