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Zeynep Ergün and Kübra Sivgin of YükselKarkinKüçük Law Firm discuss changes to competition law and how this would affect the petrol supply and pharmaceutical industries

Brice Henry of Allen & Overy explains the impact of Lehman Brothers on depositaries in France, and compares it to the EU Commission's draft alternative funds directive

The Securities and Exchange Commission (SEC) approved the revised rules of the Philippine Stock Exchange (PSE) on listing by way of introduction. The rules apply to an application for listing of securities that are already issued or securities that will be issued upon listing, where no public offering will be undertaken because the securities would be of such an amount and would be so widely held that their adequate marketability when listed can be assumed, or when listing or public offering is mandated by law or by the SEC or any other government agency.

After more than 50 years, steps were finally taken to revise the law in relation to arbitration in Malaysia. The introduction of the Arbitration Act 2005 was seen as a unique opportunity to address the problems that have plagued the arbitration process in Malaysia. The problem that needed to be addressed mainly revolved around delays and increasing judicial interference in the arbitration process.

On March 6 2009, a bill on fund settlements was submitted to the Diet. If the new legislation passes, which appears likely, it could bring about remarkable changes in the services offered and methods of fund settlement in Japan. The bill's aim is to improve the security, efficiency and convenience of fund settlement methods and it addresses issues mainly in the following three areas.

The Italian Securities Commission (Consob) has amended its Regulation on issuers (the Consob Regulation) with the purpose of introducing; (i) a standard regulation of the compulsory information required to listed issuers and to their shareholders, and (ii) specific provisions to assure the public access to the information which is to be made public by issuers. This is part of the ongoing implementation of the Transparency Directive.

Cyprus and Russia have signed a double taxation agreement that will remove Cyprus from a so-called Russian tax black list. Companies incorporated in countries appearing on the list are denied the benefit of the participation exemption introduced by Russia with effect from January 1 2008. Most Russian-owned companies in Cyprus are holding companies rather than subsidiaries, so inclusion on the blacklist directly affects only a small number of Russian companies in Cyprus. Nevertheless, removal from the list is an important matter for Cyprus, which, as a member of the OECD so-called white list of countries complying with international best practice, is keen to demonstrate its commitment to information exchange.

While big-picture views often reigned in the banner years of 2006 and 2007, finance has been forced to go back to basics over the last 18 months. The detail of the trees is now every bit as important as the broader view of the wood.

Federal Reserve stress tests are allowing the US government to take voting stakes in 19 of the country's largest banks.

The President of the German Private Equity and Venture Capital Association (BVK) launched a stinging attack on the draft alternative investment directive at the IBA International Financial Law Conference in Rome last week.