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Dogan Eymirlioglu and Ceyda Aydin of Ersoy Bilgehan examine a number of recent changes to Turkey’s laws which will impact foreign investors

On June 28 2012 the Court of Justice of the European Union, requested by the German Federal Court of Justice, ruled on the definition of inside information

Phillip Fletcher Following the 1980s debt crisis, the IMF and World Bank endorsed the Brady Plan, which called for debt reduction by way of risk-compensated forgiveness. Debtor countries' loans were restructured into a menu of publicly-traded US dollar-denominated Brady Bonds collateralised with US Treasury securities. The first Brady Bond, completed in 1990 for Mexico, became the archetype for the other Brady deals that followed over the next seven years.

Daniel Goelzer The Public Company Accounting Oversight Board (PCAOB) sprang into existence with a clear mandate. The Enron debacle had so tarnished the profession's reputation that independent oversight was crucial to restoring a respected auditing profession. But the PCAOB did not just have a moral mandate. It had a strong legal one too, with a unanimous vote for Sarbanes-Oxley in the Senate and only a couple of dissenting voices in the House of Representatives.

Patrick McGurn Shareholder rights plans are often understood as anything but. By giving shareholders the opportunity to dilute a potential owner's stake in a company, they have effectively deterred any and all hostile acquisitions of companies that have adopted them.

The growing interest of foreign investors in the Colombian capital markets has increased portfolio investments in local securities to year records. This has led the Superintendence of Finance (SFC) to regulate proxy voting on local listed securities by foreign investors. External Circular 022 of 2012 details proxy voting for foreign investors through local securities depositaries and adds new duties in connection with their interaction with foreign depositaries.

Infrastructure is one of the main areas related to the project finance market which the Costa Rican government is developing. Recent projects include the San José-Caldera road concession, the investment management contract for airport services at Juan Santamaria International Airport, the concession for the new passenger terminal building at Liberia International Airport, and the concession for the construction of a grain wharf at the Port of Caldera, with total investments in excess of $450 million.

The long-awaited removal of Cyprus from the 'List of the States and Territories providing preferential tax treatment and (or) not requiring disclosure and furnishing of the information upon conducting of financial transactions (offshore zones)' appended to Order 108n of the Ministry of Finance of the Russian Federation dated November 13 2007 will formally take effect at the beginning of 2013.

The foreign owners of foreign-invested enterprises (FIEs, excluding wholly foreign-owned companies for the purpose of this article) are eager to reap the advantages of the increasingly prosperous capital markets in China to raise funds in renminbi and enhance their exposure to the Chinese market. Quite a number of these foreign investors struggle with the idea that the capital market in China dislikes so-called foreign gold miners, and thus FIEs are hindered from listing on the A-share market. This opinion may be quite wrong.

Freddy Karyadi Oene Marseille The Indonesian government has issued a revision of the mining and coal mining business services regulation through Regulation of the Minister of Energy and Mineral Resources No. 24 of 2012 (which amends Regulation 28/2009). The revision provides a list of sub-fields of mining business service (Usaha Jasa Pertambangan), such as the field of general survey which may have sub-fields consisting of reconnaissance, remote sensing, and prospecting. There is also a detailed list of non-core mining business licences (Usaha Jasa Pertambangan Non Inti), such as civil construction and health.