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Russia's Gazprom has successfully securitized over $1 billion of future gas exports, despite a local risk climate best described as uncertain and a problematic legal regime.

Bond covenants can deny developing-markets companies access to securitization as a financing option. Jim Patti looks at standard clauses and considers how they might change to make structured deals easier

Fairness opinions given by investment banks on mergers and acquisitions deals are the most recent focus of regulators' concerns over potential conflicts of interest. Deborah A DeMott explains

The success of Australia's corporate law reforms depends on the regulators taking a tougher, but still realistic and understanding, stance to ensure listed entities meet their continuous disclosure obligations, says Alison Lansley

US securities regulators have set down plans affecting the ability of banks to act as brokers. Winthrop Brown and Naomi Beard report

On July 1 2004 the new Act (2004:299) on Deposit Taking entered into force. The Act introduces a set of special requirements for non-financial institutions accepting deposits from the general public. The new Act is part of the modernization of the legislation on banking and financing businesses in Sweden and the abolition of the banks' monopoly on taking deposits.

In January 2003 the International Swaps and Derivatives Association (ISDA) launched the new version of its standard contract for documenting over-the-counter (OTC) derivatives transactions - the 2002 ISDA Master Agreement. This new version is based on, and amends, its predecessor - the 1992 ISDA Master Agreement.

To improve competitiveness with its neighboring countries, Indonesia is now in the process of amending its income tax law. If implemented, these amendments would boost tax revenues in the long run. A downside to this effort is that reduced income tax revenues will be incurred in the short term. The finance department of Indonesia has calculated that almost Rp5 trillion ($557 million) would be lost if the amendment were effected immediately. Because of this unpopular short-term result, the government is not expected to pass this law until the presidential election is complete in September 2004.

Just as the case for better disclosure and covenants in European bonds looked to be stalling, the Association of British Insurers (ABI) has emerged as its new leader.

Weil Gotshal & Manges is making a late but bold entrance into the China market, opening an office in Shanghai and hiring Clifford Chance M&A and securities partner Steven Xiang to lead it.