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Allen & Overy have acted as counsel to BNP Paribas and Salomon Brothers on Bahrain's debut issue, in the latest deal to help the UK firm carve out a lucrative niche advising managers on emerging market sovereign bond issues.

Hungary has recently adopted several amendments to Act CXII of 1996 on credit institutions (the Banking Act) and Act CXX of 2001 on capital markets (CMA). The Acts provide an integrated legal framework for the activities of financial and investment service providers and their supervision. The changes were triggered by comments from market participants and practitioners and also by the EU accession requirements.

Falling stock markets have led to a string of M&A deals putting unprecedented strain on public bid regulations in Norway, Finland, Denmark and Iceland. Thomas Williams reports

Scandinavian telecoms operator Song Networks has restructured its $550 million high-yield bonds, the first bond restructuring of a Swedish-listed company.

More deals than ever are being done with no documentation and little if any due diligence. Are banks taking too many risks? By Rob Mannix

Two main principles were set out by the legislator at the time of the recent enactment of Law 130/1999 on securitization: the exclusive object of a securitization vehicle must be to enter into securitization transactions; and the receivables of each transaction must represent assets segregated from the vehicle's own assets and from those of other securitizations which may be entered into by the same vehicle.

As part of the reforms of the securities settlement system, a securities clearing institution (Shoken Torihiki Seisan Kikan) has been created under an amendment to the Securities and Exchange Law, which took effect on January 6 2003. A securities clearing institution means a central counterparty with respect to securities transactions, which enables securities transactions between the buyer(s) and seller(s) to be cleared in one block. A primary purpose of the securities clearing institution is to lessen the settlement risk with respect to securities transactions.

To cope with commercial crimes in Hong Kong, the Securities and Futures Commission (SFC) recently published proposed revisions to the existing Guidance Note on Money Laundering for public consultation.

The State Development Commission (SDC) and the Ministry of Finance and State Administration of Foreign Exchange (SAFE) have jointly promulgated Interim Measures on the Administration of Foreign Debts. The new Measures, which were enacted on January 8 will be effective from March 1 2003.

The Irish Finance Bill 2003 was published on February 6 2003 and contains the long-awaited beneficial changes to the existing Irish securitization legislation. The intention behind the changes (which come into force with immediate effect) is to make Ireland the jurisdiction of choice for the location of special purpose vehicles (SPVs) for structured finance transactions.