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In February 2003, a panel of experts was informed about various recommendations to improve Swiss financial market supervision. As an initial measure, the panel has recommended appointing the Swiss Federal Banking Commission and the Federal Office of Private Insurance as the new financial market supervisory authority. For this purpose the two federal bodies should be merged organizationally within this new authority. By summer 2003, the panel plans to submit a draft of a federal law on financial market supervision which will come into force by the end of 2003 at the earliest.

The potential bankruptcy of a Russian company has long troubled those investing in the country, as loopholes in the previous bankruptcy laws have led to the use of bankruptcy as a takeover device and other abuses. On December 3 2002, a new Law On Bankruptcy (Insolvency) took effect. In general, the new law is debtor-friendly and was drafted to stop abuses. However, it does not address all the existing problems and its effectiveness remains untested. Some of the noteworthy provisions of the new law are outlined below.

Budget Rent a Car has become the first US company to be put into UK administration and US Chapter 11 through the use of new pan-European insolvency procedures allowed under the EU's Insolvency Regulation.

US firm Dechert has completed work on the largest high-yield debt offering in three years.

Telkom South Africa has become the first foreign company of the year to list on the New York Stock Exchange, with Paul Hastings Janofsky & Walker, Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom all having roles in the offering.

Clifford Chance has worked on what could be the first Italian whole business securitization, helping Aeroporti di Roma, the group that operates Rome's Fiumicino and Ciampino airports, reduce its debt.

The Chinese government has taken a step towards easing the country's bad debt burden by approving - for the first time - an onshore Sino-foreign joint venture to buy a portfolio of non-performing assets.

The launch of a collateralized loan obligation (CLO) that was 12 months in the making has created a template for asset-backed deals from Taiwan.

DLA hires 19 from Cameron in Hong Kong

Malaysia's market regulator is cutting approval times for capital markets deals in an effort to modernize its securities regime.