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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.

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.

Eliot Spitzer: launched investigation The SEC has taken the latest step towards a regulatory overhaul for the $7.6 trillion US mutual funds industry.

The European Parliament has toned down trading rules European politicians have agreed on a compromise to allow banks to compete with stock exchanges for share trading business.

A new bill seeks to relax conflict of interest standards for US banks that advise on Chapter 11 cases. Richard Hahn and My Chi To consider the case for change

Russia is pursuing a policy of strengthening market competition, including competition in the financial services market. It is expected that a new antitrust law regulating competition will be submitted to the Russian government soon. The existing system prevents market domination - it is proposed that instead any abuse of such domination and concerted action of competitors to restrict competition be suppressed.

Various mutual funds are leaving The Netherlands because of the mandatory listing at the Euronext stock exchange in Amsterdam. The funds complain that such listing is of no added value to them, because it entails a cost and administrative burden that is too heavy.

Increasing numbers of Indonesian obligors are trying to nullify their obligations under certain internationally practiced bonds issuance structures by claiming that the bonds and the underlying structure are invalid and thus unenforceable in Indonesia. Danareksa Jakarta International, Tri Polyta Indonesia, Indah Kiat Pulp & Paper (these are public companies) and Lontar Papyrus Pulp & Paper are among those obligors. The creditors, mostly international financial institutions, allege that these are merely the efforts of such obligors to avoid having to honour their obligations by taking advantage of the much-doubted Indonesian legal system.

On March 9 2004 a new law was approved in parliament that creates a complete and comprehensive legal framework for securitization transactions.

Global corporations can now list on the Indian Stock Exchange by offering Indian Depository Receipts (IDRs). In February the government of India passed the Companies (Issue of Indian Depository Receipts) Rules 2004, building on the amendments in December 2000 to the Companies Act, 1956 to allow foreign companies to sell securities to Indian investors.