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The German government has said it will exempt banks from a law that has made true sale securitizations impossible for the past two years.

Secondary legislation to amend insolvency reforms in the UK Enterprise Act will extend administrative receivership rights to complex structured finance deals.

The Lamfalussy process will fail and the creation of a centralized European Securities and Exchange Commission (SEC) is inevitable, according to a new paper on the future of European securities regulation.

Ben Maiden reports from New York on moves to tackle investor concerns over mutual and hedge funds

In September 2002 the British Virgin Islands government introduced amendments to the Insurance Act 1994 to create a regime for the registration and regulation of segregated portfolio companies (SPCs) (known in some other jurisdictions as protected cell companies). The Insurance (Amendment) Act 2002 (the Amendment Act) was introduced following a perceived demand from the international insurance market and is designed primarily to facilitate so called rent-a-captive operations, aimed to assist companies that are too small to form a captive insurance company of their own. (The Amendment Act and the Insurance Act 1994, are collectively referred to in this briefing simply as the Act).

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

The Financial Services and Markets Act provides a simple way to reorganize banks. John Odgers, a barrister from 3 Verulam Buildings, London, answers key questions about how the process works

An Australian court has ruled that the experts consulted to provide quotations for the calculation of a close-out amount under an Isda Master Agreement should have used a valuation method radically different from the one commonly accepted. The decision has implications for the valuation of Isda-based derivatives, says Andrew Fernbach of Mallesons Stephen Jaques

In early February, the Supreme Economic Council (SEC) issued a revised Negative List of industries in the Saudi economy in which foreign investment is prohibited. The SEC recently announced that it will permit foreign investment in the following three industrys that appeared on the initial Negative List issued in February 2001: electrical energy distribution services; pipeline transport services; and educational services, including primary, secondary and adult education.

A new Act has significantly amended Ukraine's corporate profit tax regime, effectively decreasing the overall tax burden and eliminating many ambiguities thought responsible for conflicts with tax authorities (Act of Ukraine No 349-IV, effective January 1 2003). The main effects of the new Act are as follows: