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Clifford Chance has advised on a €6.6 billion ($6.78 billion) real estate securitization for the Italian government.

Hong Kong has joined the growing number of jurisdictions where synthetic collateralized debt obligations (CDOs) are becoming popular.

Heavily-indebted European companies could find themselves unable to tap international equity markets for extra funds as the result of a US-style corporate action brought against a UK company. The case was awaiting a ruling as IFLR went to press.

Auditors play only a small role in keeping a company honest. But in a bid to reassure investors after a spate of corporate scandals, the Australian government is wrongly limiting its reforms to the audit function, says Alison Lansley of Mallesons Stephen Jaques

The past six months have seen the successful completion of the first rated collateralized fund obligations. Shlomo Twerski, Paul Watterson and David Nissenbaum of Schulte Roth & Zabel explain how to structure this new financial product

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.

In connection with the bankruptcy of a regional savings and loan association at the beginning of the 1990s, a whole string of problems under the Swiss law governing the liquidation and capital reconstruction of banks came to light. The Swiss Federal Council has now proposed to parliament a revision of the law that would create a capital reconstruction and liquidation proceeding tailored to individual cases and would also coordinate the areas of capital reconstruction and liquidation with bank supervision. The new law would place all three areas under the exclusive jurisdiction of the Swiss Federal Bank Commission (SFBC).

Spain's new Law 44/2002 on Reform Measures of the Financial System - in which many surprises can be found - has finally been issued. It was published on November 23 in the Spanish Official Gazette (BOE no 281). Except for matters specified in Final Disposition number 3 (Disposición Final 3ª), the bulk of the Law is enforceable from the day after publication.

The Indian parliament passed the Securities and Exchange Board of India (SEBI) (Amendment) Bill 2002 on December 2, giving more powers - including search and seizure rights - to SEBI. The amendments introduce new standards for investor protection and regulation of the securities market.

Reforms to Russia's bankruptcy and insolvency proceeds should be paving the way to Russian prosperity, but good intentions are being undermined by less sophisticated thinking. Thomas Williams reports from Moscow