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Capital gains tax on the disposition of shares by individuals is undergoing major reform. Various special measures are being introduced with a view to revitalizing Japanese stock markets by giving special incentives to individual investors in their stock investments.

Cleary Gottlieb Steen & Hamilton and Clifford Chance have advised on one of the largest project financings to close in Germany.

Japan has set the course for laws governing asset-backed finance. Taiwan and Korea aim to follow. By Tim Lester and Mohammed Asaria, of Lovells, and Udo van der Linden of ING

Marun Jazbik and Frederico Buosi of Allen & Overy report on how banks are using new structured deals to defy the jitters of Latin American markets and raise money

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.