The Securitisation and Exchange Surveillance Commission has submitted proposals to the Japanese Financial Services Agency concerning the regulation of foreign exchange margin trading brokers. Details of the proposals are summarised here. Read more.

Committee publishes "Basic Principles" to serve as the basis for amending the Claims Law of the Civil Code. The Principles aim to make Japan's civil law rules more competitive with other countries and to bring them into line with globally accepted trade practice. Read more.

As Japanese banks top the tables for underwritten syndicated loans volumes for the first time, this article looks at potential reasons behind this growing market trend. Read more.

Click here for the full text of this month's Japan updates.

Under anti-crisis measures passed in October 2008, VEB can grant subordinated loans to Russian credit organisations. On 7 May 2009 VEB amended its criteria for doing so, including changing the minimum charter capital requirement. Read more.

On 13 May 2009, the Central Bank decreased the refinancing rate again, by half a percentage point, to 12%. Read more.

On 29 April 2009, the Russian Government passed a new law revising the legislative regulation of placement and circulation of foreign securities in Russia. Read more.

On 28 April 2009, the Russian Government amended insolvency laws, seeking to streamline the legal framework for challenging antecedent transactions of a debtor that are detrimental to its creditors, and to facilitate piercing a debtor's corporate veil where appropriate. Read more.

Click here for the full text of this month's Russian Federation updates.

As calls for regulatory reform in the financial services sector continue to be widespread, this article looks at the role of the OFT in scrutinising the rules and practices of the FSA, as well as those of recognised exchanges and clearing houses, and how these might potentially be affected by competition laws. Read more.

As the FSA prepares to take a more active role in supervising senior management, this article takes a look at what this may mean in practice for non-executive directors. Read more.

On the 30 April 2009, the EU Commission published its proposal for a Directive on Alternative Investment Fund Managers. This article takes a look at what the draft Directive covers and at some of the key concerns it has raised in the industry. Read more.

On 1 June 2009 new FSA rules for the disclosure of contracts for difference (CfDs) came into effect. This short article takes a brief look at how the new rules came about. Read more.

Click here for the full text of this month's United Kingdom updates.

Although many shareholder suits seeking to recover losses caused by the subprime crisis from US and non-US companies remain unresolved, early indications from the courts are that company officials cannot be held responsible for failing to foresee the collapse of the mortgage and other markets. Read more.

The US Department of Health and Human Services issues guidance for group health plans, health care providers and health care clearing houses on fulfilling the notice requirements contained in the HITECH Act, which includes the health information technology provisions of the American Recovery and Reinvestment Act of 2009. Read more.

Click here for the full text of this month's United States updates.