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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.

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.

Hong Kong's securities regulators plan to allow investment banks to support the share price of newly-listed companies.

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.

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

Whether it is by means of a corporate acquisition, the formation of a joint venture or the creation of a Mexican subsidiary or branch, foreign enterprises doing business in Mexico always face the need to send foreign nationals to oversee their investments or operations in Mexico. The economic slowdown has now brought the need for some of these entities to lay off or reduce the workforce of their business ventures in Mexico. This has raised a very significant issue as to whether or not the foreign expatriates are entitled to severance payments under the labour laws of Mexico. Although the Mexican labour laws are federal in nature, the labour courts are local and do not form part of the judiciary, but rather of the state or local executive branch. Their decisions are not public or published and, unless this issue is taken by means of constitutional review to the federal circuit courts, there is no possibility of looking for a court precedent. In fact, even if a circuit court takes a particular view on the topic, such a precedent is, in general terms, not binding on any other circuit courts within the country. We have not found any circuit court precedent that may give some guidelines on the issue at stake. As surprising as it may seem, foreign expatriates rendering services in Mexico on account of foreign companies have been opting to sue in the Mexican labour courts against: (i) the Mexican entity; and (ii) the foreign parent and/or sister entity, claiming severance payments under the labour laws of Mexico.

On October 11 2001, the House of Lords handed down judgment on eight appeals relating to claims by banks for possession of marital homes under mortgage. In each case the security was granted by a wife to secure her husband's debts. The wives were claiming that the security was unenforceable because they had signed under the undue influence of their husbands.

The New Zealand government has announced its intention to reform consumer credit law by introducing a new Consumer Credit Bill. The Bill will replace both the Credit Contracts Act 1981 and the Hire Purchase Act 1971. It aims to reduce the imbalance between lenders and consumers by implementing a stricter disclosure regime, increasing penalties and giving the Commerce Commission the power enforce the law and obtain redress on behalf of consumers. It is hoped that these measures will protect consumers and enable them to make more informed credit decisions.

On December 19 2001 the Finnish Association of Securities Dealers, the Finnish Association of Mutual Funds, the Financial Supervision Authority, the Finnish Shareholders' Association and the Finnish Bankers' Association agreed to set up a Securities Committee to settle disputes, issue recommendations and handle other issues concerning securities trading.

The Capital Market Board (CMB) is using its best efforts in order to ensure a transparent environment, enabling investors and publicly held companies to become part of a sound and prosperous market. As a result of these efforts it has promulgated several new communiqués.