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South Korea's competition watchdog has said some of the country's largest companies could have to sell shareholdings worth $2.9 billion or risk losing their voting rights on the stakes. The Fair Trade Commission has accused the Korean conglomerates (chaebols) of violating Korean laws aimed at limiting the size of companies.

By Michael Evans

US-style exchange offers are catching on in the Eurobond market. James Cole of Shearman & Sterling explains how they are carried out

David Deck of Shearman & Sterling on why the peculiarities of Japan’s rent laws make real estate-backed deals tricky

Stefan van Rossum of Van Doorne explains why Dutch banking reforms will mean restructuring debt programmes that use a Netherlands-based vehicle

The New Zealand general election was held on July 27. Contrary to early predictions, the incumbent Labour government did not win enough seats in the House of Representatives to have a clear majority. Labour (52 seats) and the Progressive Coalition (two seats) won 54 seats between them in the 120 seat House and opted to form a minority government, relying on a formal agreement with United Future New Zealand (eight seats) to support them on matters of confidence and supply. Labour leader Helen Clark will enter her second three-year term as prime minister and the majority of cabinet ministers will retain their pre-election portfolios. Despite Labour winning only a minority of seats in the House, it is likely that the government will continue with its pre-election monetary, banking and securities markets and institutions policy.

In July 2002 the pan-European exchange virt-x announced the introduction of a central counterparty (CCP) for spring 2003. With the interposition of the CCP between the parties trading on virt-x, clearing as a new element will be introduced after the trading (buying and selling of securities) and before the settlement (delivery and payment of securities in fulfilment of the contractual obligations resulting from trading).

A row has blown up over provisions in the Enterprise Bill that some say could damage asset-backed deals. Tom Williams investigates

The International Accounting Standards Board must rethink some of its proposed rule changes, say Mark Nicolaides and Saffron Street of Mayer Brown Rowe & Maw

After many years of uncertainty, the Korean government's official position regarding the opening of the Korean legal market may be unveiled in the not-too-distant future. In accordance with a procedural schedule adopted by the World Trade Organization (WTO), 14 nations have, as of the end of June, submitted their requests regarding the opening of the legal market in Korea. The Korean government is required to submit its response by March 30 2003 and negotiations between the WTO member nations and Korea are to be concluded by the end of 2004.