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As part of the Japanese government's securities market reform, amendments to the Cabinet Order and the Cabinet Office Ordinances relating to the Securities and Exchange Law took effect on April 1 2003. There are two key points to the amendments. First, the amendments require disclosures to the Japanese public securities market to be more informative and credible. Secondly, the amendments modify the requirements for private placements in order to encourage the development of Japanese private securities markets.

On March 31 the Indian Ministry of Commerce and Industry announced the 2003 to 2004 export-import (Exim) policy, which supplements the five-year plan for 2002 to 2007.

The Hong Kong Securities and Futures Ordinance (SFO) came into force on April 1 2003 and is aimed at maintaining and promoting fairness and efficiency in the securities and futures industry. The new SFO was enacted on March 13 2002 and replaced 10 Ordinances. About 40 codes and guidelines were issued under the Ordinance. Combating market misconduct and protecting investors is one of the key concerns of the SFO and a number of reforms have been introduced:

The Measures for the Administration of Foreign-Invested Distribution Enterprises for Books, Newspapers and Periodicals was promulgated by the State Press and Publication Administration and the Ministry of Foreign Trade and Economic Cooperation (now Ministry of Commerce) on March 17 2003. The Measures will take effect on May 1 2003 while those regulations regarding foreign-invested wholesale enterprises contained therein will come into effect on December 1 2004.

The Capital Markets Board (CMB) has been actively updating its legislation as stated in its annual work plan for 2003 by issuing new communiqués or by amending existing legislation.

On January 24 2003, the Swiss Bankers Association (SBA) issued directives on the independence of financial research. The Federal Banking Commission (FBC) ratified these on January 29 2003 as minimal standards of self-regulation (code of conduct).

The Ministry of the Economy and Finance's Decree No 47 of January 31 2003, which recently entered into force, has substantially amended Ministerial Decree No 228 of May 24 1999 that regulates common investment funds. The most remarkable amendments are those relating to the discipline of real estate investment funds, under a new Article 12-bis.

Ben Maiden reports from New York on how Uruguay's proposed bond exchange is helping to rewrite the rules on sovereign debt restructuring

UFJ Bank is continuing the trend for Japan's largest banks to use synthetic securitization to improve capital ratios and manage credit risk.

A dual US dollar/Chinese renminbi funding for a stainless steel mill operation in Shanghai has helped advance financing opportunities in China - especially for phased projects that involve different lenders at each stage.