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After much review and discussion, on June 6 2003, the parliament of Georgia adopted the Law on the Prevention of the Legalization of Illegal Revenues. The law is expected to assist the Georgian government in fighting two of the country's most problematic economic issues - money laundering and tax evasion. The legislation creates mechanisms to prevent the legalization of illegal revenues and the financing of terrorism. It will apply equally to both residents and non-residents of Georgia, as well as to their representatives, representative offices and branches.

Europe's Prospectus Directive is meant to create a securities market to rival the US. Jim Bartos of Shearman & Sterling LLP compares the two regimes, and finds each still has something to learn from the other

Why do accounting and market structures matter? Capitalism will not work without markets by which investors can efficiently exercise their freedom to exchange assets. It is freedom to exchange assets (particularly financial assets) that gives capitalism its ability to adjust and allocate resources efficiently to create economic growth.

Philip McBride Johnson of Skadden, Arps, Slate, Meagher & Flom explains how recent judgments in price manipulation cases are threatening the authority of the Commodity Futures Trading Commission

New legislation to authorize the Saudi Arabian Monetary Agency (Sama) to supervise the licensing and organization of cooperative insurance companies in Saudi Arabia will come into effect on November 20 2003. At present, insurance is an area of the Saudi Arabian economy in which foreign investment is forbidden. It is widely believed, however, that with the passage of the Insurance Law, it will soon become permissible for foreigners to invest in the industry in Saudi Arabia.

Italian legislation authorizes local authorities to use derivative transactions only to hedge against interest rate, exchange and currency risks connected to their financing transactions.

Spanish firm Uría & Menéndez is advising energy company AES on the €665 million ($766 million) financing for the construction of the largest independent power project developed in Spain so far.

Shearman & Sterling and Slaughter and May are advising on a telecoms deal valued at €7.1 billion ($7.6 billion) that should see France Telecom take full control of mobile phone operator Orange.

The success of self-referenced credit-linked notes as a new investment tool depends on whether lawyers can overcome concerns that their redemption is in fraud of bankruptcy laws. Scott Farrell of Mallesons Stephen Jaques considers how this can be done

A Finnish Ministry of Justice working group has issued a proposal for an Act on Financial Collateral Arrangements (the Act). The purpose of the Act is to implement the Directive on Financial Collateral Arrangements (2002/47/EC). The proposal is now subject to comments, and the Finnish parliament is expected to consider it within the next two months.