The yuan is not convertible, foreign banks and other financial institutions are heavily restricted, the country's legal system is, to put it mildly, inadequate, and securities regulation is a joke.

ECONOMIST: Clouds over Hong Kong

On June 20, 2011 a three-judge panel of the Second Circuit Court of Appeals issued a decision demonstrating the way in which the U.S. legal system continues to struggle with the digital revolution, a revolution that is undermining securities regulation, intellectual property law, and even the basics of tort law.

FORBES: Wall Street Research Still Searching For A Business Plan

One interesting straw in the wind is the new legal opinion that the provision that publishers who don't join a self-regulation system could face tougher damages in the courts, if they're sued for libel, may break human rights law.

BBC: Week ahead