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Private equity investors are increasingly seeking post-WTO investment opportunities in China, but risk management techniques are essential if the new directors do not want to fall foul of the law. By Michael J Moser and Seung Chong of Freshfields Bruckhaus Deringer, Hong Kong

An increasing number of Canadian issuers have steered away from fixed price bids recently and opted for an auction tender process, or so-called Dutch auction, when completing substantial issuer bids. The Dutch auction issuer bid model has been further modified by issuers and investment dealers as a technique to distribute public offerings of securities and, most recently, has also been used by investors seeking to acquire shares in public issuers.

Seven months after Sarbanes-Oxley was passed, Jay Clayton, Richard Morrissey and Jack Bostelman of Sullivan & Cromwell look at how the SEC has addressed some of the concerns of non-US issuers affected by its new rules

The recently enacted German Transparency and Disclosure Act has amended section 161 of the German Stock Corporation Act to provide, among other things, that German publicly listed companies must either comply with the German Corporate Governance Code (Deutscher Corporate Governance Kodex), as promulgated by the German Federal Ministry of Justice in November 2002, or explain why they will not be complying with the recommendations of the Code. As stated in its preamble, the purpose of the Code is both to restate existing statutory rules on the management and supervision of German publicly listed companies and to codify international and German best practices. It is intended to provide transparency and accountability to the German corporate governance system and foster the confidence of foreign and domestic investors as well as customers, employees and the general public in the management and supervision of German publicly listed companies.

In order to further develop the Colombian financial market, new regulations have been enacted over recent years, creating a regulatory framework that is becoming more responsive to international and national market dynamics. With this in mind, it is worth considering the more innovative structures now used in banking, especially, tier two capital debt for credit establishments.

Oil company BP last month gave Russia's recovery a boost when it announced a £4.2 billion ($6.8 billion) joint venture with the country's third-largest oil company TNK.

Dewey Ballantine has advised the Croatian government on the €282 million financing of the Istrian Motorway, the first dual-listed bond in Croatia.

The Lamfalussy process will fail and the creation of a centralized European Securities and Exchange Commission (SEC) is inevitable, according to a new paper on the future of European securities regulation.

Ben Maiden reports from New York on moves to tackle investor concerns over mutual and hedge funds

In September 2002 the British Virgin Islands government introduced amendments to the Insurance Act 1994 to create a regime for the registration and regulation of segregated portfolio companies (SPCs) (known in some other jurisdictions as protected cell companies). The Insurance (Amendment) Act 2002 (the Amendment Act) was introduced following a perceived demand from the international insurance market and is designed primarily to facilitate so called rent-a-captive operations, aimed to assist companies that are too small to form a captive insurance company of their own. (The Amendment Act and the Insurance Act 1994, are collectively referred to in this briefing simply as the Act).