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When a Chinese state-owned telecoms operator chose to acquire a near-insolvent foreign company, it had to find the most protected and controlled environment within which to do so. In the first of a two-part analysis, Edward Turner, Sandor Schick and Etienne Gelencsér of Shearman & Sterling look at the buyer’s options

David Bernstein of Clifford Chance examines the controversy surrounding the SEC's proposed new rules for lawyers who suspect their clients of wrongdoing, and says they are likely to do more harm than good

French regulators have unexpectedly intervened in local convergence with international accounting standards. Richard Parolai of Clifford Chance and Xavier Paper of RSM Salustro Reydel explain why the rulemakers' stance on substance over form will complicate securitization deals in France

Following a recent ruling by the European Court of Justice, the German Finance Ministry is looking again at aspects of the country’s Corporation Taxes Act governing thin capitalization. But lending banks may be disappointed by the review say Martin Krause and Karin Hauenschild of Linklaters Oppenhoff & Rädler

The Korea Fair Trade Commission (KFTC), has recently announced several new policy initiatives.

The much awaited Land Transport Management Bill was introduced to the New Zealand parliament on December32002. It reflects the government's new strategy for transport infrastructure development in New Zealand which was released officially on the same day. The Bill provides for private sector involvement in road schemes and for public-private partnerships (PPPs) in land transport infrastructure, which has historically been funded principally by the government. It is intended to provide flexibility and coordination so that a wider range of land transport solutions can be achieved than has been possible until now.

The Japanese government has submitted tax reform bills to Japan's parliament, the Diet. If enacted as planned, these bills will become law on or after April 1 2003. The tax reform bills include, in particular, proposals for a significant streamlining of and tax reduction in individual income taxation on capital gains and dividends with respect to listed shares, with a view to revitalizing Japanese stock markets.

India is proposing to introduce value-added tax (VAT) in the Union Budget for 2003-2004 (dated February 28 2003). This is a significant reform in the country's tax regime.

In the Budget Speech 2003, Hong Kong's financial secretary stressed the importance of attracting more financial product issuers. To further these initiatives and to foster the development of retail bonds, the SFC and the Financial Services and Treasury Bureau jointly published a consultation paper on March 10 2003, suggesting amendments to the Companies Ordinance.

New Regulations on the Administration of Foreign-invested Venture Investment Enterprises were promulgated in China on January 30 2003. The new regulations were put forward jointly by the Ministry of Foreign Trade and Economic Cooperation, Ministry of Science and Technology, State Administration for Industry and Commerce, State Administration of Taxation and State Administration of Foreign Exchange .