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The European Prospectus Directive will create one set of rules for listings in all EU markets. The regulations will also lead to bland documentation and could stop smaller companies listing in the EU, says Clifford Dammers of the International Primary Market Association

Following recent regulations, French banks must take a share of the blame if investors feel they have been misled about a deal. Rob Mannix asks lawyers how well their clients will adapt to the new rules

Last month the SEC approved proposed new rules on the conduct of lawyers under the Sarbanes-Oxley Act. Richard Hall at Cravath Swaine & Moore questions whether the Commission should be regulating the legal profession at all

The signing of Vietnam's first build-operate-transfer project financing is being tipped to show the way for further deals of this type in the power sector.

The UK government has conceded that secondary legislation is needed to ensure the Enterprise Act does not restrict innovative securitizations.

The latest announcements from the Basel Committee on Banking Supervision have left securitization banks cold. Rob Mannix reports

Distressed Turkish companies in almost every industry are attempting to restructure their debts to survive and continue their operations in the wake off the recent economic crisis. The main piece of legislation addressing restructuring is Law No 4743 on Restructuring of Debts to the Financial Sector and amendments to certain laws followed by the Regulation on the General Terms of the Approval, Acceptance and Implementation of Financial Restructuring Framework Agreement.

The success of New Zealand's export credit scheme, launched in July 2001, has so far been limited. In the year to July 2002, the Export Credit Office (ECO) received inquiries for support for 18 transactions, for exports valued at about NZ$550 million ($274 million). Despite the interest in the scheme, as yet, no applications have been successful, though several are still being processed and some have been re-submitted for approval. Some critics have suggested that the lack of approved transactions is because the parameters of the scheme have been too rigid and limited. However, a recently completed 12-month review of the scheme seeks to address any such problems and proposes far-reaching improvements. It is hoped that the revamped scheme, which widens the pool of eligible transactions and the level of cover provided, will give the ECO more flexibility and that, as a result, it will be easier for exporters to meet the necessary criteria to have an application for export credit insurance approved.

The main purpose of the Chukan Hojin Law, which took effect on April 1 2002, is to allow certain non-profit organizations to become separate legal entities. Any organization, the members of which share a common interest, whether it is for profit or not, so long as it does not distribute dividends to its members, is entitled to apply for chukan hojin status.

Recent cases reflect the stringent approach taken by the Securities and Futures Commission (SFC) to upholding the Securities (Disclosure of Interests) Ordinance (SDIO). The Commission successfully prosecuted relevant parties under SDIO in three different actions within the past two months.