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Rating agency Standard & Poor's is issuing new ratings on the chances of lenders recovering their capital in the event of a default on a European secured loan.

To avoid the domino effect of a corporate failure, Australia may become the first common law jurisdiction to enact legislation depriving claimants of the right to uncapped damages. By Tessa Hoser, Nicholas Seddon and Paul Jenkins

As Hong Kong follows international trends and prepares regulations on analyst conflicts, securities houses must review their compliance policies. By Timothy Loh and Gary Da Silva

In Japan, three statutes primarily regulate matters regarding trusts. The Trust Law sets out the rights and obligations of parties under a trust, the Trust Business Law regulates trust businesses and the Law Concerning Concurrent Trust Businesses of Financial Institutions (Concurrent Trust Business Law) regulates trust businesses operated by financial institutions. The current session of the Diet is considering a complete revision of the Trust Business Law, which will apply to trust companies and, certain provisions of which will also apply to financial institutions operating trust businesses. It is also likely that the Trust Law will be substantially revised soon.

The Securities Exchange Board of India (Sebi) has recently proposed draft Sebi (Delisting of Securities) Regulations, 2004, to repeal the delisting guidelines dated February 17 2003. The main provisions of the proposed Regulations are:

Three Spanish banks have successfully securitized a new class of asset-backed notes, creating a legal and transactional framework for Spanish electricity companies to securitize revenues from customer bills.

Korea will lose a competitive edge if it continues to deny industry the access it wants to foreign legal services. By Andrew Crooke

The Finnish Investment Funds Act has been amended with effect from April 8 2004 to implement the two recent amendments to the Ucits Directive (2001/107/EC and 2001/108/EC). The amended Act has widened the scope of operations allowed for fund management companies to include certain types of investment services, such as portfolio management and investment advice. The assets of the fund may now be more freely invested in different types of instruments, such as derivatives. Under the new Act, a simplified fund prospectus is required to be prepared for each managed investment fund as of October 1 2004.

Norway's Findexa will be the first company to issue high-yield dividend shares, known in the US as income depositary securities (IDSs), to Europe later this month.

Enron's attempts to unwind some of its derivative transactions could threaten the future of the capital markets, say derivatives specialists.