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The novel structure of a joint venture between Lehman Brothers and Woori Finance Holdings, to buy up to $8.4 billion of non-performing loans (NPL) in Korea, has established a model for future distressed asset deals in Asia.

The European Securitisation Forum has added its voice to those questioning proposed changes to international accounting standards. Rob Mannix reports

The US Securities and Exchange Commission has admitted that tough deadlines for implementing Sarbanes-Oxley mean the regulator has little time to consider exemptions for foreign issuers.

October 2002 marked the first anniversary of the proclamation of Canada's Financial Consumer Agency of Canada Act. The Act makes fundamental changes in the areas of financial institution ownership, investment, operations, corporate governance, consumer protection, and foreign bank branch regulation, thereby potentially having significant influence on the business decisions of Canada's financial institutions. New ownership regimes mean banks and insurance companies are now categorized according to size based on shareholder equity. New rules permit expanded interests to be held in Canadian financial institutions. In addition, regulated, non-operating bank and insurance holding companies may be established.

Regulators in South Korea have introduced rules intended to swell the flow of corporate information to shareholders. Yet the new regime could have precisely the opposite effect, say Woong-Soon Song and Sang Man Kim

Amendments to the Hungarian Labour Code, effective from September 1 2002, appear to favour employees' interests over those of employers.

Overseas investors queuing up to buy Chinese targets, following the imposition of new M&A rules, may end up disappointed. By Teresa Ko

The international financial community now has its first chance to review proposed changes to the Basel Capital Accord. Chris Bates answers some of the questions bankers may have

Underwriters as well as issuers should consider the effects of America's corporate governance clean-up. James Bartos and David Beveridge discuss the implications for banks of recent legislation

The Turkish Banking Regulation and Supervision Agency (the BRSA) has taken on the mission of changing the banking system radically and in furtherance of its efforts has issued the Regulation on the Establishment and Activities of Asset Management Companies (AMCs).