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The FSA has gone into reverse on a single regulator In a surprising U-turn, the UK Financial Services Authority (FSA) is now backing the idea of a single EU regulator.

Liability management in China is being restricted by offshore rules. In India, it's the exchange rate. Both may be forced to change

On March 2 2009, senator Carl Levin (Democrat, Michigan) introduced the Stop Tax Haven Abuse Act (the Bill) in the Senate and a day later representative Lloyd Doggett (Democrat, Texas) introduced the same provision in the House of Representatives. The Bill is based on a previous bill co-sponsored by then-senator Barack Obama in 2008. In testimony before the House Ways and Means Committee, Treasury Secretary Timothy Geithner gave his unqualified support for the Bill. In addition to introducing measures to combat tax evasion, money laundering, and the use of tax shelters, the Bill includes provisions that attempt to "close the offshore dividend tax loophole," according to senator Levin.

From a pre-1991 position of rigorous regulation, India's foreign direct investment (FDI) has increased exponentially with gradual liberalisation of the economy post-1991, culminating in a boom post-2000. With the paradigm shift in its foreign investment policy, India has become one of the most attractive FDI destinations in the world, drawing nearly $99 billion in investment from 1991 to 2008.

Although most changes are minor, the Acquisitions Directive is very important. It establishes a transparent process for assessing a takeover across the entire EU

The way market participants restructured Canada's third-party asset-backed commercial paper is a model for restructurings elsewhere in the world

Prepare for lift off

The Korean National Assembly passed the amended Monopoly Regulation and Fair Trade Act (MRFTA) of South Korea on March 3 2009. One result of this amendment, among others, is that the deadline to file a pre-closing business combination report with the Korean Fair Trade Commission (KFTC) has been abolished.

Early this year, HSBC predicted that 2009 may be a "difficult year" for Vietnam's stock market. In contrast, Ernst & Young's Global Megatrends 2009 reported that "economic power is moving from developed to emerging economies". It also identified countries as diverse as Egypt, Iran and Vietnam as having the potential and conditions to rival Brazil, Russia, India and China. With this backdrop, there is greater possibility that 2009 may be a good year for Vietnam. One of the leading securities company in Vietnam, Thang Long Securities Company reported early this year that Vietnam's securities market may be considered "attractive in the context of low price-earnings ratio and low market capitalisation on GDP." If investors grab the opportunity to invest in Vietnamese stocks given the current low price-earnings ratio and eventually sell at high prices, then Vietnam can be considered a good market for investment in 2009.

In response to the letters of the European Commission in January 2008 and September 2008 underlining the failure of the Romanian Government and Parliament to implement some of the provisions of the relevant European consumer protection directives, and considering the fact that the European Commission began scrutiny of Romanian consumer protection legislation, the Government of Romania enacted Government Emergency Ordinance 174/2008 amending and supplementing the relevant consumer protection legislation (GEO 174/2008).