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Law 37 of 2009 on the Procedures for the Recovery of Illegally Obtained Public and Private Funds was issued in late December 2009 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates, in his capacity as the Ruler of Dubai. The Law came into force on December 31 2009.

Special purpose acquisition companies (Spacs) came into being in Korea by the Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FISCMA) in December 2009. Spacs are paper companies that raise funds through initial public offerings (IPOs) in order to merge or acquire well-performing unlisted companies.

Mexico City's congress recently passed an amendment to contract law provisions of the Civil Code for the Federal District (Mexico City) introducing the theory of unpredictability or imprévision, as it is known under French law, granting debtors the right to seek relief for unpredictable circumstances. The amendment was published in the Official Gazette of the Federal District on January 22 2010 and became effective the day after. The change in the contract law provisions of the Civil Code for the Federal District, granting debtors the right to seek amendment to civil law contracts as a result of non-contractual events, is an exception to the general principle of civil law that has ruled contractual arrangements in Mexico "pacta sunt servanda": the agreements are to be kept.

Sukuk in general market parlance refers to negotiable financial instruments that do not have elements that are prohibited in Islam. Formal definitions can be found in international standards such as in the shariah standard of the Accounting and Auditing Organisation for Islamic Financial Instititutions (Aaoifi) as well as in local regulatory guidelines such as in the case of Malaysia issued by the Securities Commission of Malaysia. In the former, investment sukuk are described as certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services or (in the ownership of) the assets of particular projects or special investment activity whilst in the latter sukuk are simply defined as a document or certificate which represents the value of an asset.

On January 28 2010, Regulation of Bank Indonesia concerning Non-Bank Offshore Loans was enacted, which requires all public companies, listed companies, foreign investment companes and other private companies (established in Indonesia or not)) that have obtained or plan to obtain offshore loan (conventional or shariah- based) to submit a report to Bank Indonesia.

Carlos Silva, Morales Besa & Abogados, Santiago A new law on corporate governance entered into effect on January 1 2010 that modifies the securities and stock corporation laws in Chile.

Recent changes to Cyprus's Income Tax and Special Defence Contribution laws will benefit holders of units in Collective Investment Schemes, boosting Cyprus's attractiveness as a base for such schemes.

New legislative provisions will come into effect shortly in the British Virgin Islands (BVI) relating to financial services, insurance business and financing and money services. They will provide an enhanced platform in these areas of the financial services industry, again demonstrating the commitment of the BVI to ensuring its legislation provides transparent regulation that is appropriate for the BVI as an OECD white-listed jurisdiction.

A considerable number of loans granted in Albania have been secured with pledges on movable properties or with mortgages over immovable properties.

By Niclas Rockborn and Charlotta Falkman Gernandt & Danielsson