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Article 113 of Law No 267 of August 18 2000, regulating modalities for the management of local public services, has been recently amended by Article 35 of Law No 448 of December 28 2001 (the 2002 Financial Law).

On December 5 2001 the Minister for Finance announced the final budget of the present government prior to the next general election, which is due to take place in the first half of 2002.

The listing rules of the Hong Kong Growth Enterprise Market (GEM) were amended as of October 1 2001. Key revisions of note include the following:

Elizabeth Uwaifo, Sidley Austin Brown & Wood Sidley Austin Brown & Wood and Linklaters have closed a euro 2 billion ($1.8 billion) synthetic collaterallized debt obligation (CDO) for KBC bank. The deal was the second CDO to be issued from the Irish special purpose vehicle Cygnus Finance.

"The legislative branch of the government is essentially saying that some of the agencies of the executive branch have fallen down on the job"

Mayer Brown & Platt is expecting to scoop at least three new securitization deals after hiring Drew Salvest to strengthen its US-law capabilities.

Jeffrey Wilson of Baker & McKenzie, Hong Kong, explores how China’s new insurance regime for foreign investors has failed to improve on the Shanghai Measures and may not meet WTO standards

On January 1 2002 several amendments to the Securities Market Act (the SMA) and a number of related securities laws became effective. The amendments relate mainly to the definition of securities under Finnish law and introduce new provisions concerning other forms of public trading as well as alternative professional trading places to be established by authorized stock exchanges, investment firms and credit institutions. In addition, the amendments introduce provisions intended to increase the level of internal supervision conducted by market participants involved in the Finnish securities markets.

With pressure mounting on offshore jurisdictions to tighten up their tax haven status and secrecy rules, lawyers are looking to adapt their legislative environments to encourage work in sophisticated cross-border transactions. Thomas Williams reports

Allen & Gledhill has advised the Development Bank of Singapore (DBS) on the bank's first synthetic securitization, backed by a $2.8 billion corporate loan portfolio.