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Korea is overhauling its accounting rules by amending the Securities Exchange Act to conform with new international norms as a result of the Enron scandal and the Sarbanes-Oxley Act.

US gambling company MGM Mirage has agreed to buy dog racing and gaming group Wembley for approximately £270 million ($491 million) in cash, ending speculation that continuing litigation against two of Wembley's executives could block its sale.

European lawmakers want to establish a registration scheme for rating agencies such as Moody's and Standard & Poor's.

Market watchdogs around the world are collaborating to establish a special task force to look at ways to increase bond market transparency and clamp down on the uncontrolled use of offshore financing vehicles.

Aendments to Russia's competition law will free small companies from state control but increase scrutiny of the country's oligarchs.

US banks and lawyers face confusion about the tests used to determine their liability on securities fraud. Ben Maiden reports from New York

Continuing their challenge to the ratable-payment interpretation of pari passu clauses in cross-border debt, Lee C Buchheit and Jeremiah S Pam trace the evolution of the clause to find out what it truly means

A new Act allows Swedish mortgage lending institutions to issue covered bonds, providing them the same financing means as their EU counterparts. The Swedish parliament passed the Covered Bonds Act in late December 2003.

Simon Crompton analyzes the performances of the best securitization practices in last year's growing structured finance market

In January 2004 the Russian government issued a number of regulations clarifying the application of certain tax exemptions under the Production Sharing Agreements (PSA) regime. In particular, the government approved the list of documents that a PSA investor is required to file with the customs office in order to obtain customs exemptions and with the tax authorities to obtain property and transport tax exemptions. Although these exemptions originally provided for in Charter 26(4) of the Tax Code, their practical implementation to date was not possible as it was contingent upon further regulatory acts of the government.