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The much awaited Land Transport Management Bill was introduced to the New Zealand parliament on December32002. It reflects the government's new strategy for transport infrastructure development in New Zealand which was released officially on the same day. The Bill provides for private sector involvement in road schemes and for public-private partnerships (PPPs) in land transport infrastructure, which has historically been funded principally by the government. It is intended to provide flexibility and coordination so that a wider range of land transport solutions can be achieved than has been possible until now.

India is proposing to introduce value-added tax (VAT) in the Union Budget for 2003-2004 (dated February 28 2003). This is a significant reform in the country's tax regime.

In the Budget Speech 2003, Hong Kong's financial secretary stressed the importance of attracting more financial product issuers. To further these initiatives and to foster the development of retail bonds, the SFC and the Financial Services and Treasury Bureau jointly published a consultation paper on March 10 2003, suggesting amendments to the Companies Ordinance.

New Regulations on the Administration of Foreign-invested Venture Investment Enterprises were promulgated in China on January 30 2003. The new regulations were put forward jointly by the Ministry of Foreign Trade and Economic Cooperation, Ministry of Science and Technology, State Administration for Industry and Commerce, State Administration of Taxation and State Administration of Foreign Exchange .

The statistics for 2002 published by the Capital Markets Board revealed a noteworthy growth in the number of foreign funds that entered the market. In fact, 19 different foreign funds' securities were issued last year, thus boosting the total number of foreign mutual funds with interests being traded in Turkey to 40 since 1997.

The recent corporate scandals in the US have, among other things, focussed attention on the issue of the independence of directors generally. In Canada, in the recent Second Cup/Cara decision rendered by the Ontario Securities Commission (OSC), the OSC briefly highlighted the issue of independence with respect to special committee members and advisers.

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.