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The application of the EU's new Insolvency Directive will not be as uniform in practice as is hoped, say Raffaele Rizzi and Georgina Caldwell of Credit Suisse First Boston

After another year of tough equity markets, Tom Williams reports on the legal advisers faring best and those fighting decline

In the August issue of IFLR, Simon Gleeson of Allen & Overy criticized elements of the UK market abuse regime. Here, Charles Abrams of SJ Berwin says why he believes it is perfectly safe

A recent credit card-backed deal has edged Korea closer to using US-style master trust structures. By Clive Rough and Elton Cheung of Freshfields Bruckhaus Deringer

The US should not meddle in the organization of companies outside its jurisdicion, even if those companies access the US markets, says Ed Greene of Cleary Gottlieb Steen & Hamilton

Saudi Arabia established the Saudi Communications Commission (SCC) last year to serve as the regulator for the Kingdom's telecommunications sector in advance of the long-awaited opening up of this sector to private investment. The first phase of this privatization scheme is a proposed floatation of 30% of the shares in the monopoly telecommunications operator Saudi Telecommunications Company (STC) by year-end: 20% to Saudi private investors and 10% to the two state-controlled pension funds. In July 2002, the SCC promulgated a set of rules to regulate and encourage private sector investment in the Kingdom's lucrative telecommunications sector. The rules are designed to encourage competition among various service providers and limit the ability of any one provider to exercise monopoly powers. Service providers with a dominant market position, for example, are required to obtain SCC approval for tariffs. They must also offer interconnecting service providers the same commercial terms and quality of technical access provided to their own divisions, subsidiaries or affiliates.

For over a year, Mexican commercial banks have been quoting among themselves and keeping track of a daily 91-day inter-bank offering rate known as Mexibor. It was not until July 29 2002 that the Mexican regulators authorized the banking industry to use the Mexibor for their commercial banking transactions with customers. This is a major change in the money markets in Mexico. Historically, it was the Mexican central bank, Banco de Mexico, that was the only entity legally-authorized to establish all such reference rates for the banking industry. This amendment only allows the commercial banks to set this 91-day reference rate, and leaves with the central bank the authority to establish all other reference rates available in the industry.

The Superintendency of Securities has set out to unify the provisions regarding the issuance of mortgage bonds in Colombia. This comes with the issuance of Resolution 542 of 2002 which replaces Resolution 89 of 2000.

The Ministry of Foreign Trade and Economic Cooperation (Moftec) has issued a notice which permits the establishment of joint venture logistics enterprises in certain pilot cities and provinces in China. The Notice on Issues Related to the Launch of Pilot Projects for the Establishment of Foreign-Invested Logistics Enterprises was issued on June 20 2002 and came into force 30 days later. It applies in Beijing, Tianjin, Shanghai, Chongqing, Zhejiang, Jiangsu, Guangdong and the Shenzhen Special Economic Zone.

Capital gains tax on the disposition of shares by individuals is undergoing major reform. Various special measures are being introduced with a view to revitalizing Japanese stock markets by giving special incentives to individual investors in their stock investments.