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The success of New Zealand's export credit scheme, launched in July 2001, has so far been limited. In the year to July 2002, the Export Credit Office (ECO) received inquiries for support for 18 transactions, for exports valued at about NZ$550 million ($274 million). Despite the interest in the scheme, as yet, no applications have been successful, though several are still being processed and some have been re-submitted for approval. Some critics have suggested that the lack of approved transactions is because the parameters of the scheme have been too rigid and limited. However, a recently completed 12-month review of the scheme seeks to address any such problems and proposes far-reaching improvements. It is hoped that the revamped scheme, which widens the pool of eligible transactions and the level of cover provided, will give the ECO more flexibility and that, as a result, it will be easier for exporters to meet the necessary criteria to have an application for export credit insurance approved.

The main purpose of the Chukan Hojin Law, which took effect on April 1 2002, is to allow certain non-profit organizations to become separate legal entities. Any organization, the members of which share a common interest, whether it is for profit or not, so long as it does not distribute dividends to its members, is entitled to apply for chukan hojin status.

Recent cases reflect the stringent approach taken by the Securities and Futures Commission (SFC) to upholding the Securities (Disclosure of Interests) Ordinance (SDIO). The Commission successfully prosecuted relevant parties under SDIO in three different actions within the past two months.

The Saudi Arabian government has announced the planned privatization of over 20 areas of the country's economy.

The International Accounting Standards Board (IASB) has proposed that companies should account for share-based payment transactions, including employee's share options, as an expense.

Cleary Gottlieb Steen & Hamilton is representing financial institution HSBC in the $14 billion acquisition of consumer lender Household International, in this year's largest cross-border deal in the US.

The Thai government has made substantial progress in its liberalization of the power sector, which 10 years ago was still a government monopoly. This process has been guided by Nepo (an independent agency), Egat (a state enterprise under the prime minister's office) and PTT (a state enterprise under the Ministry of Industry). International project financings have been a feature of various key steps in the process.

Market manipulation, which involves deception and dishonesty, has long been regarded as a serious crime in Hong Kong. But despite a maximum penalty of two years' imprisonment, it appears there are no sentencing guidelines relating to it.

Money from the EU to improve central Europe's broken-down infrastructure will make less difference than lawyers might hope. Tom Williams reports

Japanese banks are preparing to use synthetic collateralized loan obligations to obtain capital relief after the largest reported deal of this type won regulatory approval and closed at the end of September.