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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.

Stricter rules on insider dealing in Italy have been introduced as part of significant amendments to the Regulation of the markets organized and managed by Borsa Italiana SpA, the Italian Stock Exchange. The amendments to the Regulation came into force on July 15 2002.

Lawyers at Allen & Overy were tight-lipped after the launch of the first sovereign Eurobond by the Republic of Iran since the country's Islamic revolution in 1979. Together with Iranian firm Attieh, the UK firm's international debt and equity specialist Roger Wedderburn-Day advised book runners Commerzbank Securities and BNP Paribas on the €500 million ($506 million) deal launched on July 10. The Central Bank of Iran is not using outside counsel.

Mergers and acquisitions in the Russian Federation By Dmitry Nikiforov, Holly Nielsen, Olga Frolova and Alyona Kucher of Debevoise & Plimpton LLC, Moscow

by Soo Man Park, Min Han & Yong Ho Kim