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The past few years have seen considerable debate between Offshore Financial Centres and a number of overseas authorities and governments, including the UK government (highlighted by the KPMG report), the OECD and its Financial Action Task Force regarding bearer shares. Most British Virgin Island International Business Companies (IBCs) have included in their memoranda of association the power to issue bearer shares. The reality seems to be that only a minority of IBCs actually issue bearer shares. However, the possibility that a large number of the Islands' IBCs may have actually issued bearer shares has placed the British Virgin Islands, in particular, under intense international scrutiny.

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Dealing with bad debts in emerging markets is often a difficult and worrying experience. Local legislative frameworks and business practices can be bewildering and unfriendly to outside creditors. Steven Kargman* offers advice on some of the key challenges they may face

Six law firms last month advised on the completion of the largest revenue bond deal in US history. The transaction, on behalf of California's Department of Water Resources (DWR), raised $11.3 billion in power supply revenue bonds as part of the state's attempt to finance its way out of last year's energy crisis. The deal closed on November 14.

The Italian government's plans for civil code reform affecting businesses are likely to be pushed back, allowing the securitization industry more time to lobby officials on changes enabling a form of whole business securitization to take place.

Keeping Sarbanes-Oxley in perspective reveals that the new requirements should not discourage smaller non-US companies from listing in New York. Robert DeLaMater, Michael DeSombre and Melissa You of Sullivan & Cromwell argue that some Asian stock exchanges impose restrictions that create more practical burdens than those threatened by the new US legislation

Following recent regulations, French banks must take a share of the blame if investors feel they have been misled about a deal. Rob Mannix asks lawyers how well their clients will adapt to the new rules

Securitization lawyers in Paris are angry about court judgments that are holding back their industry. Rob Mannix finds out why the French government must legislate if it is serious about promoting structured finance

Last month the SEC approved proposed new rules on the conduct of lawyers under the Sarbanes-Oxley Act. Richard Hall at Cravath Swaine & Moore questions whether the Commission should be regulating the legal profession at all

Herbert Smith advises insurer on rights issue and restructuring