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Certain amendments to Finland's Act on Credit Institutions (the ACI) and the Act on Investment Firms (the AIF) became effective on February 15 2003. The amendments mainly relate to improving banking and payment services as well as their availability. Although most amendments are mainly structural, they also include regulation on for example the use of agents in providing banking services, the right to receive repayable funds from customers and the right to basic banking services.

The Ritz-Carlton, Hong Kong, February 27

The Bank of Italy has made clear to the market its views on the treatment of repayment clauses in securitization transactions.

Canadian regulators are planning to clarify and toughen rules on insider reporting.

Reform initiatives at Korea's financial regulator have been thrust into the spotlight after a forced change in leadership mid-way through March.

Japanese companies have always disliked the intrusive and burdensome due diligence investigations required for international securities offerings. Piyasena Perera and Joshua Schwab of Allen & Overy explain why the need for capital raising means issuers must overcome cultural, historical and structural concerns

The number of securitization deals grew by 14% in 2002. Banks continued to tap the markets for regulatory capital through innovative tier I deals. And even the 2.5% fall in global debt issuance was bearable compared with the near disappearance of primary market equity deals. Last year was still not good for debt capital markets lawyers, but it could have been so much worse. Here IFLR publishes, for the first time, tables of the leading legal advisers on tier I debt and convertible bonds as well as its annual tables of advisers on securitization and high-yield deals. Simon Crompton and Catherine McShane report

Frederick Feldkamp of Foley & Lardner says new accounting rules on the consolidation of variable interest entities show the US has learned from the Enron disaster. These rules could even enhance the prospects of the US securitization market

In an exclusive interview with IFLR, Arthur M Mitchell, the Asian Development Bank's new general counsel, explains how the Bank's commitment to working with the private sector can spur legal reform across the region. Reducing the bad debt burden is top of his list. By Andrew Crooke

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