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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

The Austrian insolvency law was amended in June 2003 by the Federal Act on International Insolvency Law (Federal Law Gazette 2003/36). The Regulation (EC) Number 1346/2000 of May 29 2000 on insolvency proceedings (EU Insolvency Regulation) was incorporated into the Austrian insolvency law and was supplemented by further national provisions governing the effects of insolvency proceedings in Austria on assets situated abroad as well as the recognition of foreign insolvency proceedings in Austria. Finally, the Federal Act on International Insolvency Law implemented Directive 2001/17/EC on the reorganization and winding-up of insurance undertakings (Directive 2001/17/EC) and Directive 2001/24/EC on the reorganization and winding up of credit institutions (Directive 2001/24/EC). For this purpose, several special provisions were enacted which apply exclusively to insurance undertakings and credit institutions.

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.

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.

In an effort to stop investment funds moving abroad, the German government has proposed a law allowing hedge funds to be sold in Germany.

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