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President Putin has a track record of being friendly towards business. But with the country's leading businessman in jail, are foreign investors underestimating Russian risk? By Simon Crompton

During financial downturns, banks and financial institutions are usually faced with the problem of non-performing loans. One way to deal with them is to create asset management companies (AMCs). The two pieces of legislation in the Turkish legal system regulating AMCs are Law No 4743 on the Restructuring of Debts in the Financial Sector and Amending Certain Laws and the Regulation on the Establishment and Operation of Asset Management Companies. Law No 4743, which was enacted as a result of the two financial crises in November 2000 and February 2001, introduced the concept of AMCs to the Turkish legal system.

Foreigners are showing interest in buying non-tradeable shares in domestically listed companies, but political ambivalence and a vague legal and regulatory framework are holding things up. By Doug Markel

Financial services companies in Hong Kong can now use a new trade pact with China to gain a lead over rivals elsewhere. By Andreas Lauffs, Eugene Lim and David Lee

In the first of a series of articles examining differences between UK and US documentation, Tom Reid and William Underhill look at IPO underwriting agreements

Several developments in Ontario securities law, taken together, have the potential to substantially increase the exposure of directors and officers to personal liability. These are:

Poison pill takeover defences will remain part of Europe's corporate landscape after EU governments backed a weakened version of the EU Takeover Directive.

After a six-year legislative process, the Austrian Parliament has enacted the Substitution of Equity Act (Eigenkapitalersatz-Gesetz (EKEG)), which will come into force on January 1 2004. The Act deals with the concept of a shareholder loan that replaces equity and is treated as equity (Eigenkapitalersatz) when a company is in financial crisis - a peculiarity of German and Austrian corporate law. In the absence of explicit statutory provisions, the Austrian Supreme Court (Oberster Gerichtshof (OGH)) has so far applied a modified approach of German law principles to shareholder loans substituting equity (eigenkapitalersetzende Gesellschafterdarlehen).

Structuring a commercial mortgage-backed deal akin to a whole business securitization was a crucial part of Fosters' strategy in selling its pubs business. Matthew Allchurch explains

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