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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

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.

Tae-Shin Kwon, deputy minister for international affairs in Korea's Ministry of Finance and Economy, tells Andrew Crooke how the country will woo investors with corporate and financial reforms

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

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.