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Japanese corporate governance is in the process of undergoing major reform. As part of this, amendments in the areas of directors` liability, derivative actions and corporate auditing will take effect on May 1 2002.

As Europe expands into the emerging markets of eastern Europe, Spanish lawyers are looking to Madrid's lawmakers for a more competitive environment. By Thomas Williams

A draft government bill for a new act on real estate investment funds (Immobilien-Investmentfondsgesetz) aims to establish a new type of investment fund in Austria, namely, the real estate investment fund.

The election of a new government could mean radical changes in the Portuguese financial markets. Some Lisbon lawyers think it may be too late. Thomas Williams reports

The EU's High Level Group of Company Law Experts has effectively advocated one share one vote across all types of risk bearing share capital. James Palmer of Herbert Smith explains why this will cause more harm than good to the European capital markets

Taiwan's lawmakers are looking at proposals to allow the securitization of property, helping to increase activity in the real estate market.

In response to recent international agreements, proposed changes to Australia's anti-money-laundering laws will mean increased penalties for non-compliance and a broader range of obligations concerning reporting, investigations, property-tracking and disclosure.

Securitization specialists are carefully considering an announcement by Eurostat that it intends to change the way it looks at sovereign debt securitizations when drawing up country balance sheets.

As a reaction to China's accession to the World Trade Organization, new regulations have been introduced broadly classifying the projects in which foreign sponsors may or may not invest. The projects are listed in four categories: encouraged, permitted, restricted and prohibited. The new legislation appears in the Provisional Regulations for Guiding the Direction of Foreign Investment, and the Catalogue for Guiding Foreign Investment in Industries, effective from April 1 2002. These replace similar regulations dating from 1995 and 1997 respectively.

New provisions appear in a revised Code of Banking Practice dealing with debt collection agencies in Hong Kong. These are significant in that they prohibit the use of certain improper or harassment tactics and require banks and financial institutions authorized under the Banking Ordinance (AIs) to stop collecting debts once the debtor is adjudged bankrupt. They also impose systems and procedures for the selection of debt collectors and the monitoring of their performance. AIs are required to comply with the revised Code on or before June 1 2002.