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As Crédit Lyonnais has found, US reporting rules can prove hazardous to foreign banks operating in the country. Brian Volkman of Bayerische Landesbank in New York explains why

The effort to bring international standards to the PRC's growing investment funds industry may fall short because of self-imposed limits, say Effie Vasilopoulos and Katherine Abrat

The SEC's proposed restrictions on short selling are a missed opportunity to examine its effects, say Steven Lofchie and Tal Tirosh

Issues of convertible and exchangeable bonds almost doubled in 2003. The European high-yield market had the best year since its inception. And tier I regulatory capital issuance grew by nearly a half. Simon Crompton reports on the leading advisers for each

In December 2003 the Swiss Money Laundering Control Authority (Control Authority) published a revised code of practice for investment companies. According to the new code of practice, all investment companies are considered to be financial intermediaries and thus subject to the provisions of the Swiss Money Laundering Act (MLA, in force since April 1 1998).

Saudi Arabia has over the past few months revised its income tax regime in an effort to spur foreign investment. These moves are also seen as a step towards accession to the World Trade Organization, a high priority of Crown Prince Abdullah.

In February 2004 the Swedish parliament is expected to approve a new Swedish Investment Funds Act (lag om investeringsfonder). The Act will implement the amendments adopted in 2002 (European Community directives 2001/107/EC and 2001/108/EC) to the EC directive regarding undertakings for collective investment in transferable securities (Ucits). The Act contains provisions on harmonized funds and so-called mutual funds (värdepappersfonder), as well as funds that are not harmonized with the Ucits Directive, such as hedge funds (which are called special funds (specialfonder) under the Act). Mutual funds and special funds are collectively called investment funds under the Act.

The Companies (Auditing & Accounting) Act 2003 introduces important changes to Irish company law. The Act is a response to concerns that have arisen in light of international accounting matters and it imposes additional obligations primarily on both company directors and company auditors.

A new interpretation of the pari passu clause in cross-border debt says borrowers must pay creditors on a ratable basis. If correct, this would change the patterns of international finance. But this ratable- payment theory is a fallacy. Lee C Buchheit and Jeremiah S Pam explain why

The collapse of Parmalat is demonstrating the increased robustness of the collateralized debt obligation (CDO) market, showing that reforms have softened the impact of a high-profile insolvency on the market.