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Securities regulators in the US and EU agreed to share enforcement information and to work more closely to coordinate mutual fund regulation, accounting standards and conflict management. The US Securities and Exchange Commission (SEC) and the Committee of European Securities Regulators (Cesr) are increasing their dialogue to create more transparent and consistent regulatory proceedings.

UK clearing banks and other secured lenders will continue to be repaid before preferential creditors in corporate insolvencies under a recent ruling by the Court of Appeals.

With some investors calling for more information in securitization prospectuses, a trade association is soon to launch a European standard disclosure package for commercial mortgage-backed securities (CMBS).

Mary Barry warns that, in trying to address the problems of complex structured finance, US regulators may place unfair demands on financial institutions

Stock exchange proposals could make new listings in Hong Kong more costly as sponsors grapple with additional regulatory burdens, explains Pansy Wong

The Swiss stock exchange plans to change its listing rules to attract issuers unhappy with the increased compliance costs associated with the EU's recently passed Prospectus and Transparency Directives.

If Korea wants to attract foreign expertise it must be possible to protect directors who will soon face a slew of securities-related lawsuits, say Jong Han Kim, Neil Torpey, John A Reding and James Wareham

Adam Glass surveys the prospects for securitization lawyers and their clients as the market searches for the next innovation

On March 9 2004 the president of the Russian Federation adopted Decree 314 On the System and Structure of Federal Executive Authorities (the Decree). The Decree, which came into force on March 11 2004, and the recent Presidential Decree 649 of May 20 2004 amending the Decree, provide for the general restructuring of the system of federal executive authorities and increase the effectiveness of the new federal executive authorities system. The Decree abolished most federal bodies and delegated their functions to newly organized ones.

The Swiss Federal Statute on Mergers, Spin-offs, Conversions and Transfers of Assets (the Merger Law) entered into effect on July 1 2004. It offers companies more flexibility but also creates more risk. Although the Merger Law focuses only on the four above-mentioned types of transactions, it applies not only to corporations and other legal entities but also to partnerships, sole proprietorships, pension funds and, to a certain extent, public institutions.