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Japanese companies face a growing threat from hostile takeovers. Andrew Crooke asks whether US-style corporate defence techniques can be applied in Tokyo

New definitions on how to change credit default swaps when a reference entity restructures are an improvement on the past, but not by much. Patrick Clancy of Shearman & Sterling LLP explains why not

Ben Maiden reports from New York on how banks are preparing to cope with new accounting rules for special purpose entities

Some asset-backed deals will still prove difficult under the UK's new insolvency regime despite broad exceptions to make securitizations feasible. Richard Ambery of Mayer Brown Rowe & Maw looks at how the treatment of loans to be securitized might change

Grant McCrea of Dewey Ballantine explains how France's Credit Agricole Indosuez successfully brought action in New York over disputed currency swap contracts with Russia's National Reserve Bank

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.

On May 14 2003 a bill was submitted to Dutch Parliament that seeks to cancel the existing requirement of having to notify the debtors in the event of assignment of receivables under Dutch law. The explanatory memorandum to the proposal states as the principal reason for the proposed cancellation, the unforeseen development since the introduction of the requirement in 1992 of financial products that involve a transfer of a portfolio of receivables, in bulk and at the same time, as is the case in a securitization. In addition, the proposal intends to bring Dutch law in line with similar legislation in countries such as the UK, Belgium, France and Germany.

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

Reinsurance broker Benfield raised £157 million ($261 million) from its initial public offering on the London Stock Exchange in June, bringing welcome fee income to the advising firms equity practices.