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The application of the EU's new Insolvency Directive will not be as uniform in practice as is hoped, say Raffaele Rizzi and Georgina Caldwell of Credit Suisse First Boston

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

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.

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

At present, Hong Kong has an effective legal framework for safeguarding personal privacy in relation to consumer credit data. The use of recorded information relating to an individual's credit transactions is regulated by the Personal Data (Privacy) Ordinance and the Code of Practice in Consumer Credit Data. In light of the considerable increase in the default rate on loans and credit card spending, the financial industry proposes relaxation to certain provisions of the Code, particularly a greater sharing of positive credit data via a credit reference agency, as a measure to contribute towards alleviating the problem of growing consumer indebtedness and personal bankruptcies.

The Ministry of Foreign Trade and Economic Cooperation (Moftec) has issued a notice which permits the establishment of joint venture logistics enterprises in certain pilot cities and provinces in China. The Notice on Issues Related to the Launch of Pilot Projects for the Establishment of Foreign-Invested Logistics Enterprises was issued on June 20 2002 and came into force 30 days later. It applies in Beijing, Tianjin, Shanghai, Chongqing, Zhejiang, Jiangsu, Guangdong and the Shenzhen Special Economic Zone.

The Swedish Industry and Commerce Stock Exchange Committee (Näringslivets Börskommitté or NBK) has issued a new recommendation regarding information about the benefits for senior managers of Swedish and foreign companies whose shares or depositary receipts are listed in Sweden. Foreign companies can be granted exemption from the information requirements under the recommendation by the stock exchange or marketplace where the company's shares or depositary receipts are listed. Information under the new recommendation must be provided for the first time in the 2002 annual report. Should the benefits be amended in any material proportion by comparison with previous given information, this must be disclosed in the following interim report. Foreign companies can, in consultation with the relevant Swedish stock exchange or marketplace, give the information elsewhere than in the annual report or the interim report. The recommendations from NBK are part of the listing contract with the Stockholm Stock Exchange.

The Helsinki Exchanges have introduced amendments to their rules concerning, among other things, the listing of securities, disclosure requirements and the regulation of the surveillance list. The amended rules came into effect on September 1 2002. The amendments are largely based on practical experience and are intended to be in line with the amendments to the Securities Market Act. The amendments concerning the listing of securities and disclosure requirements were discussed in detail in an article in the International Briefings section of IFLR in June 2002. In addition to the amendments referred to above, a new "cent share" list will be introduced in December 2002.

Securitization specialists in the US are worried that recent proposals by the Financial Accounting Standards Board could damage the securitization market.