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In the last of his three-part series, Steven Kargman completes his advice to creditors faced with the insolvency of emerging market debtors

On July 8 2003 the Brazilian Securities Commission (the Comissão de Valores Mobiliários) issued regulations easing certain restrictions on the ability of listed companies to issue and trade options on shares of the listed company itself.

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.

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.

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.

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

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

Claire Robinson of Moody's explains why the ratings agency is re-examining how trustees affect securitizations in the wake of problems on deals like National Century