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Five years after the first global share deal, only three more have come to market. Megan Murphy finds out why

Dematerialized shares are shares for which no certificates may be issued. Now Japanese joint-stock companies are generally required to issue share certificates. Many public companies' share certificates are deposited at the Japan Securities Depository Center, Incorporated (JASDEC), the central securities depository providing both depository and book-entry settlement services for marketable securities. For share certificates that have been deposited at JASDEC, no physical delivery of them is required in order to effect a transfer of shares. In September 2003, the Legislative Council of the Ministry of Justice published an outline for a new law, expected to be passed in 2003 or 2004, which will eliminate the issuance and use of share certificates of public companies and certain non-public companies.

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

The Financial Accounting Standards Board (FASB) decided last month to delay implementing its controversial Interpretation 46 for some vehicles.

Two milestone bond issues by Cheung Kong (Holdings) and Ford Motor Credit have given Hong Kong's retail market renewed vigour. At the same time the deals have helped develop prospectus disclosure, issue structures and distribution methods within the outdated confines of the Companies Ordinance.

Russia's nascent securitization market has taken another step forward. Last month, the State Duma adopted the final reading of a bill that would establish a legal framework for issuing mortgage-backed securities (MBS) in the Russian market.

The committee in charge of the Basel II accord heeded industry concerns last month and dropped the requirement for banks to hold capital against expected losses. The concession, which has pleased the US financial industry, means banks will only have to hold reserves of capital to insure against unexpected losses.

Sandeep Parekh of PH Parekh & Co examines a favourable judgment that will bring certainty to investors in India

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

Italian banking foundations have undergone a number of legislative interventions, the latest of which was by Legislative Decree 217, August 2 2002 (Decree 217). The banking foundations have also lately been the subject of two rulings by the Italian Constitutional Court, Rulings 300 and 301 of September 24 and 29 2003. These rulings affect the juridical status and, as a result, the activity and composition of banking foundations' bodies.