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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 Hong Kong Securities and Futures Ordinance (SFO) came into force on April 1 2003 and is aimed at maintaining and promoting fairness and efficiency in the securities and futures industry. The new SFO was enacted on March 13 2002 and replaced 10 Ordinances. About 40 codes and guidelines were issued under the Ordinance. Combating market misconduct and protecting investors is one of the key concerns of the SFO and a number of reforms have been introduced:

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.

The Ministry of the Economy and Finance's Decree No 47 of January 31 2003, which recently entered into force, has substantially amended Ministerial Decree No 228 of May 24 1999 that regulates common investment funds. The most remarkable amendments are those relating to the discipline of real estate investment funds, under a new Article 12-bis.

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.

The National Association of Securities Directors (NASD) last month filed a civil complaint against a small brokerage firm run by Kenneth Langone, a board member at the New York Stock Exchange.