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Recent cases reflect the stringent approach taken by the Securities and Futures Commission (SFC) to upholding the Securities (Disclosure of Interests) Ordinance (SDIO). The Commission successfully prosecuted relevant parties under SDIO in three different actions within the past two months.

The main purpose of the Chukan Hojin Law, which took effect on April 1 2002, is to allow certain non-profit organizations to become separate legal entities. Any organization, the members of which share a common interest, whether it is for profit or not, so long as it does not distribute dividends to its members, is entitled to apply for chukan hojin status.

China's State Economic & Trade Commission, Ministry of Finance, State Administration of Industry & Commerce and State Administration of Foreign Exchange issued Tentative Rules on Using Foreign Investment to Reorganize State-owned Enterprises on November 8 2002.The rules will take effective from January 1 2003.

The Saudi Arabian government has announced the planned privatization of over 20 areas of the country's economy.

The Mexican Derivatives Market (Mercado Mexicano de Derivados) known as MexDer was set up to create a standardized market to negotiate and quote futures and options. It was establishd in response to the need for financial tools that can protect against fluctuations mostly in currency prices and interest rates.

Dealing with bad debts in emerging markets is often a difficult and worrying experience. Local legislative frameworks and business practices can be bewildering and unfriendly to outside creditors. Steven Kargman* offers advice on some of the key challenges they may face

The International Accounting Standards Board (IASB) has proposed that companies should account for share-based payment transactions, including employee's share options, as an expense.

In order to preserve transparency in the market and protect minority shareholders' rights the Colombian Superintendency of Securities has issued Resolutions 116 and 157 of 2002. The resolutions define some practices as illegal and others as contradictory to stock exchange practices. These regulations apply to publicly listed companies.

The past few years have seen considerable debate between Offshore Financial Centres and a number of overseas authorities and governments, including the UK government (highlighted by the KPMG report), the OECD and its Financial Action Task Force regarding bearer shares. Most British Virgin Island International Business Companies (IBCs) have included in their memoranda of association the power to issue bearer shares. The reality seems to be that only a minority of IBCs actually issue bearer shares. However, the possibility that a large number of the Islands' IBCs may have actually issued bearer shares has placed the British Virgin Islands, in particular, under intense international scrutiny.

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