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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.

Slaughter and May is to close its New York and Singapore offices. The UK firm said last month that it is shutting the outposts because they have become redundant in light of its strategic relationships with local firms.

Big winnings for US firms Latham & Watkins and Skadden Arps Slate Meagher & Flom are taking sides on the latest blockbuster merger to hit the US casino industry.

The Securities and Exchange Commission voted in July to put forward a new rule that would force most hedge fund advisers to register with the regulator.