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Regulators have already released proposals on implementing the prospectus directive, though the directive itself is not yet ready.

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

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.

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.

Canada's largest law firm has acted for the banks in the biggest syndicated financing in eastern Europe.

Davis Polk advises on $180 million secondary offering

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

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.

Use of special purpose companies By Gavin Lowe, Maples and Calder

Canada: participation broadening but industry faces challenges By John J Tobin and Stephen Redican of Borden Ladner Gervais LLP, Toronto