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The Turkish Capital Markets Board (CMB) recently issued several key new communiqués alongside new additions to the Turkish securities regulations, such as the shelf registration system. Communiqué Serial IV No 29 on the Principles of Cumulative Voting in the General Assemblies of Corporations Subject to the Capital Markets Law was issued in February 2003.

Exit consents have been hailed as an important tool in the battle to avoid Argentina-style sovereign debt defaults. But Stephen Choi and Mitu Gulati explain that lawyers must take a close look at the bond terms if they want to ensure their restructuring plans will work in practice

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.

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.

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

US debt and equity specialist Peter Curley has left the Allen & Overy partnership to direct listings policy at Hong Kong Exchanges and Clearing Limited.

The release of new derivatives rules in China will help make contracts between foreign banks and domestic counterparties valid and enforceable under PRC law. Andrew Crooke reports

Corporate reforms in Italy should give more clarity as to how the courts will view leveraged buyouts, but investors still need to be wary. Emma Barraclough reports