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Securitization has taken off in most international markets, but this has not been the case in Denmark, despite it having one of the most sophisticated bond markets for retail mortgages, low levels of credit default, a relatively stable economy and no stamp duty on assignments. The failure has primarily been due to the effect of general principles of Danish law on two vital aspects of any securitization transaction.

On December 2 2003 the State Council promulgated new Regulations for the Customs Protection of Intellectual Property Rights. Effective March 1 2004, they replace the regulations which became effective on 1 October 1995, following the February 1995 US-China Intellectual Property Rights Enforcement Agreement.

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

Barclays' proposed iShares expose ambiguities in the US regulatory treatment of commodity-linked securities. Philip McBride Johnson explains

Many corporate users of derivatives appear unwilling to accept the tighter credit provisions found in the 2002 Isda Master Agreement, says Josh Clarke

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.

The NOREX Alliance has created a single Nordic securities market and harmonized application procedures, making it easier to apply for admission to one or more of the Nordic exchanges. By Claus Thorball

Daiwa Securities Group has issued the first public and rated collateralized debt obligation (CDO) backed exclusively by equity default swaps.