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Securitization specialists have warned bankers and lawyers not to ignore the profound impact that the new Basel Accord will have on the structured finance industry.

The structure of the funding package for Pusan New Port has set a benchmark for Korean infrastructure projects. It is the first time both foreign banks and a foreign sponsor have been involved in a financing in Korea, and the first time that lenders have taken on the construction and market risk of a project. By Simon Black and Geoff O'Dea of Allen & Overy, and Ick-Ryol Huh and Seong Soo Kim of Kim & Chang

The opening of China's securities markets to foreign brokers may only force domestic companies to improve corporate governance if restrictions on investors are also relaxed. Andrew Crooke reports

A test of China's new takeover rules has shown how foreign investors can avoid a mandatory offer when increasing their stake in Chinese listed companies. Tammie Tam of Johnson Stokes & Master explains how

Davis Polk & Wardwell and Skadden Arps Slate Meagher & Flom are taking the reins on Oracle's high-profile hostile bid for PeopleSoft.

By Michael Evans and Tom Williams

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Proposed regulations in Hong Kong place too much responsibility for company disclosure on sponsors. Issuers must also share the task of keeping investors informed, says Stephen Fletcher of Linklaters

Saudi Arabia recently promulgated a long awaited law to formally regulate the country's stock market. Saudi Arabia does not have a physical stock exchange, although shares are traded by electronic means through local banks and are regulated by the Saudi Arabian Monetary Agency (SAMA), the Kingdom's central bank. The electronic exchange (Tadawal) and the Saudi Shareholding Registry will be transferred to the new capital market authority. The new market will be named the Saudi Capital Market and will be established as a joint stock company. The new law calls for setting up two new bodies: The Saudi Arabian Stock Exchange and The Exchange Commission.

The Japanese government has amended laws that relate to securities exchanges In order tto cope with global competition among stock markets. The amendments were promulgated on May 30 2003 and will take effect on April 1 2004. Of the amendments, three changes are of particular importance.