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On March 18 2010, President Obama signed into law the Hiring Incentives to Restore Employment Act (the Hire Act). The Hire Act includes provisions that effectively shut down certain dividend washing transactions. As discussed in our prior columns, the US imposes a 30% (or lower treaty rate) tax on US source dividends paid to foreign persons. Historically, it appears that foreign counterparties attempted to avoid US withholding tax on dividends paid on US stock through certain equity swap or securities-lending transactions entered into with investment banks. These transactions were perceived abusive by US authorities because, according to the US Senate report on this issue, the counterparties had no purpose for entering into the transactions other than to avoid US withholding taxes on dividends. The merit of the tax positions of the parties involved in these transactions is under scrutiny by the US Treasury and Internal Revenue Service.

Glen Rae, global head of capital markets at Bank of America in New York, on how to build a team out of a merger

European proposals raise many questions, particularly whether the powers being given to the new authorities are legal

Germany’s latest legislation has calmed fears of a ban on credit and currency derivatives, but naked short sales will still be prohibited

Greece’s sovereign debt could still need to be restructured. Lawyers must learn the lessons of previous national crises if they are to succeed

New rules will help pre-production minerals companies list in Hong Kong

Sovereign issuers can no longer rely on reputation alone when selling bonds. They must face up to industry disclosure standards, and investors should demand more too. Plus, why the FSA is better than the Bank of England and predictions on the overdue IPO boom

Claudia Arnautu On April 28 2010 Government Emergency Ordinance no. 37/2010 entered into force implementing a series of amendments to Government Ordinance no. 10/2004 on credit institutions' bankruptcy.

Dubai's real estate market has perhaps been under greater scrutiny in the aftermath of the credit crunch than during the boom years of the mid 2000's. After the price falls of late 2008 and 2009, some stability now appears to be returning to the market.

On February 11 2010, the Law of Ukraine On the Procedure for Settlements in Foreign Currency No.185/94-BP, dated September 23 1994 (the Settlements Law), was amended to restore the previously existing 180 Day Rule. This Rule provides that (1) the receipt of payment by a Ukrainian exporter for its delivery abroad of goods (defined to include works, services and intellectual property rights) in advance of payment, and (2) the receipt of goods from abroad by a Ukrainian importer where payment has been made in advance of the delivery of the goods, is required to occur within 180 days from the corresponding advance delivery or advance payment. This 180 day timeframe may only be extended pursuant to a special decision of the Ministry of Economy of Ukraine.