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Steven Kargman continues his series of articles advising creditors and debtors on managing debt restructurings outside of developed insolvency regimes

Whitney Debevoise and David Orta of Arnold & Porter look at recent rulings on class action suits that followed Argentina's bond default, and argue that negotiated restructurings are the best way to resolve sovereign debt disputes

New definitions on how to change credit default swaps when a reference entity restructures are an improvement on the past, but not by much. Patrick Clancy of Shearman & Sterling LLP explains why not

Ben Maiden reports from New York on how banks are preparing to cope with new accounting rules for special purpose entities

The EU official in charge of new legislation on European takeovers has criticized member states that are threatening the future of a draft directive aimed at making cross-border deals easier.

Grant McCrea of Dewey Ballantine explains how France's Credit Agricole Indosuez successfully brought action in New York over disputed currency swap contracts with Russia's National Reserve Bank

Some asset-backed deals will still prove difficult under the UK's new insolvency regime despite broad exceptions to make securitizations feasible. Richard Ambery of Mayer Brown Rowe & Maw looks at how the treatment of loans to be securitized might change

Proposed regulations in Hong Kong place too much responsibility for company disclosure on sponsors. Issuers must also share the task of keeping investors informed, says Stephen Fletcher of Linklaters

In early March 2003, the president of Ukraine signed into law the long-awaited new Civil and Commercial Codes, passed by the Parliament of Ukraine on January 16 2003. The new Civil Code replaces the effective 1963 Civil Code of the Ukrainian SSR, while the commercial code is essentially a new concept for Ukrainian legislation. Both codes will come into effect on January 1 2004.

Saudi Arabia recently promulgated a long awaited law to formally regulate the country's stock market. Saudi Arabia does not have a physical stock exchange, although shares are traded by electronic means through local banks and are regulated by the Saudi Arabian Monetary Agency (SAMA), the Kingdom's central bank. The electronic exchange (Tadawal) and the Saudi Shareholding Registry will be transferred to the new capital market authority. The new market will be named the Saudi Capital Market and will be established as a joint stock company. The new law calls for setting up two new bodies: The Saudi Arabian Stock Exchange and The Exchange Commission.