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On July 6 2004, the State Administration of Radio, Film and Television promulgated the Administrative Measures on Chinese-Foreign Cooperation Film Production. The regulations came into force on August 10 2004. The original regulations are now superseded. They had designated the China Cooperative Movie Production Corporation as the authority responsible for examining and approving applications for licences for Sino-foreign film production. Under the new regulations, the China Cooperative Movie Production Corporation will play no role in examining and approving applications for licences. Applications for licences must now be submitted directly to the State Administration of Radio, Film and Television, which must determine the application within 20 days. If the application is rejected, the authority must provide reasons for its decision.

A judgment of the Higher Regional Court (Oberlandesgericht) Frankfurt/Main of May 25 2004 has caused unrest in the German market regarding securitization or sales of non-performing loans.

A global contingent of lawyers spanning more than 30 jurisdictions has advised food companies Associated British Foods (ABF) and Burns Philp in what is one of the largest ever transactions in the bakery ingredients industry.

In a first for the capital markets, Allen & Overy has helped structure an Islamic law-compliant bond for a European issuer.

Milbank Tweed Hadley & McCloy has successfully adapted two-year-old MTN documentation to create the Aria collateralized debt obligation (CDO), the first widely offered managed synthetic CDO to come to market as a programme.

Asian central-bank bond funds will fail to prompt issuance and increase general liquidity, but might inadvertently succeed in promoting reform. Paul Lejot and Douglas Arner say why

Sandor E Schick analyzes the detail in China's proposed bankruptcy laws and what it means for creditors and private businesses in particular

The reasoning of the government bill, enacted into law by the Turkish parliament as Law 5020 Amending the Banks Act and Certain Other Laws (Law 5020), explains in a few sentences why amendments were required to the legislation regulating the banking and finance system: the Savings Deposit Insurance Fund (SDIF) owes about $25 billion to the Turkish Treasury, due to bank failures. The reasoning includes a brief history explaining how this debt reached such an enormous figure and says that the government is determined to collect this amount from the liable parties, especially the bank owners and their cooperators who intentionally caused these failures and somehow benefited from them.

The wave of consolidation that has engulfed the US financial services industry this year continued in July with two new mergers. Four US law firms were among those to reap the rewards.

On June 28 2004, amendments to Ontario Securities Commission (OSC) Rule 61-501 - Insider Bids, Issuer Bids, Business Combinations and Related Party Transactions came into force. The Rule protects the interests of minority security holders of issuers by providing (i) greater disclosure regarding, (ii) an independent valuation of, and (iii) an effective veto over, certain transactions with perceived inherent conflicts of interest. It is expected that similar amendments will be made to Quebec Policy Statement Q-27, the only other Canadian jurisdiction to maintain equivalent rules.