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A deal in Malaysia believed to be the world's first securitization of new loans has been structured using international techniques in a bid to encourage similar transactions in the future.

The UK government has conceded that secondary legislation is needed to ensure the Enterprise Act does not restrict innovative securitizations.

The latest announcements from the Basel Committee on Banking Supervision have left securitization banks cold. Rob Mannix reports

The departure of Harvey Pitt leaves the SEC without a leader at a time when it needs firm direction. Ben Maiden reports from New York on the race to become the next chairman of the Commission

Contrary to the Indian government’s economic plan, amendments to the country’s takeover laws will discourage foreign investments. Abhimanyu Jalan and Saviprasad H R of Pathak & Associates explain

Distressed Turkish companies in almost every industry are attempting to restructure their debts to survive and continue their operations in the wake off the recent economic crisis. The main piece of legislation addressing restructuring is Law No 4743 on Restructuring of Debts to the Financial Sector and amendments to certain laws followed by the Regulation on the General Terms of the Approval, Acceptance and Implementation of Financial Restructuring Framework Agreement.

Kevin Keogh of White & Case, New York, looks at the arguments surrounding the creation of independent analysts in the US, and suggests that trying to remove all conflicts of interest could be a waste of time

On the basis of existing legislation Italian regions and local authorities have been entitled to receive payment of the a 50% withholding tax that could have been applicable to their notes. In the absence of specific regulatory provisions and failing any express provision in the budget laws of the Republic of Italy, this legislation had never been applied. This has created some confusion and uncertainty about the accounting treatment of such claims at territorial level.

The Swiss Federal Banking Commission has circulated a draft regulation that defines the term public offering as used in the Investment Fund Act. The Act codifies the current practice of the Federal Banking Commission regarding the term public offering not only under the Investment Fund Act but also under the Banking Act and under the Stock Exchange Act.

The success of New Zealand's export credit scheme, launched in July 2001, has so far been limited. In the year to July 2002, the Export Credit Office (ECO) received inquiries for support for 18 transactions, for exports valued at about NZ$550 million ($274 million). Despite the interest in the scheme, as yet, no applications have been successful, though several are still being processed and some have been re-submitted for approval. Some critics have suggested that the lack of approved transactions is because the parameters of the scheme have been too rigid and limited. However, a recently completed 12-month review of the scheme seeks to address any such problems and proposes far-reaching improvements. It is hoped that the revamped scheme, which widens the pool of eligible transactions and the level of cover provided, will give the ECO more flexibility and that, as a result, it will be easier for exporters to meet the necessary criteria to have an application for export credit insurance approved.