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China's State Economic & Trade Commission, Ministry of Finance, State Administration of Industry & Commerce and State Administration of Foreign Exchange issued Tentative Rules on Using Foreign Investment to Reorganize State-owned Enterprises on November 8 2002.The rules will take effective from January 1 2003.

The Mexican Derivatives Market (Mercado Mexicano de Derivados) known as MexDer was set up to create a standardized market to negotiate and quote futures and options. It was establishd in response to the need for financial tools that can protect against fluctuations mostly in currency prices and interest rates.

In order to preserve transparency in the market and protect minority shareholders' rights the Colombian Superintendency of Securities has issued Resolutions 116 and 157 of 2002. The resolutions define some practices as illegal and others as contradictory to stock exchange practices. These regulations apply to publicly listed companies.

The International Accounting Standards Board (IASB) has proposed that companies should account for share-based payment transactions, including employee's share options, as an expense.

The past few years have seen considerable debate between Offshore Financial Centres and a number of overseas authorities and governments, including the UK government (highlighted by the KPMG report), the OECD and its Financial Action Task Force regarding bearer shares. Most British Virgin Island International Business Companies (IBCs) have included in their memoranda of association the power to issue bearer shares. The reality seems to be that only a minority of IBCs actually issue bearer shares. However, the possibility that a large number of the Islands' IBCs may have actually issued bearer shares has placed the British Virgin Islands, in particular, under intense international scrutiny.

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Dealing with bad debts in emerging markets is often a difficult and worrying experience. Local legislative frameworks and business practices can be bewildering and unfriendly to outside creditors. Steven Kargman* offers advice on some of the key challenges they may face

Six law firms last month advised on the completion of the largest revenue bond deal in US history. The transaction, on behalf of California's Department of Water Resources (DWR), raised $11.3 billion in power supply revenue bonds as part of the state's attempt to finance its way out of last year's energy crisis. The deal closed on November 14.

The Italian government's plans for civil code reform affecting businesses are likely to be pushed back, allowing the securitization industry more time to lobby officials on changes enabling a form of whole business securitization to take place.

Keeping Sarbanes-Oxley in perspective reveals that the new requirements should not discourage smaller non-US companies from listing in New York. Robert DeLaMater, Michael DeSombre and Melissa You of Sullivan & Cromwell argue that some Asian stock exchanges impose restrictions that create more practical burdens than those threatened by the new US legislation