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When Merrill Lynch fell foul of US securities laws during China Telecom's initial public offering, the bank's actions highlighted industry-wide cracks in internal compliance. By Andrew Crooke

In the second of two articles, Tim Lester, Mohammed Asaria and Udo van der Linden consider the future for asset-backed finance in Korea and Taiwan as both countries strive to learn from the progress of neighbouring Japan

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

Australian banks have less than a year to comply with the country’s new code of practice. Ros Grady reports

In 1998, the Federal Banking Commission (FBC) issued a circular to all banks setting out guidelines relating to money laundering. The FBC now plans to issue more formal and stringent legislation in the form of an Ordinance on the subject. A draft of the Ordinance prepared by a committee was sent for comment to various business organizations of the banking trade at the beginning of July.

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

German companies listed in the US will find it tough to reconcile differences between their traditional practices and the requirements of American corporate governance reforms. By John Palenberg, Ward Greenberg and Gabriele Apfelbacher

Trade financiers have traditionally assumed they will be treated more favourably than other creditors by countries in financial difficulty. According to a study carried out by Torys, this is no-longer true. By Gilbert Samberg

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

Saudi Arabia's banking sector has traditionally been a closed market for the 10 banks licensed by the Saudi Arabian Monetary Agency (Sama). In 1999 the Kingdom opened its doors to Bahrain-based Gulf International Bank (GIB), which is 22.2% owned by Sama. In recent months, a number of banks headquartered in the GCC have applied for licences to operate in Saudi Arabia under the 1982 GCC Unified Economic Agreement, which has been implemented only on a piecemeal basis by the six GCC states over the past 20 years.