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The results of a study by Yale University unveiled at a conference in San Francisco prove that the right kind of securities laws make for bigger and better stock markets.

David Skeel, professor of law at the University of Pennsylvania, argues that class action remains a vital, if flawed, way of dealing with sovereign debt distress

A new law in Spain establishes a regime that goes beyond pure tax incentives, and could represent Spain's entry into the race to be the jurisdiction with most favourable taxation for debt issues.

On June 17 2003 Saudi Arabia's Council of Ministers passed a resolution approving the long awaited Capital Markets Law (CML), which - once it has been signed by King Fahd or the Crown Prince - will be effective 180 days from its announcement in the Official Gazette (Umm Al Qura). Saudi Arabia does not have a physical stock exchange, although shares in Saudi public companies are traded electronically through local banks under regulation by the Saudi Arabian Monetary Agency (SAMA), the Kingdom's Central Bank. The electronic exchange (Tadawul) and the Saudi Shareholding Registry will be transferred to the new Saudi Arabian Exchange Commission (SEC). The new market will be renamed the Securities and Exchange Market, which will be established as a joint stock company.

The Companies Amendment Bill now pending before parliament will reform the provisions relating to accounting/auditing standards. The highlights are:

Crest Securities' recent investment in SK Corp - perhaps spelling control of SK Telecom - has underscored the vulnerability of public companies to outside bids for control.

With the rapid development of information technology, use of personal information about individuals is increasing. In order to help to protect the rights and welfare of individuals, the Law Concerning Protection of Personal Information was promulgated on May 30 2003. The new law harmonizes protection of personal information (as defined in the law) and the use of personal information. The law sets out not only basic policies for the protection of personal information but also basic obligations for any enterprise that uses a personal information database for business. Similar obligations for the public sector are also prescribed by separate laws.

In recognition of the prevalent sovereign immunity doctrine, Act IV of the Hungarian Civil Code (1959) specifically allowed the Hungarian state to enter into private law contractual obligations (for example, loans, state guarantee and construction mandates). However, for several years the scope and procedure governing the state's liability for the performance of these contracts have not been clarified further by publicly-accessible regulations.

One of the few remaining items on the agenda of harmonization of the Czech legal system with the acquis communitaire is a package of legislation regulating capital markets and collective investment. The core of this package consists of the Act on Undertaking on Capital Markets and the Act on Collective Investment, which are both prepared in draft form and are expected to be submitted formally to parliament soon, with a view to being adopted on or before May 1 2004 (the anticipated date of EU accession).

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