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By Roschier Holmberg, Attorneys Ltd

Bala Nadarajah is senior counsel and head of the corporate department at ASW. He is considered a leading voice in insurance law and regulation in Bermuda and is listed among the world's leading insurance and reinsurance lawyers in the Euromoney Legal Media Group's Expert Guides. He presently serves as a director of the Bermuda Monetary Authority; he is a member of the Insurance Advisory Committee and its insurance regulatory sub-committee. Bala was legal adviser to Bermuda's Ministry of Finance, Registrar of Companies and Insurance, the Bermuda Monetary Authority and Insurance Advisory Committee from 1979 to 1986, during which time he assisted in drafting Bermuda's insurance regulations and in the consolidation of the Companies Act 1981.

By Dr Jost Kienzle of CMS Hasche Sigle

By Shinichi Takahashi, Ryoko Takeda and Ciara Brady of Nishimura & Partners

Chinese banks must continue to improve risk management practices and their monitoring of borrowers to ensure they do not accumulate any more non-performing loans, say John ZL Huang and Donna Li of AllBright Law Offices

Jan Meyers and David Ballegeer of Cleary, Gottlieb, Steen & Hamilton examine the impact of the EU's Conglomerates Directive on capital adequacy requirements for bank and insurance groups

On April 17 the government of the British Virgin Islands (BVI) passed the long-awaited 2003 Insolvency Act. It is not clear when the Act will come into force but there is some indication that large parts of the legislation will become effective at the same time as a proposed consolidation of companies' legislation. However, a number of parts may well be brought into force in the very near future.

In a recent string of structural legislative reforms, the Georgian Parliament has abolished the Ministry of State Property Management of Georgia (MSPM), the entity previously responsible for the management and privatization of state-owned assets.

On May 5 the Indian parliament passed The Electricity Bill, which was originally brought before the assembly in August 2001. The comprehensive Electricity Act aims at replacing three existing Acts governing the power sector: the 1910 Indian Electricity Act; the 1948 Electricity Supply Act; and the 1998 Electricity Regulatory Commissions Act.

New Zealand's record of enforcement against alleged insider traders speaks for itself - not a single conviction and only two cases of insider trading ever brought to trial. A third case is currently pending. But will the introduction of criminal penalties improve the effectiveness of NewZealand's insider trading regime?