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On July 8 2003 the Brazilian Securities Commission (the Comissão de Valores Mobiliários) issued regulations easing certain restrictions on the ability of listed companies to issue and trade options on shares of the listed company itself.

The government of Uzbekistan has published an action plan renewing a pledge to remove existing restrictions on currency transactions, and setting November as the deadline for their removal. The document is addressed to the attention of the managing director of the International Monetary Fund (IMF), Horst Kohler, and is signed by Uzbek deputy prime minister and minister of the economy, Rustam Azimov, as well as by the chairman of the Central Bank, Fayzullo Mullajanov.

Ed O'Connell and Kristin Boggiano of Schulte Roth & Zabel discuss Isda's 2003 Credit Derivatives Definitions and the questions they both resolve and raise

The Austrian insolvency law was amended in June 2003 by the Federal Act on International Insolvency Law (Federal Law Gazette 2003/36). The Regulation (EC) Number 1346/2000 of May 29 2000 on insolvency proceedings (EU Insolvency Regulation) was incorporated into the Austrian insolvency law and was supplemented by further national provisions governing the effects of insolvency proceedings in Austria on assets situated abroad as well as the recognition of foreign insolvency proceedings in Austria. Finally, the Federal Act on International Insolvency Law implemented Directive 2001/17/EC on the reorganization and winding-up of insurance undertakings (Directive 2001/17/EC) and Directive 2001/24/EC on the reorganization and winding up of credit institutions (Directive 2001/24/EC). For this purpose, several special provisions were enacted which apply exclusively to insurance undertakings and credit institutions.

The risks of outsourcing information technology by a bank must be balanced by the secrecy obligations set forth under the Turkish Banks' Act Number 4389, which is not wholly clear on this matter. The Turkish Banking Regulation and Supervision Agency (BRSA) had issued a regulation in 2001, the Regulation on Banks' Internal Control and Risk Management Systems, which set forth the principles and procedures of the internal monitoring, control and risk management systems that banks must set up to monitor and control the risks to which they are exposed. Following this, the BRSA has announced a draft regulation on its website, the Draft Communiqué regarding the application of the Banks' Internal Control and Risk Management Systems Regulation.

Legal uncertainties that exist under German law with respect to the ability of a seller to cap its liability for representations and warranties made in the context of negotiated mergers and acquisitions (M&A) may be eliminated if the German Parliament passes the draft bill (Drucksache 15/1096) as submitted to the house on July 3 2003.

On July 7 2003 Russian president Vladimir Putin signed an amendment to the Law on Currency Regulation and Control (Currency Law). The amendment, effective as of July 10 2003, lowers the level of exporters' foreign currency earnings subject to mandatory conversion into Russian rubles pursuant to a sale to the Central Bank of the Russian Federation (Central Bank) or to an authorized bank from 50% of the exporters' hard currency earnings to a figure to be set by the Central Bank but not to exceed 30% of such earnings. After the signing of the amendment, the Central Bank announced that it had set the mandatory sale level at 25%, also effective as of July 10 2003.

Anderson Mori Izumi Garden Tower

Until recently Korea has been reluctant to open its legal market to foreign competition. But change is on its way. Andrew Crooke reports from Seoul on how the coming influx of foreign lawyers will benefit Korean firms too

Buyers of legal services in Japan will soon have the option to use the one-stop-shops that they have wanted for so long. But can law firms deliver? Andrew Crooke reports from Tokyo