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Colombian banking laws are the main regulations applicable to local derivatives and financial operations. In addition, Colombian foreign exchange (FX) regulations, issued principally by the central bank, regulate cross-border derivative operations. The central bank has traditionally assumed and applied local banking regulations and interpretations issued by the Colombian banking superintendency to FX transactions entered into by financial institutions.

Australia has ventured furtively into the world of compulsory financial philanthropy. A new provision, s1013D of Australia's Corporations Act 2001, requires fund managers, superannuation funds and life insurance companies to disclose "the extent, if any, to which labour standards, environmental, social or ethical considerations are taken into account in the selection, retention, or realization of the investment".

In July the Securities and Futures Commission (SFC) issued a consultation paper intended to promote the protection of investors using exchange-traded funds (ETFs). This followed the pioneering launch in May of two Hong Kong ETFs relating to the Taiwan and Korea markets, and the anticipated future listing of other ETFs. The consultation paper's key recommendations include:

Philip Rapp and Lee Taylor of Clifford Chance, Singapore, and Vincent Mignon of Heidelberger Zement Group, analyze the company’s recent complex investment in Indocement

A recent study (October 2001) of takeover bids for Canadian targets has produced some interesting results. The survey looked at 75 announced bids since Justice Blair gave judicial approval for the use of breakup fees (also known as break fees) as bid inducements in the contest for WIC Western International Communications in early 1998.

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 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.

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.

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