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With the rapid development of information technology, use of personal information about individuals is increasing. In order to help to protect the rights and welfare of individuals, the Law Concerning Protection of Personal Information was promulgated on May 30 2003. The new law harmonizes protection of personal information (as defined in the law) and the use of personal information. The law sets out not only basic policies for the protection of personal information but also basic obligations for any enterprise that uses a personal information database for business. Similar obligations for the public sector are also prescribed by separate laws.

In recognition of the prevalent sovereign immunity doctrine, Act IV of the Hungarian Civil Code (1959) specifically allowed the Hungarian state to enter into private law contractual obligations (for example, loans, state guarantee and construction mandates). However, for several years the scope and procedure governing the state's liability for the performance of these contracts have not been clarified further by publicly-accessible regulations.

The Companies Amendment Bill now pending before parliament will reform the provisions relating to accounting/auditing standards. The highlights are:

US debt and equity specialist Peter Curley has left the Allen & Overy partnership to direct listings policy at Hong Kong Exchanges and Clearing Limited.

The release of new derivatives rules in China will help make contracts between foreign banks and domestic counterparties valid and enforceable under PRC law. Andrew Crooke reports

Corporate reforms in Italy should give more clarity as to how the courts will view leveraged buyouts, but investors still need to be wary. Emma Barraclough reports

Asian projects can increasingly expect to get consistent terms from guarantors of political risk coverage. Bruce Cooper of Freshfields Bruckhaus Deringer, Singapore, explains how following the success of Phu My 3 in Vietnam

Italy must overhaul its bankruptcy law to give lenders confidence that the government is committed to widespread corporate finance reform. Without change, creditors will continue to receive what they say is unfair treatment, reports Emma Barraclough

SABMiller entered the bond markets in August for the first time since the creation of the company through 2002's merger between South African Breweries and Miller.

When Hong Kong released its first Code on Real Estate Investment Trusts (Reits) on July 30, Cheung Kong (Holdings) Limited had already launched the first ever Reit transaction involving Hong Kong properties. It chose Singapore as the listing venue.