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The largest international securities issue under Islamic law is also the first deal of its type in a civil law jurisdiction. By Kenneth Aboud and Hooman Sabeti

Germany: once more a source of true-sale deals in Europe Deutsche Bank completed Germany's inaugural true-sale commercial mortgage-backed securitization in December, the first deal to take advantage of legislative changes that came into force during the summer.

France's national savings bank fund has issued the first tier one issue under the country's new financial securities law.

Morgan Stanley has overturned the scepticism of rating agencies by securitizing commercial mortgages in Belgium, France and Ireland in a true-sale deal.

Two prominent US law firms may have committed legal malpractice in their representation of Enron on dozens of off-balance-sheet financing transactions, according to a report released by a court-appointed examiner.

Banks should review clauses in their documents designed to protect them against disasters such as a terror attack, said two recent government commissioned reports.

At present, the joint stock company (kabushiki kaisha) and the limited liability company (yugen kaisha) are the two corporate forms most common in Japan. Though the joint stock company form was intended for large and public companies and the limited liability company form was for smaller closely held companies, many closely held companies use the more prestigious joint stock company form even though it is more strictly regulated.

Over recent years the Indonesian Tax Office has sought to increase state revenue from the collection of taxes. The government has set up a specialized Tax Court under Law No 14 Year 2003 to replace the existing Tax Dispute Settlement Body. The Court operates under the auspices of the Supreme Court, Ministry of Justice and Human Right (MoJ) and, to a certain extent, the Ministry of Finance (MoF) for examining an appeal over tax authority stipulation. Any decision rendered by the judge is considered as binding on both parties and the remedy would possibly be through a civil review. A tax bearer may use qualified and authorized tax attorneys to provide advice or representation. Further, decree of MoF No 450 Year 2003 has ruled that only Indonesian citizens licensed by the chairman of the Tax Court and empowered with specific power of attorney may act as tax attorneys. The Court also supervises the conduct of tax attorneys during hearings. Previously, tax disputes were settled by the Tax Dispute Settlement Body, which was created by Law No 17 Year 1997.

An appeal tribunal decision threatens to increase costs and legal uncertainty for mergers and acquisitions in the UK.

Non-EU companies with securities listed in the EU could face bills of up to $10 million after European finance ministers decided to force them to comply with international accounting standards (IAS) by 2006.