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The financial crisis that hit Turkey recently has demonstrated how the country must strengthen its banking system in order to have a robust economy. As part of its efforts to create a sound and stable banking system and to achieve international banking standards, Turkey has been undergoing a fundamental restructuring. After the introduction of the amendments to the Banks Act No 4389 in May 2001, the necessary complementary regulations were also passed. On June 27 2001, the Regulation on the Mergers and Acquisitions of Banks and the Regulation on the Establishment and Activities of Banks were approved, and on June 30 2001, the Provisioning Regulation was introduced. Although the effects of the financial crisis can still be seen, these regulations have demonstrated to foreign investors interested in entering the Turkish banking sector that Turkey is taking the necessary steps for rapid progress.

On December 13 2001 the Finnish government submitted a bill to parliament concerning a number of amendments to be made to the Interest Act. The amendments would, in particular, change the provisions governing penalty interest on overdue payments.

On November 29 2001, the National Monetary Council approved Resolution 2.907, authorizing investment funds in receivables and investment funds in shares of the funds in receivables.

Blake, Cassels & Graydon LLP Box 25

With liberalization in a state of paralysis, India’s legal market remains closed to outsiders. Many observers are concerned that this is hampering both the development of local law firms and the economy as a whole. Nick Ferguson reports

The Commission des opération de bourse (COB) will soon complete its radical shake-up of securities regulation for the French markets. The reforms were inspired and influenced by the globalization of markets and increased volatility of share prices. The COB has to an extent been forced to follow both the markets and SEC’s lead. However, as Edward Kamman of Skadden, Arps, Slate, Meagher & Flom in Paris explains, the French reforms have much to teach other regulators in the fields of present disclosure and communications restrictions during offerings

Clifford Chance has advised on Hong Kong's biggest ever merger. The merger of Bank of China with 10 financial institutions in Hong Kong required legal advice in 45 jurisdictions around the world. Clifford Chance claims the deal is unprecedented, not just in Hong Kong, but worldwide.

"It has become a self-fulfiling momentum as issuers try to take advantage of low interest rates and the recovery of the stock markets".

The Security by means of Movable Property Act 1993 commenced on May 7 1993 and regulates the legal consequences of a special notarial bond over movable property described in the notarial bond. The effect of registration of such a bond is that the bondholder is placed in the same position as a pledgee and acquires a so-called "real right" to the movable property described in the bond, which means that the rights to the bonded property are not affected, even where the bonded property is alienated to third parties. A real right is distinguishable from a personal right, in that a real right is enforceable against third parties and not just against the person(s) privy to the security arrangements (as is the case with the personal rights).

"I am much happier that we now have a single regulator instead of what we had before which was frankly pretty ineffective"