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Market manipulation, which involves deception and dishonesty, has long been regarded as a serious crime in Hong Kong. But despite a maximum penalty of two years' imprisonment, it appears there are no sentencing guidelines relating to it.

The Securities and Exchange Law provides that continuing financial disclosure of companies to the investing public must be reported on a consolidated and non-consolidated basis. In contrast, the Commercial Code provides that financial disclosure to shareholders must be prepared on a non-consolidated basis and the Corporate Tax Law provides that corporate tax must be calculated on a non-consolidated basis.

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:

The Prague stock exchange has been given a much-needed boost with the listing of Austria's oldest commercial and savings bank on the Czech market.

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

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

By Dr Lorenzo Olgiati of Schellenberg Wittmer

By Alberto Toffoletto and Alessandra Stabilini of NCTM, Milan