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UK barrister Iain Sheridan explains how new online trading rules in Europe will affect the financial services industry

Banks that have lent to telecoms companies should re-examine their security packages. Getting their money back could be harder than they think. By Diane Mage Roberts of Orrick Herrington & Sutcliffe

After another year of tough equity markets, Tom Williams reports on the legal advisers faring best and those fighting decline

A recent credit card-backed deal has edged Korea closer to using US-style master trust structures. By Clive Rough and Elton Cheung of Freshfields Bruckhaus Deringer

Saudi Arabia established the Saudi Communications Commission (SCC) last year to serve as the regulator for the Kingdom's telecommunications sector in advance of the long-awaited opening up of this sector to private investment. The first phase of this privatization scheme is a proposed floatation of 30% of the shares in the monopoly telecommunications operator Saudi Telecommunications Company (STC) by year-end: 20% to Saudi private investors and 10% to the two state-controlled pension funds. In July 2002, the SCC promulgated a set of rules to regulate and encourage private sector investment in the Kingdom's lucrative telecommunications sector. The rules are designed to encourage competition among various service providers and limit the ability of any one provider to exercise monopoly powers. Service providers with a dominant market position, for example, are required to obtain SCC approval for tariffs. They must also offer interconnecting service providers the same commercial terms and quality of technical access provided to their own divisions, subsidiaries or affiliates.

For over a year, Mexican commercial banks have been quoting among themselves and keeping track of a daily 91-day inter-bank offering rate known as Mexibor. It was not until July 29 2002 that the Mexican regulators authorized the banking industry to use the Mexibor for their commercial banking transactions with customers. This is a major change in the money markets in Mexico. Historically, it was the Mexican central bank, Banco de Mexico, that was the only entity legally-authorized to establish all such reference rates for the banking industry. This amendment only allows the commercial banks to set this 91-day reference rate, and leaves with the central bank the authority to establish all other reference rates available in the industry.

Spain, like other Western economies, has been shaken in the past months by a number of events. Some, like the financial scandals affecting large multinational corporations, originated outside Spain's borders; others, like a clutch of acquisitions of controlling stakes in competitor companies avoiding public offer (OPA) regulations, have a more local flavour; still others, affecting the way in which managers receive their remuneration (stocks and stock options), are Spain's reflection and reinterpretation of management trends that started abroad.

On September 2 the Irish Competition Authority announced plans to conduct a study of competition in banking services in Ireland. The Authority has the power to study and analyze any practice or method of competition affecting the supply of goods or the provision of services or any other matter relating to competition pursuant to the Competition Act 2002. The Authority has previously investigated sectors such as bus and rail passenger transport and licensed publicans. It is now investigating the professions.

The Hungarian parliament recently amended the Media Act to harmonize it with the relevant EU directives. As a result, Hungary and the EU finally closed the accession negotiations of the audio-visual and cultural policy chapter.

The UK's market regulator is to develop a disclosure regime for short selling and is considering ways in which to set up a cost-efficient framework to measure this controversial practice.