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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

Germany: once more a source of true-sale deals in Europe Deutsche Bank completed Germany's inaugural true-sale commercial mortgage-backed securitization in December, the first deal to take advantage of legislative changes that came into force during the summer.

France's national savings bank fund has issued the first tier one issue under the country's new financial securities law.

Morgan Stanley has overturned the scepticism of rating agencies by securitizing commercial mortgages in Belgium, France and Ireland in a true-sale deal.