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The Product Liability Act (PLA) is expected to come into force in July 2002. However, a recent court ruling should alert consumer product manufacturers and distributors in Korea about product liability risks even before the PLA comes into force. The case concerned a tort claim for injuries from a sudden acceleration incident involving an automatic transmission automobile. The burden of proof on the alleged defect of the automobile in this case was shifted to the manufacturer, for the reason that the manufacturer has more detailed technical knowledge while the consumer is not expected to have the high level technology to test such product and would purely rely on the manufacturer. Until last year, in several similar reported cases, courts had ruled that the burden is on the claimants to prove alleged defects on the products.

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

The Chinese authorities are creating a framework that they hope will attract venture capital funds onshore. Jonathan Lemberg, Xiaohu Ma, Paul Boltz and Jun Deng discuss the pros and cons of the new regime

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

Morrison & Foerster (MoFo) has advised the Chinese authorities on the creation of a framework for venture capital investment inside China. The Californian firm approached the Ministry of Foreign Trade and Economic Cooperation (Moftec), one of three agencies involved in drafting the new rules, when it learned that plans were afoot to allow Chinese companies to more easily solicit venture investment from foreign funds.

Like China, Russia is keen to entice offshore venture capital and private equity onshore. Daniel Gogek of Lovells, Moscow, explains the steps it is taking and how far it has to go

The Australian Stock Exchange (ASX) is proposing to amend the provisions in its listing rules related to foreign exempt companies. The advantage of foreign exempt status is that companies that satisfy the requirements are not subject to most of the ASX's listing rules. The proposed changes will dramatically raise the threshold for admission into the foreign exempt category. This will have serious consequences for a number of New Zealand companies that are already listed on the ASX as foreign exempt.

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.

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

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