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The Securities and Exchange Commission issued new proposals that will make it easier for non-US issuers of asset-backed securities to access the US capital markets. Under the new rules issuers outside America would for the first time be able to issue asset-backed securities via a so-called shelf registration statement.

Companies will have to disclose their impact on the environment The UK government is planning to compel all listed companies to disclose social and environmental factors affecting their business in a separate document for shareholders.

A surprise decision has forced international banks to join forces and confront Korea's Ministry of Finance, reports Andrew Crooke

The UK Takeover Panel has reversed the stance it took in WPP/Tempus in 2001, which reduced the utility of material adverse change clauses. Tunde Ogowewo explains how

China's trust law provides a means for using securitization to help reduce the country's number of non-performing loans, say Evan Cohen, Mary Matson and Paul Chu

Christian Pilkington explains how Europe’s Credit Institutions Directive will simplify insolvency proceedings in the banking industry

As Hong Kong follows international trends and prepares regulations on analyst conflicts, securities houses must review their compliance policies. By Timothy Loh and Gary Da Silva

The Securities Exchange Board of India (Sebi) has recently proposed draft Sebi (Delisting of Securities) Regulations, 2004, to repeal the delisting guidelines dated February 17 2003. The main provisions of the proposed Regulations are:

Entering into an arbitration agreement, the parties sometimes provide for various alternatives. This happens quite often for example in loan contracts between Russian borrowers and UK based international financial institutions. In an attempt to bargain a favorable position in jurisdictional terms, the lender may want to reserve its right to go to a court of law. This is usually attained by supplementing the arbitration agreement with such opportunity, that is, by specifying that besides the option of having their dispute arbitrated the parties may initiate legal proceedings in, say, a UK court. Pursuing this bargaining path, the lender may also seek that a borrower unilaterally waive its right to challenge the jurisdiction chosen by the lender in case of a dispute. However, a lender should carefully exploit its bargaining power, since not all options will necessarily be viable.

On July 1 2004 the new Swedish Financial Advice Consumers Act will enter into force. The act has been established on the basis that there is a need for special consumer protection legislation regarding financial advice and will apply to financial advice that a business provides to a consumer and that involves the placement of a consumer's assets in financial instruments (for example shares, fund units and bonds) or in life assurance where the capital is placed in financial instruments selected by the consumer itself (so-called unit-linked policies). Compliance with the act is mandatory for undertakings providing financial advice to consumers.