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The Irish Supreme Court recently published its decision in the case of In the matter of Bula Limited (in Receivership) Supreme Court, 11 April 2003 (unreported). The case arose from the sale by a receiver of the assets of Bula Mines and confirms the obligations to be discharged by a receiver upon the sale of property.

On August 1 2003 the Japanese government promulgated certain amendments to the Civil Code of Japan and the Civil Execution Law in connection with the foreclosure of mortgaged properties.

In the absence of Lenders' Liability law, the Reserve Bank, with a view to counter-balance lenders' power under the Securitization Act, has recently finalized its Guidelines on Fair Practices Code for Lenders. The Code aims to usher in greater transparency in financial dealings, the hallmark of most developed financial markets, by requiring financial and banking institutions to follow a number of guidelines.

Japan's largest-ever leveraged buyout, the $2.2 billion purchase by US private equity fund Ripplewood Group of Japan Telecom's fixed-line business from the UK's Vodafone Group, is a pioneering transaction - for cultural reasons as much as any others.

After much review and discussion, on June 6 2003, the parliament of Georgia adopted the Law on the Prevention of the Legalization of Illegal Revenues. The law is expected to assist the Georgian government in fighting two of the country's most problematic economic issues - money laundering and tax evasion. The legislation creates mechanisms to prevent the legalization of illegal revenues and the financing of terrorism. It will apply equally to both residents and non-residents of Georgia, as well as to their representatives, representative offices and branches.

Europe's Prospectus Directive is meant to create a securities market to rival the US. Jim Bartos of Shearman & Sterling LLP compares the two regimes, and finds each still has something to learn from the other

Why do accounting and market structures matter? Capitalism will not work without markets by which investors can efficiently exercise their freedom to exchange assets. It is freedom to exchange assets (particularly financial assets) that gives capitalism its ability to adjust and allocate resources efficiently to create economic growth.

Philip McBride Johnson of Skadden, Arps, Slate, Meagher & Flom explains how recent judgments in price manipulation cases are threatening the authority of the Commodity Futures Trading Commission

New legislation to authorize the Saudi Arabian Monetary Agency (Sama) to supervise the licensing and organization of cooperative insurance companies in Saudi Arabia will come into effect on November 20 2003. At present, insurance is an area of the Saudi Arabian economy in which foreign investment is forbidden. It is widely believed, however, that with the passage of the Insurance Law, it will soon become permissible for foreigners to invest in the industry in Saudi Arabia.

Italian legislation authorizes local authorities to use derivative transactions only to hedge against interest rate, exchange and currency risks connected to their financing transactions.