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Although global insurance firms are pushing into the Korean market - the world's seventh largest in terms of insurance premiums - the threat posed by foreign rivals is a minor issue next to the challenges created by the proposed Insurance Business Law (IBL). The Bill focuses on overhauling the existing regulations in the insurance sector to meet global standards in terms of asset management, market competition, supervisory systems and consumer protection.

As part of the Japanese government's securities market reform, amendments to the Cabinet Order and the Cabinet Office Ordinances relating to the Securities and Exchange Law took effect on April 1 2003. There are two key points to the amendments. First, the amendments require disclosures to the Japanese public securities market to be more informative and credible. Secondly, the amendments modify the requirements for private placements in order to encourage the development of Japanese private securities markets.

The Measures for the Administration of Foreign-Invested Distribution Enterprises for Books, Newspapers and Periodicals was promulgated by the State Press and Publication Administration and the Ministry of Foreign Trade and Economic Cooperation (now Ministry of Commerce) on March 17 2003. The Measures will take effect on May 1 2003 while those regulations regarding foreign-invested wholesale enterprises contained therein will come into effect on December 1 2004.

The Capital Markets Board (CMB) has been actively updating its legislation as stated in its annual work plan for 2003 by issuing new communiqués or by amending existing legislation.

UFJ Bank is continuing the trend for Japan's largest banks to use synthetic securitization to improve capital ratios and manage credit risk.

After a five and a half year struggle, Freshfields Bruckhaus Deringer, CMS Cameron McKenna and Ashurst Morris Crisp have closed the biggest project financing of 2003 so far.

The Delaware Supreme Court handed down a ruling last week that will make it harder for bidders to lock companies into binding merger agreements.

Chancellor Gordon Brown, the UK's finance minister, has named Callum McCarthy as the new chairman of the country's finance regulator, the Financial Services Agency (FSA).

Banks have reacted positively to the European Commission's proposals on the forthcoming Capital Adequacy Directive (CAD III), and the opportunity for early dialogue.

The Securities and Exchange Commission (SEC) announced on April 15 that it had nominated William McDonough to lead the new body overseeing the accountancy profession in the US.