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Merger activity in Austria is booming as global companies search for bargain assets in central Europe. Michael Evans reports

Securities regulation in Hong Kong is failing to meet the needs of international business. If it doesn’t change soon, investors may look to Singapore instead. By Andrew Crooke

The Austrian Ministry of Justice has published a draft bill on financial collateral arrangements (Financial Collateral Act, www.justiz.gv.at/gesetzes/). Comments are to be submitted until June 30 2003. This is the first step to implement the rules set forth in the Financial Collateral Directive (Directive 2002/47/EC of the European Parliament and of the Council of June 6 2002 on Financial Collateral Arrangements) into domestic Austrian law. It is planned that the Financial Collateral Act will enter into force on December 1 2003.

The Investment Services Directive (ISD), now the subject of high level debate by politicians in Brussels, will shape the structure of Europe's capital markets for years to come. But bankers say plans to force brokers to quote prices openly to the market could lead them to take their business outside the EU in search of more bank-friendly share trading regimes abroad. IFLR brought together a group of London-based regulators, lawyers and industry representatives to discuss the issues

Germany's banks are reluctant to lend, so its companies are suffering. Securitization should be the answer for both. But proposed reforms will do little for corporates. Michael Evans reports on how banks are happy, but borrowers less so

Securitization specialists have warned bankers and lawyers not to ignore the profound impact that the new Basel Accord will have on the structured finance industry.

The opening of China's securities markets to foreign brokers may only force domestic companies to improve corporate governance if restrictions on investors are also relaxed. Andrew Crooke reports

The structure of the funding package for Pusan New Port has set a benchmark for Korean infrastructure projects. It is the first time both foreign banks and a foreign sponsor have been involved in a financing in Korea, and the first time that lenders have taken on the construction and market risk of a project. By Simon Black and Geoff O'Dea of Allen & Overy, and Ick-Ryol Huh and Seong Soo Kim of Kim & Chang

A test of China's new takeover rules has shown how foreign investors can avoid a mandatory offer when increasing their stake in Chinese listed companies. Tammie Tam of Johnson Stokes & Master explains how

Medco Energi's recent high yield bond deal combined a simultaneous new issue with an exchange offer and consent solicitation for the first time in Indonesia. By Tim Steinert of Freshfields Bruckhaus Deringer and Joan Janssen of Freshfields Drew & Napier