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The Financial Services Reform Act 2001 (FSR Act) and consequential legislation was passed by the Federal Parliament, and received Royal Assent on September 27 2001. The start date for the FSR Act has been pushed back from October 1 2001 to March 11 2002 following consultation with key companies and industry associations from the financial services sector. A two-year transitional period will apply to licensing and disclosure provisions for existing participants.

Since gaining independence, Ukraine’s court system has struggled to modernize against the obstacles of old Soviet procedures and structures. Vladimir Zakhvataev of Salans Hertzfeld & Heilbronn, Kiev, explains the radical reforms introduced this summer

Jerome Jakubik of Baker & McKenzie, Chicago, discusses the structures and bidding procedures used by Asian financial institutions trying to dump burdensome non-performing loans

With many airlines battling to stay in business, the threat to lessors of a default on their payments is increasingly real. Mark Western and Mark Bisset of White & Case, London, offer advice to financiers

Sergei Stepanov of White & Case, Moscow, looks at how Russia is trying to improve corporate governance and give minority shareholders greater protection

In the aftermath of the terrorist attacks in the US, "know your customer" has taken on greater importance for banks. On September 26 the Hong Kong Monetary Authority (HKMA) issued 2 circulars to banks on this topic in reaction to the US President's Executive Order of September 24 aimed at freezing the assets of named terrorist organizations and stopping financial support for terrorists. The circulars predate the Basle Committee's guidance on customer due diligence for banks of October 4. While acknowledging the Order's extra-territorial basis, the HKMA again stressed the importance of banks in Hong Kong cooperating in international efforts against terrorist activities and not becoming involved (even innocently or accidentally) in facilitating such activities.

Geoffrey Yeowart of Lovells, London, assesses the Privy Council’s ruling in the Brumark case, which created uncertainty over fixed charges, and says there are lessons to be learned from Siebe Gorman

The government has recently presented Bill 108 of 2001, which aims to modify and update the Colombian securities market regulations, before Congress. The Bill provides for comprehensive regulation, which the government believes will considerably strengthen and boost the local securities market. In particular, the Bill provides a framework that contains stronger protection mechanisms for investors and incorporates recent international developments in corporate governance. It also includes regulations aimed at guaranteeing efficiency, transparency and adequate disclosure of information related to securities transactions.

Trust concepts in China took another step forward under the Administration of Trust and Investment Corporations (TICs) Procedures promulgated by People's Bank of China (PBOC) on January 10 2001.

Article 17 of the Decree on the Protection of the Value of the Turkish Currency was amended on July 26 2001 to facilitate the procurement of loans from foreign financial agencies. Before the amendment, foreign loans with an average maturity of 365 days had to register with the External Debt Log maintained at the Turkish Treasury within 30 days following the execution of the loan agreement. Previously, the borrower applied in person to the Treasury with a petition, accompanied by a copy of the loan agreement, to register their foreign loan.