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More complex securitization structures have less chance of protecting investors from losses should the originator go bankrupt, a new survey reveals.

Some recent case law gives cause for concern regarding the tax deductibility in Belgium of expenses relating to put or call options on shares. This article will first briefly discuss the applicable principles and provisions as well as the case law. Subsequently, it will establish that the legal grounds of this case law are contestable and that it appears possible to circumvent this case law easily, so that expenses' relation to options on shares should still be tax deductible in Belgium. This article will not discuss the particular cases in which there can arise, in Belgium, such expenses with respect to options on shares.

The restructuring of Marconi is troubling the derivatives market. Those who have bought protection against the company are unsure whether its agreement with lenders counts as a credit event. Could banks find their credit swaps against other companies are similarly vague?

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

In the August issue of IFLR, Simon Gleeson of Allen & Overy criticized elements of the UK market abuse regime. Here, Charles Abrams of SJ Berwin says why he believes it is perfectly safe

The US should not meddle in the organization of companies outside its jurisdicion, even if those companies access the US markets, says Ed Greene of Cleary Gottlieb Steen & Hamilton

The Superintendency of Securities has set out to unify the provisions regarding the issuance of mortgage bonds in Colombia. This comes with the issuance of Resolution 542 of 2002 which replaces Resolution 89 of 2000.

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.