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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.

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.

Effie Vasilopoulos joined the Hong Kong office of Sidley Austin Brown & Wood at the start of August to launch a new international funds practice for the firm in Asia.

The New York Stock Exchange (NYSE) voted in August to remove some of the restrictions on companies wanting to delist, offering the prospect of greater movement between exchanges.

Whether Hong Kong can compete for a share of Asia's rapidly growing market for real estate investment trusts will depend on how the new Reit regulations are applied, say Dean Lockhart and Graham Turl of Linklaters

Instead of creating a clear roadmap for M&A in China, new rules have made doing deals more complicated and confusing for foreign investors. Doubts now over how the regulations will be enforced is creating even more uncertainty, reports Andrew Crooke