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Colombian banking laws are the main regulations applicable to local derivatives and financial operations. In addition, Colombian foreign exchange (FX) regulations, issued principally by the central bank, regulate cross-border derivative operations. The central bank has traditionally assumed and applied local banking regulations and interpretations issued by the Colombian banking superintendency to FX transactions entered into by financial institutions.

Australia has ventured furtively into the world of compulsory financial philanthropy. A new provision, s1013D of Australia's Corporations Act 2001, requires fund managers, superannuation funds and life insurance companies to disclose "the extent, if any, to which labour standards, environmental, social or ethical considerations are taken into account in the selection, retention, or realization of the investment".

In July the Securities and Futures Commission (SFC) issued a consultation paper intended to promote the protection of investors using exchange-traded funds (ETFs). This followed the pioneering launch in May of two Hong Kong ETFs relating to the Taiwan and Korea markets, and the anticipated future listing of other ETFs. The consultation paper's key recommendations include:

NautaDutilh is launching a securitzation practice in Europe's leading market. Joanne Kellermann has moved to London to spearhead the development of a practice that will extend the firm's offerings in the UK capital. At the same time she will expand the locally-based team to two partners.

Shareholders of German companies have had their right to say how hostile takeover bids should be dealt with curtailed. Last minute changes to the controversial takeover bill last month will allow board directors to take some form of poison pill defensive action against hostile bids as soon as they obtain the consent of the company's supervisory board.

Andrew Malcolm of Linklaters, Hong Kong, analyzes the fifth retail bond offering by HKMC, whose structure and use of publicity provide a model for future deals

The Takeover Panel’s ruling on WPP’s bid for Tempus could spell the end for material adverse change conditions. Tunde Ogowewo of King’s College London’s School of Law reviews the case

The New Zealand government has recently tabled the Securities Markets and Institutions Bill, in the first major revamp of New Zealand's securities and markets legislation since 1988. The Bill aims to increase both domestic and international confidence in New Zealand's securities markets and institutions by strengthening monitoring and the enforcement of securities law, requiring greater disclosure and providing for more effective enforcement of breaches. It will also bring New Zealand law into line with Australia, particularly in the areas of continuous disclosure and the enforcement of insider trading.

Like the International Swaps and Derivatives Association (ISDA), the European Federation of Energy Traders (EFET; www.efet.org) has set up a standard master agreement for the delivery and acceptance of electricity (the General Agreement). As in the schedule to the ISDA Master Agreements, the parties may choose between alternative concepts and may also fine tune the General Agreement to their liking in the election sheet.

Coudert Brothers LLP