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The Basel Committee has heeded industry concerns and is dropping the requirement for banks to hold capital against expected losses.

The Swedish legislator (riksdagen) issued new rules regarding both right of priority and floating charges on July 17 2003.

Irish legislators' recent overhaul of the country's securitization framework, designed to make Ireland a first-choice location for onshore special purpose vehicles (SPVs), is paying off. Last month the Bank of Ireland closed the first collateralized debt obligation (CDO) using an Irish special purpose vehicle, the €409 million Partholon CDO. The offering, backed by a diversified portfolio of secured and mezzanine leveraged loans, is expected to be the first in a series issued by the bank as it looks to expand its leveraged finance business.

Singapore Power closed its multi-currency global bond issue in late October after choosing a mix of English, New York and Singapore law to govern its new medium term note (MTN) programme.

Freshfields Bruckhaus Deringer helped structure a euro-denominated securitization for Korean company Shinhan Card, the first of its type from the country.

Sidley Austin Brown & Wood and White & Case advised on the first international securitization from Kazakhstan.

The Securities and Exchange Board of India, the body regulating the securities market in India, has framed a new law to prohibit fraudulent and unfair trade practices in the securities market. The highlights of the new law, which has repealed the old regulation, are:

Recommended SEC rule changes would impose more regulations than hedge fund managers are used to. By Bill Hobbs and David Riley

Paul Lejot, Douglas Arner and Mylene Chan of Hong Kong University call for legal, regulatory, fiscal and systemic change

Italy's new corporate law will make it easier to isolate assets in whole-business deals. James Gerard and Arturo Meglio report