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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.

The UK's Financial Services Authority is investigating Citigroup's unusual sale and buyback activities in the government bond market. French and German regulators are also examining the trades.

Legislative Decree 170 of May 21 2004 (Decree 170) has implemented the Directive 2002/47/CE of June 6 2002 on financial collateral arrangements (the Directive).

A new Companies Act is proposed to replace the existing Companies Act of 1956. The new legislation aims to simplify and be more responsive to current situations, but some aspects of the concept paper are unlikely to be conducive to corporate and commercial expectations.

Good corporate governance has in recent years been an important topic for Danish listed companies and for many of the largest unlisted companies and institutions. The compliance discussion has also become an integral part of these companies' interest in the principles of good management, and it has become a part of everyday life for Danish institutional investors.

The SEC last month put in place two of the final pieces of the most radical regulatory overhaul of the US mutual funds industry in 60 years. On August 18 the Commission voted to ban the practice of directed brokerage and to increase disclosure about portfolio managers, leaving just three rules in its year-long plan to be passed.

The UK market regulator is investigating Citigroup's unusual trading behaviour in the government Eurobond market. In August Citigroup sold over €10 billion ($12 billion) of government bonds in a matter of minutes, causing the market to fall and allowing Citigroup to buy back about €4 billion of the same bonds at a lower price later the same day. The trades did not breach any specific securities laws but the regulator is to decide whether Citigroup acted "with regard to the consequences of its actions".

The first board of directors of the Capital Markets Authority (CMA), and its first chairman, the recent deputy governor of the Saudi Arabian Monetary Agency, Jummaz Al Suhaimi, have been appointed by Royal Decree A/114, dated 1 July 2004.

Good faith is the most essential part of a contract among parties to an agreement. During the financial crisis in Indonesia, creditors have been facing difficulties when trying to recoup their investment, especially from debtors who lack good faith. The standard operating procedure of those debtors involves hiding their assets beyond the creditors' reach by transferring them out to obscure related parties. This is particularly relevant for unsecured creditors that do not have specific assets encumbered as collateral for the underlying loans. Unsecured creditors need to find the debtors' assets before they are able to attach such assets to satisfy their claims. It then comes naturally for bad faith debtors to try to transfer their assets out and leave the companies empty should the creditors obtain a judgment to have their monies back.

The Hong Kong Landlord and Tenancy (Consolidation) Amendment Ordinance 2003 (the Ordinance) was passed on June 30 2004 and came into effect on July 9 2004. It aims to remove security-of-tenure provisions for residential tenancies and to remove the minimum notice period requirement in relation to non-residential tenancies.