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In September 2002 the government of India relaxed its guidelines for external commercial borrowings (ECBs) allowing companies to raise foreign loans on liberalized terms from any internationally-recognized source.

China is continuing to work towards improving the business and financial health of the commercial banking sector by tightening internal controls. On September 18 the People's Bank of China (PBOC) issued its Guidelines for the Internal Control of Commercial Banks. The Guidelines declare the general goals and requirements of internal control systems and provide specific control functions in respect of credit business, treasury business, deposit and counter business, intermediary business, accounting and computer systems. In addition, the Guidelines impose personal liability for senior managers and internal audit committees and their members who fail in their duties to take measures to rectify breakdowns of internal controls.

The Mexican Investment Corporations Law (Ley de Sociedades de Inversión) has created four different types of funds:

US efforts to shut down terrorist financing by forcing domestic banks to re-examine their dealings with foreign equivalents threw the industry into disarray last year. New finalized rules bring order to the confusion. Brian Volkman explains

Twenty-four of the most prominent law firms in the US have united to issue a consensus view on the proper application of Section 402 of the Sarbanes-Oxley Act, which bans companies from giving directors and executive officers personal loans.

Regulators from around the US are queuing up to condemn investment banks for their use of analysts and allocation of shares in lucrative offerings. Ben Maiden reports from New York on the battle over Wall Street

When Merrill Lynch fell foul of US securities laws during China Telecom's initial public offering, the bank's actions highlighted industry-wide cracks in internal compliance. By Andrew Crooke

In the second of two articles, Tim Lester, Mohammed Asaria and Udo van der Linden consider the future for asset-backed finance in Korea and Taiwan as both countries strive to learn from the progress of neighbouring Japan

Regulators in South Korea have introduced rules intended to swell the flow of corporate information to shareholders. Yet the new regime could have precisely the opposite effect, say Woong-Soon Song and Sang Man Kim

Australian banks have less than a year to comply with the country’s new code of practice. Ros Grady reports