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Several US private equity groups are preparing to list on the US stock exchanges in a series of high-profile initial public offerings (IPOs).

NYSE: may face investigation The New York Stock Exchange (NYSE) and the Securities and Exchange Commission reached a settlement with five firms last month over charges of improper trading, requiring the firms to pay a total of $241.8 million in penalties and reimbursements to investors and to improve their compliance systems.

The UK market regulator last month fined an individual director of a public company for the first time, signaling a shift towards tougher enforcement standards.

Germany needs to amend its insolvency laws to grow its structured finance market, according to a recent study by Lovells and international consulting firm The Boston Consulting Group.

Starting January 1 of this year, China liberalized three types of financial services on better terms than its World Trade Organization commitments, pursuant to the Mainland/Hong Kong Closer Economic Partnership Arrangement (Cepa).

US and European treasurers have released an issuer-friendly draft code of practice for ratings agencies that they would like to see adopted as standard practice.

A scheme of arrangement is a flexible form of corporate restructuring. Since early 2002 the Cayman Court has considered an unprecedented number of schemes, and has recognized and reflected the versatility, flexibility and utility of Cayman schemes in the changes to its rules, its approach to their management and in its recent decisions. It is clear that the Cayman Court understands the commercial necessity of implementing schemes in a timely and practical fashion. Recent developments underline this.

On May 13 2003 the Dutch government presented a legislative proposal regarding financial security rights agreements. The proposal aims to implement EU Directive 2002/47/EC.

Decree Law 252/2003 of October 17, implementing EC Directives 2001/107/EC and 108/2001/EC, sets out new provisions regarding undertakings for collective investment in transferable securities (Ucits) in three main areas. They are: Ucits management companies; the activity of Ucits; and the information to be provided to investors in Ucits.

On March 2 2004, the National Assembly passed the Act on Individual Debtor Rehabilitation (the AIDR), to assist individuals in financial difficulty. The AIDR provides for a court-sanctioned rehabilitation program outside the bankruptcy regime to debtors who have a stream of income. Upon the court's approval of the rehabilitation plan, the debtor may reschedule the debt for a period not exceeding eight years. To be eligible, the amount of the indebtedness is limited to W500 million ($435,000) for unsecured debts or W1 billion for secured debts, as further specified by the court rules, and the debtor should show a periodic stream of income.