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David Bernstein of Clifford Chance Rogers & Wells LLP, New York, argues for a return to old-style accounting. It may have been less accurate, but modern methods create confusion and hinder comparisons between one business and another, he says

Bank of China has completed one of the biggest and most complex deals in Hong Kong's history. The $2.47 billion offering will create the seventh-largest stock on the Hong Kong exchange by market capitalization. As one of Hong Kong's note-issuing banks Bank of China has a prominent name in the local market – a factor that certainly contributed to the deal's success. Cheating the odds, the offering priced at the top end of its range and was vastly over-subscribed. This, despite weak global demand for equities, depressed sentiment in Hong Kong and a bad loans problem that mirrors the problems within China's banking industry as a whole.

Allen & Overy has advised on the world's first global Islamic securities issue – the Federation of Malaysia's $600 million offering of trust certificates. The securities were issued in the form of trust certificates, governed by English law.

Saudi Arabia's Supreme Economic Council (SEC), chaired by Crown Prince Abdullah, recently approved a privatization strategy outlining those sectors of the economy to be partially or wholly privatized. The targeted sectors include telecommunications, power generation, desalination, railways, hospitals, and the postal service.

With the US gripped by fears of corporate dishonesty and the New York Stock Exchange proposing stringent governance rules, executives must be surer than ever that their behaviour is unimpeachable. By Mark Bergman and Heather White of Paul, Weiss, Rifkind, Wharton & Garrison

Allen & Overy's Simon Gleeson rebuffs accusations that lawyers have been spreading unnecessary panic among clients following the introduction of new UK market abuse rules

The Colombian Superintendency of Securities has recently defined new illegal, non-authorized and insecure practices in relation to publicly-traded companies, with the purpose of protecting the rights of minority shareholders, and of guaranteeing transparent decisions at general shareholders meetings (Resolution 0116, February 27 2002).

The Reserve Bank of New Zealand Bill, a new Bill aimed at strengthening the Reserve Bank of New Zealand's (New Zealand's Central Bank) powers of supervision and regulation of registered banks to bring them into line with international best practice was introduced on April 23 2002. The Reserve Bank first indicated that it was going to propose significant changes to its governing legislation in October 2000. This governing legislation is the Reserve Bank of New Zealand Act 1989, which sets out the functions and powers of the Reserve Bank and provides for a system of regulation and supervision of banks. The new Bill was introduced following consultation on the proposed amendments with interested parties and will have significant implications for both domestic and foreign-owned banks that do business in New Zealand.

With a view to bringing the regulatory regime of Hong Kong, which is fundamentally disclosure-based, more in line with its international counterparts and to assure the furtherance of investors' protection, the Securities and Futures Commission of Hong Kong (SFC) unveiled the Consultation Paper on the Securities and Futures (Stock Market) Rules in May 2002.

As part of Turkey's efforts to build a stronger economy and also as part of fulfilling its undertakings to the International Monetary Fund (IMF), parliament passed Law No 4749 on Public Finance and Regulation of Debt Management on March 28 2002.