Securitisation is an important financing technique. Following the financial crisis, reform activities in relation to pitfalls of securitisation have been underway. In particular, following the financial crisis, a significant debate has raged globally about whether risk retention mechanisms before the crisis were effective. The idea is to align the incentives of originators/securitisers and investors in order to prevent the negative impact caused by the originate-to-distribute model. If the effective risk retention and due diligence goals are achieved, securitisation may continue to deliver its benefits to investors, and the full implementation of the reforms in the EU and the USA will act as a deterrent and inject confidence in the markets.

This article puts forward the idea that the creation of an online review facility where all market participants are able to review and rate all companies listed in a particular market would solve a number of problems that currently prevent shareholders, in particular institutional investors and the ultimate beneficiaries of investment vehicles such as pension funds, from engaging with companies. It would also allow shareholders and stakeholders with a long-term focus to engage with companies. It is suggested that all listed companies should be required to have a link to this review and rating facility on their website. Listed companies should have the ability to respond to the reviews and ratings on the site. Furthermore, the review facility should be regulated. The arrangement currently used for appointing and overseeing the operator of the UK securities settlement system could serve as a model.

This paper examines the development of the legal framework regarding fiduciary duties of directors in China. The concept of fiduciary duty was introduced by the 2005 revisions to China's Corporate Law. The implementation of fiduciary duties in China has encountered considerable obstacles because of the inherent weakness of the legal system. The legal texts are simple, vague and rigid. In the enforcement process, formalised judgments have placed limitations on precedent creation, thus reducing the deterrent effect, and the judicial system has shown reluctance to intervene in matters related to directors' duties in listed companies. There have been improvements, however. In a limited number of judicial decisions, courts have attempted to more clearly define the meaning of directors' fiduciary duties. In the penalty decisions of the China Securities Regulatory Commission (CSRC), the duties of directors have been interpreted in a more sophisticated manner.

If a company is harmed by the behaviour of a third party, shareholders may suffer the economic consequences in the form of a reduction in the value of their shares. This article, taking a comparative law perspective, answers the question whether shareholders should be able to claim such a loss that is merely reflective of the company's loss. The basic rule is that a direct claim by the shareholder is not allowed; the company should claim damages. Exceptions to this ‘no reflective loss’ principle in jurisprudence of the UK, the Netherlands and the European Court of Human Rights are analysed. There appear to be two necessary conditions for an exception: (i) the shareholder must have an independent cause of action, and (ii) the reflective loss needs to be certain, i.e., it is certain that the shareholder will not be compensated indirectly through a lawsuit against the wrongdoer by or on behalf of the company. Several specific cases that satisfy these conditions are discussed. It is submitted that awarding damages to the shareholder personally can be justifiable and a derivative suit is usually not a good alternative to protect the injured shareholder in these cases.

Since China's first comprehensive competition statute, the Anti-Monopoly Law (AML), took effect on 1 August 2008, Chinese competition enforcement authorities have enacted secondary legislation on merger review. Very recently, rules against monopoly agreements and abuse of dominance have also been adopted. This framework ensures that China's antitrust regime now operates with a degree of transparency and predictability. The AML addresses three broad categories of monopolistic conduct by business operators: monopoly agreements, abuse of dominance, and anti-competitive concentrations. This paper aims to analyse the latest enforcement developments in these three broad areas upon the three-year anniversary of the AML. Like most Chinese laws, the AML emphasises administrative enforcement over judicial enforcement. On the one hand, the author includes some meaningful studies on selected landmark decisions on merger control published so far by the Ministry of Commerce of China, and, on the other hand, focuses on the judicial enforcement by People's Courts through private actions for antitrust-type claims for damages.