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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.

Samsung Life Insurance has created a new template for Asia's increasingly sophisticated securitization market - cross-border residential mortgage-backed deals from Korea.

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

The launch of Korea's first hybrid tier one issue has opened the way for what some observers predict could be a $3 billion market over the next 12 months.

Ashurst Morris Crisp has advisedthe arranger of Tottenham Hotspur Football Club's securitization, the biggest and most complex UK football financing to date.

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

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.

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.

The Securities (Miscellaneous) (Amendment) Rules 2002, which came into effect on November 15 2002, introduced new exemptions for section 80 of the Securities Ordinance for relieving prohibition of the uncovered short selling of securities.

On November 7 2002, the China Securities Regulatory Commission and the People's Bank of China jointly issued the Interim Measures on Administration of Domestic Securities Investment of Qualified Foreign Institutional Investors (QFII). These measures allow foreign investors to invest in publicly traded, yuan-denominated A shares, treasury and corporate bonds listed on the Shanghai and Shenzhen stock exchanges. The new rules became effective December 1.