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  • Authorities in Shanghai are looking at developing rules for a corporate credit-rating system, according to local lawyers.
  • A revised Code of Banking Practice, applicable to relationships between individual customers and authorized institutions under the Banking Ordinance (AIs), became effective as of December 1 2001. AIs generally have six months to comply with its terms.
  • Financial institutions will soon have to adopt more transparent practices in the way they allocate shares to institutional and retail investors in primary offerings.
  • The Ministry of Foreign Trade and Economic Cooperation (Moftec) recently issued Interim Measures regarding Examination and Approval of Foreign Invested Leasing Companies (FILCs). Taking effect as of September 1 2001, the Measures contain a framework for foreign investors to form equity or cooperative sino-foreign JV leasing companies.
  • Bankers in over 15 countries fear domestic and international regulation is a growing threat to their business, according to an industry survey published in February. The rulemaking of national regulators such as the UK's Financial Services Authority, and efforts to introduce global measures such as the Basle II capital accord, now rank as top-10 threats to the banking world, the survey suggests.
  • Hong Kong's securities regulators plan to allow investment banks to support the share price of newly-listed companies.
  • Mario Fernandez Pelaz will join Uría & Menéndez after leaving his role as general counsel and a member of the executive committee of the Banco Bilbao Vizcaya Argentaria (BBVA) group, one of Spain's leading banks.
  • Freehills is pushing ahead with plans to expand its Vietnamese focus after hiring the former head of Freshfields Bruckhaus Deringer's Ho Chi Minh City office.
  • US lawyers have given a cautious welcome to the US Securities and Exchange Commission's (SEC) plans to radically reform corporate disclosure rules in the wake of the Enron affair.
  • With the new Basle capital accord due by the end of the year, the committee has turned its attention to securitization and issued a working paper discussing risk sensitive and ratings-based approaches. Mark Nicolaides and Emma Dmitriev of Mayer Brown Rowe and Maw, London, review the implications