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In an effort to stop investment funds moving abroad, the German government has proposed a law allowing hedge funds to be sold in Germany.

Shareholders who failed in an initial attempt to block Procter & Gamble's takeover of hair-care company Wella will take the case to Germany's Federal Constitutional Court and launch action in the civil courts also.

As Islamic financing becomes more complex, contracts need to specify the terms and subject matter of the deal as far as possible to comply with Sharia principles. Kenneth Aboud, Hooman Sabeti and Asmaa Al-Shabibi of Allen & Overy Shook Lin & Bok explain how to win approval from Islamic scholars

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.

As part of its new social security structure, the Indian government has announced in the budget of 2003-2004 a slew of measures the highlights of which are outlined below:

The Hungarian Parliament has approved substantial amendments to the Companies Act as part of the harmonization of Hungarian company law with EU requirements. Most of the changes relate to companies limited by shares (Rt). Changes include new simplified rules on contribution in kind. They also give a general pre-emption right for all shareholders for newly issued shares irrespective of the public or private nature of the issue, implement the EU rules regarding own shares and introduce the redeemable share. The main thrust, however, of the amendments is the introduction of stricter and broader rules in two areas: protection of the net assets of an Rt (where a payments to shareholders on whatever title will be subject to tests, such as the ordinary course of business or the ability of the Rt lawfully to pay dividends) and financial assistance (where the scope of what may constitute financial assistance will be expanded to include any security, loan or early payment with the aim of facilitating the acquisition of shares by a third party). The above amendments enter into force as of January 1 2004.

SINA Corporation last month closed the first of a series of convertible bond deals from China's best-known internet portals.

Sidley Austin Brown & Wood and Linklaters have advised on a sale and leaseback deal for the British Broadcasting Corporation (BBC), the largest transaction of its type in Europe.

HBOS has become the first UK issuer to sell covered bonds in Europe, in a transaction that promises the beginning of a new market. But regulators seem unsure of the law on risk weightings for such deals. By Michael Evans

On April 30 2003 the Cayman Islands Monetary Authority, after consultation with the private sector, introduced further revisions to the Guidance Notes on the Prevention and Detection of Money Laundering. The Guidance Notes are ancillary to the Money Laundering Regulations and recommend anti-money laundering best practice measures. The most important changes concerned the role of the Money Laundering Reporting Officer (the MLRO), particularly in relation to mutual funds.