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Ed O'Connell and Kristin Boggiano of Schulte Roth & Zabel discuss Isda's 2003 Credit Derivatives Definitions and the questions they both resolve and raise

The risks of outsourcing information technology by a bank must be balanced by the secrecy obligations set forth under the Turkish Banks' Act Number 4389, which is not wholly clear on this matter. The Turkish Banking Regulation and Supervision Agency (BRSA) had issued a regulation in 2001, the Regulation on Banks' Internal Control and Risk Management Systems, which set forth the principles and procedures of the internal monitoring, control and risk management systems that banks must set up to monitor and control the risks to which they are exposed. Following this, the BRSA has announced a draft regulation on its website, the Draft Communiqué regarding the application of the Banks' Internal Control and Risk Management Systems Regulation.

Legal uncertainties that exist under German law with respect to the ability of a seller to cap its liability for representations and warranties made in the context of negotiated mergers and acquisitions (M&A) may be eliminated if the German Parliament passes the draft bill (Drucksache 15/1096) as submitted to the house on July 3 2003.

On July 7 2003 Russian president Vladimir Putin signed an amendment to the Law on Currency Regulation and Control (Currency Law). The amendment, effective as of July 10 2003, lowers the level of exporters' foreign currency earnings subject to mandatory conversion into Russian rubles pursuant to a sale to the Central Bank of the Russian Federation (Central Bank) or to an authorized bank from 50% of the exporters' hard currency earnings to a figure to be set by the Central Bank but not to exceed 30% of such earnings. After the signing of the amendment, the Central Bank announced that it had set the mandatory sale level at 25%, also effective as of July 10 2003.

Anderson Mori Izumi Garden Tower

Until recently Korea has been reluctant to open its legal market to foreign competition. But change is on its way. Andrew Crooke reports from Seoul on how the coming influx of foreign lawyers will benefit Korean firms too

Simpson Thacher & Bartlett and Willkie Farr & Gallagher are advising on the latest Wall Street link-up.

Tae-Shin Kwon, deputy minister for international affairs in Korea's Ministry of Finance and Economy, tells Andrew Crooke how the country will woo investors with corporate and financial reforms

In May the English Privy Council considered how a Bangladeshi scheme to reconstruct part of BCCI's business affected a creditor’s claims in the Cayman Islands. Brian Cain of Richards Butler says the result shows what can happen when a creditor gets stuck between two conflicting insolvency regimes

Issuers are now able to offer securities in Japan by way of private placement to any number of foreign investors who meet the criteria of qualified institutional investors under the Securities and Exchange Law of Japan.