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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.

On June 27 2003 most securities regulators in Canada published for comment draft rules regarding audit committees, the certification of financial disclosure and auditor oversight for public companies. These rules are substantially similar to the Sarbanes-Oxley Act, related SEC rules and proposed New York Stock Exchange and Nasdaq listing requirements. The final version of these rules will likely become effective on January 1 2004. If implemented, these new rules will require:

The Securities and Exchange Commission (SEC) last month took a step towards promoting corporate democracy when it issued a report proposing greater involvement for shareholders in electing directors of companies.

After six months of often vicious debate, the UK's Financial Reporting Council has approved the government-backed Higgs review of boardroom practice.

Lawyers in Australia have created a new financing tool that allows developers to raise funds for the construction of multiple properties secured on their value in pre-sales contracts. Geoff Sutherland of Coudert Brothers explains how the structure works

Buyers of legal services in Japan will soon have the option to use the one-stop-shops that they have wanted for so long. But can law firms deliver? Andrew Crooke reports from Tokyo

Clifford Chance has overtaken Allen & Overy in project finance deal volume this year, according to figures from Dealogic ProjectWare.