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Recommended SEC rule changes would impose more regulations than hedge fund managers are used to. By Bill Hobbs and David Riley

A tough stance from the UK government forced competing creditors to compromise on the British Energy restructuring. By Emma Barraclough

Ukraine's Land Code has been amended to extend the right to own land to Ukrainian-foreign joint ventures. The law, On Amendments to Article 82 of the Land Code of Ukraine, passed on July 10 2003, has on the whole improved the position of Ukrainian companies with foreign investment in respect of land rights. Article 82 of the Code has been reworded so as to extend the right to purchase, sell, hold title to and exercise proprietary rights over non-agricultural land in Ukraine to joint ventures founded in part by foreign legal entities or individuals. Before these amendments, such entities were not permitted to acquire or own non-agricultural land in Ukraine.

Korean Air Lines has closed the first airline ticket securitization in Japan. Neil Campbell and Norifusa Hashimoto explain how the deal works

Andrew Sheng, chairman, Securities and Futures Commission of Hong Kong

The Ministry of Finance is in the process of making an integral revision of supervisory legislation reform in the financial services industry. The entire legislation on financial supervision must be revized as a result of the interaction between various financial sector and the required improvements to financial supervision. The Ministry of Finance has commenced consultation with the financial industry on the first part of the new legislation in connection with this revision.

One of Hungary's last remaining privatizations was finalized last month. Austria's Erste Bank agreed to buy a 99.97% stake in Postabank, the country's seventh largest bank, for Ft101.3 billion ($460 million).

Sidley Austin Brown & Wood and White & Case advised on the first international securitization from Kazakhstan.

The Securities and Exchange Commission has announced plans to create a new set of uniform rules governing short selling, which will apply to all exchange-listed and Nasdaq NMS securities.

Regulations on mergers and acquisitions in Colombia By Parra, Rodríguez & Cavelier