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By Rob Mannix and Thomas Williams

Philip Gilligan of Lovells Hong Kong and Joe Bannister in London compare the challenges of recovering assets in China with the approach taken by the English courts

Frederic Rich of Sullivan & Cromwell in New York considers the key issues facing the project finance market over the coming years

The European Commission has agreed a formula on state aid for Landesbanks that should protect investors from a bank default. But the rules leave them at the mercy of guarantors. Robin Griffith and Michail Papadakis of Clifford Chance report

The European Regulation on Insolvency means proceedings commenced in one member state must now be recognized across the EU. Jennifer Marshall of Allen & Overy looks at some of the variables between the insolvency regimes in different countries

Electronic money has entered Austrian law. The e-money Act regulating the issuance of e-money became effective as of April 2 2002. It is largely based on the EC Electronic Money Directive of September 2000.

Samsung Capital has completed its third international asset-backed securitization deal. Freshfields Bruckhaus Deringer, which has been involved on all the company's deals so far, advised Merrill Lynch, the arrangers. The deal was valued at $296 million and differed from the previous two in that it was placed in the US in reliance on Regulation S and Rule 144A. It was launched through the Cayman Islands-registered Samsung-Capital Auto 2002-1 special purpose vehicle and achieved a triple-A rating thanks to a monoline wrap provided by Financial Security Assurance (FSA).

By Clare Davidson, New York

Twenty years ago IFLR ran a story on the Argentine crisis. Now another rumbles on. Stephen Hoare speaks to some of the financial markets’ leading personalities about the people, deals and regulations that have shaped our world in between

Dan Cunningham of Allen & Overy, New York, and Thomas Werlen, in London, call for innovation to drive the derivatives market forward