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China's private equity industry has long been heralded as the emerging market growth story, with India following a close second.

In order to curb speculation on the housing market so as to enable affordable housing for the general public and to address wealth divide concerns, the government proposed in March 2011 a Special Goods and Services Tax Bill (Luxury Tax Bill) for the imposition of special tax at the rate of 10% or 15% on the sales or imports of certain goods or services.

Kayra Üçer Yesim Api Samli

Syria's relatively new Company Law 3 of 2008 was replaced in February 2011 with Legislative Decree 29/2011. When the previous text was passed in 2008, it replaced a 59-year old bill, the Commerce Law of 1949. The new Legislative decree 29/2011 introduces new forms of companies and provides for more simplified procedures.

Luis Alonso García Muñoz-Najar

The Philippine Stock Exchange has adopted its Listing Rules for Real Estate Investment Trusts (Reits) which took effect on October 8 2010. The Listing Rules were made in accordance with the requirement under Republic Act No 9856 (the Reit Act of 2009) that the shares of stock of a Reit must be listed pursuant to the rules of the Exchange.

As part of the efforts towards strengthening the Nigerian financial landscape, the Nigerian government and its agencies have in the last year embarked on extensive legal reforms which include the recently published Code of Corporate Governance for Public Companies 2011. In a further development, the Nigerian Accounting Standards Board (NASB) is seeking the passage of the Financial Reporting Council of Nigeria Bill 2008 which is pending before the Nigerian National Assembly. The Bill seeks, among other things, to repeal the Nigerian Accounting Standards Board Act 2003.

Anthony Coleby

Yoichi Maekawa

The Italian Supreme Court of Cassation recently ruled again through decision No. 5583 of March 9 2011 on the abuse of law (fraud legis) in commercial transactions.