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The Securities and Exchange Commission has brought its first cases against companies allegedly breaking Regulation Fair Disclosure, a rule designed to prevent selective disclosure of corporate information.

European competition regulators will not go easy on the financial services industry just because they are keen to promote a single financial market, according to competition commissioner Mario Monti.

Auditors play only a small role in keeping a company honest. But in a bid to reassure investors after a spate of corporate scandals, the Australian government is wrongly limiting its reforms to the audit function, says Alison Lansley of Mallesons Stephen Jaques

The Indian parliament passed the Securities and Exchange Board of India (SEBI) (Amendment) Bill 2002 on December 2, giving more powers - including search and seizure rights - to SEBI. The amendments introduce new standards for investor protection and regulation of the securities market.

Simon Orton of Freshfields Bruckhaus Deringer looks at how the UK's new regulator has performed during its first 12 months, and predicts where it will focus attention in 2003

The Ministry of National Economy has unveiled draft legislation setting out the framework for corporate bonds and securitization operations. The purpose of the new rules is to modernize existing legislation on bond issuance and provide Greek companies with new sources of funding. While the government itself has made some use of securitization in recent years, existing legal rules are quite unfavourable, as far as corporates are concerned. The draft attempts to correct this situation by providing a new set of regulations on the issuance of bonds backed by assets, including real estate and monetary claims against third parties, by Greek societe anonymes, as well as some necessary tax relief. New rules on issuing bonds are also proposed, at a time when the use of debt as a means of raising capital is being encouraged by the Athens Exchange and the Ministry of National Economy. It will become possible to issue bonds following a decision to do so by a company's board of directors, rather than needing a shareholders' decision as before.

The Securities and Exchange Law of Japan does not generally require any company to report quarterly business results and financial condition. Although certain listed companies voluntarily disclose financial results on a quarterly basis, only companies with their securities listed on certain markets for emerging companies, such as Mothers on the Tokyo Stock Exchange (TSE), are required to file quarterly disclosure statements under the regulations of the relevant stock exchanges.

The cold winds of corporate scandal and tightening securities regulation are blowing north from the US. Ben Maiden reports on how Canada is trying to keep its own identity, at its own pace

Clifford Chance has advised on a €6.6 billion ($6.78 billion) real estate securitization for the Italian government.

Hong Kong has joined the growing number of jurisdictions where synthetic collateralized debt obligations (CDOs) are becoming popular.