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Unlike the US, there have been few civil actions brought in Japan against issuers for misrepresentations in their disclosure documents. But this may change after an amendment to the Securities and Exchange Law, expected to take effect on December 1 2004, which will provide investors in the secondary market with a statutory right to sue issuers for damages caused by misrepresentations in certain disclosure documents. The amendment is part of a substantial revision to the securities law that is under deliberation in the Diet. Before the amendment, the Law did not provide secondary market investors with a right to sue issuers for misrepresentations and only provided primary market investors (who purchased securities relying on offering disclosure documents such as securities registration statements and prospectuses) a statutory right to sue issuers for damages caused by misrepresentations in their offering documents.

An innovative debt-equity hybrid product looks set for take off in the US over the coming months, raising new opportunities for issuers and counsel.

Taweelah: new project bond structure Shearman & Sterling has advised on a novel project refinancing in Abu Dhabi that builds a securitization takeout into the deal documentation.

English law firms Charles Russell and Berwin Leighton Paisner advised on the AIM listing of online money transfer company NETeller, the largest deal of its type so far in 2004.

Residential mortgage securitization is growing in Korea Securitizers will likely look to tap Korea's potential for residential mortgage-backed deals following the Korea First Bank (KFB) transaction last month.

A legal glitch has hit cheap housing in the UK The UK government is taking steps to correct flawed legislation that it believes led to a court decision allowing entities other than standard companies to enter administration.

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).

The Finance Act 2004, enacted on March 25 2004, clarified the Irish value-added tax (VAT) treatment of collateral management services provided to Irish SPVs.