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On July 7 2003 Russian president Vladimir Putin signed an amendment to the Law on Currency Regulation and Control (Currency Law). The amendment, effective as of July 10 2003, lowers the level of exporters' foreign currency earnings subject to mandatory conversion into Russian rubles pursuant to a sale to the Central Bank of the Russian Federation (Central Bank) or to an authorized bank from 50% of the exporters' hard currency earnings to a figure to be set by the Central Bank but not to exceed 30% of such earnings. After the signing of the amendment, the Central Bank announced that it had set the mandatory sale level at 25%, also effective as of July 10 2003.

Anderson Mori Izumi Garden Tower

The structured finance market in Chile has taken another step forward with the completion of a novel future flow securitization.

Buyers of legal services in Japan will soon have the option to use the one-stop-shops that they have wanted for so long. But can law firms deliver? Andrew Crooke reports from Tokyo

Clifford Chance has overtaken Allen & Overy in project finance deal volume this year, according to figures from Dealogic ProjectWare.

In an effort to stop investment funds moving abroad, the German government has proposed a law allowing hedge funds to be sold in Germany.

Tae-Shin Kwon, deputy minister for international affairs in Korea's Ministry of Finance and Economy, tells Andrew Crooke how the country will woo investors with corporate and financial reforms

Jim Bartos and Michael Leppert of Shearman & Sterling LLP explain why conflicts in the EU Prospectus Directive may mean it falls short of creating a single capital market

As Islamic financing becomes more complex, contracts need to specify the terms and subject matter of the deal as far as possible to comply with Sharia principles. Kenneth Aboud, Hooman Sabeti and Asmaa Al-Shabibi of Allen & Overy Shook Lin & Bok explain how to win approval from Islamic scholars

Issuers are now able to offer securities in Japan by way of private placement to any number of foreign investors who meet the criteria of qualified institutional investors under the Securities and Exchange Law of Japan.