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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.

July marked the end of an era in Latin American sovereign debt when Mexico retired the last of its Brady bonds. As IFLR went to press the country was due to repurchase its remaining non dollar-denominated Brady bonds, taking it out of a period of debt restructuring that has lasted 15 years.

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

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

The structured finance market in Chile has taken another step forward with the completion of a novel future flow securitization.

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