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By Michael Evans and Tom Williams

Morrison & Foerster is benefiting from a trend of German companies selling to US private investors, including work on the biggest German private placement in the US yet.

Singapore has shifted from merit-based regulation to a disclosure-based regime. But an IFLR straw poll shows that professional advisers need more guidance to help make this work in practice. Andrew Crooke reports

Whitney Debevoise and David Orta of Arnold & Porter look at recent rulings on class action suits that followed Argentina's bond default, and argue that negotiated restructurings are the best way to resolve sovereign debt disputes

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

The Fair Trade Commission of Korea (FTC) has amended its guidelines for filing an antitrust clearance/business combination report, with effect from July 1 2003.

With a view to further protecting investors in Hong Kong, the Hong Kong Stock Exchange and the Securities and Futures Commission (SFC) recently published a Consultation Paper on Regulation of Sponsors and Independent Financial Advisors.

One of the most tricky aspects of an M&A transaction involves the transfer of information during the due diligence stage. In Canada, this process has traditionally occurred through the use of a physical data room. But this method of due diligence is not without its problems and inconveniences. Since 2000, electronic data rooms (EDRs) have been increasingly used internationally in a variety of types of transactions. But M&A practitioners have been cautious in adopting EDRs to support their due diligence processes. This may be attributable to the sensitivity of information in M&A deals, security concerns and perceived costs associated with the new technology.

The Austrian Ministry of Justice has published a draft bill on financial collateral arrangements (Financial Collateral Act, www.justiz.gv.at/gesetzes/). Comments are to be submitted until June 30 2003. This is the first step to implement the rules set forth in the Financial Collateral Directive (Directive 2002/47/EC of the European Parliament and of the Council of June 6 2002 on Financial Collateral Arrangements) into domestic Austrian law. It is planned that the Financial Collateral Act will enter into force on December 1 2003.

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