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Herbert Smith advises insurer on rights issue and restructuring

Backers of Russian companies are looking forward to increased protection for their investments after comprehensive reform of the country's bankruptcy procedure was confirmed at the end of October.

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

Kevin Keogh of White & Case, New York, looks at the arguments surrounding the creation of independent analysts in the US, and suggests that trying to remove all conflicts of interest could be a waste of time

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.

The Saudi Arabian government has announced the planned privatization of over 20 areas of the country's economy.

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