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The New Zealand Bankers' Association (NZBA) has recently released the third edition of its Code of Banking Practice. The revised Code, which came into force on December 2 2002, does not make substantial changes to the second edition of the Code. It incorporates most of the material from a Statement of Principles issued by the Bankers' Association in 1999 and, unlike with previous editions, applies equally to business customers. The Code includes new sections about the provision of credit and merchant card services. It has also been reorganized and contains more explanation of each section, possibly at the expense of its accessibility to the public.

Ben Maiden reports from New York on reaction to the appointment of Harvey Pitt's replacement as SEC chairman

The SEC has issued the first enforcement actions under its disclosure rules. The cases point to some of the difficulties in applying Regulation Fair Disclosure but should help issuers understand the types of activities it forbids. Leslie Silverman and SK Kang of Cleary Gottlieb Steen & Hamilton, New York, and Sebastian Sperber and James Small in Hong Kong explain

In October 2002 the Finnish government issued a proposal to the Finnish parliament to replace the existing Finnish Act on Financial Supervision by a new Act of the same name. The purpose of the proposed Act is to intensify and make more efficient financial supervision through a number of amendments to the supervisory measures and powers available to the Finnish Financial Supervision Authority (FSA) and to increase the authority of the FSA.

The conditions under which the assignment of a claim can be invoked against the debtor of the claim and other third parties in Belgium are set out in Article 1690 of the Civil Code.

Government representatives have agreed on an international convention governing which law applies to cross-border securities transactions. Christophe Bernasconi and Richard Potok, who have spearheaded the negotiations over the past two-and-a-half years, explain the need for the Convention and how it will benefit the securities industry

A group set up by the EU to advise on the regulation of financial analysts has met for the first time.

China Motor Bus Company recently used new tactics to beat off a hostile takeover from Asia Time Investments. Nick Rees and Christopher Walker, of Linklaters in Hong Kong, reveal the lessons to be learnt from an unusual bid

On November 29 2002 the Mexican government published new regulations applicable to institutional investment funds (afores) (Consar 15-8). These regulations are a result of new government policies towards promoting the growth of the institutional investment industry.

The nature of the payments abroad to non-residents or non-domiciled foreign entities determines the applicable income and remittance tax withholding in Colombia. This applies at a rate of 7% in the case of dividends, of 10% in the case of technical assistance, technical services and consulting services, and 39.55% in the case of financial earnings, commissions, fees, and royalties.