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Valentin Berea and Alexandru Mocanescu of Bulboaca & Asociatii explain how Romanian litigation has improved and will improve

Just two years since Vietnam's accession to the World Trade Organisation (WTO), preparation for further and comprehensive reform in the country's telecommunications sector has been unveiled in the recently released draft law on telecommunications.

An overview of the British Virgin Islands' court system, with some interesting case studies, by Andrew Willins of Appleby

Keith Robinson of Appleby follows a case study of hedge fund litigation to demonstrate Bermuda's litigation scene

In October 2008 the Swedish FSA (SFSA) revoked Sweden's largest investment bank's licences to conduct various banking business. Following the SFSA's decision, the Swedish Government, through the Swedish National Debt Agency (SNDA), seized ownership of the bank. Ten minutes after the decision to revoke the licences, the SFSA changed its decision to include only a warning and hence returned the licences to the bank, which allowed it to continue its business. The bank was then owned by the SNDA whereas its former owners – the shareholders of the publicly traded parent company to the bank – were left empty-handed.

The new communiqué from the Capital Markets Board on borrowing instruments is accurately described as less than a revolution, but more than a standardisation.

In order to meet the transposition deadline of March 21 2009 and to bring into force the laws implementing Directives 2007/44/EC and 2007/64/EC amending Directive 2006/48/EC on the taking up and pursuit of the business of credit institutions, several amendments to the Banking Act have been adopted and entered into force on March 28 2009.

In Opinion Number 09-04, dated February 16 2009, the Office of the General Counsel of the Securities and Exchange Commission ruled that whether or not a securities offering is public (and, therefore, must comply with the registration requirements under the Securities Regulation Code or SRC) depends on the surrounding circumstances. The test, according to the Opinion should be: "Is there a sufficient subsisting connection between the company or the person making the offer and the persons to whom the offer is made as friends, customers, or co-adventurers or are the persons mere outsiders? If they are mere outsiders the offer is made to the public, and in such case the fact that the offer is made to a limited class, for example to the members of a single company (not being the company offering its shares), or to the members of a few companies, or to the members of a particular profession, or to the investors in a particular class of companies, does not make it less an offer to the public."

The system of internal control over financial reporting in Japan under the Financial Instruments and Exchange Act (FIEA) was implemented as of the fiscal year starting on April 1 2008. Under this system, executive officers of listed companies are obligated to evaluate their company's internal control over financial reporting and to file the results of such evaluation in the form of an internal audit report with the Financial Services Agency (FSA). In this report, executive officers should state material weakness if they judge any material weakness exists in the company's internal control over financial reporting. The report should also be audited by outside accounting auditors before being filed with the FSA. Since most Japanese companies have a fiscal year that ends in March, June 2009 will be the first time most companies file such a report.

Further to the 2008 European Central Bank's (ECB) biennial review of its risk control measures for Eurosystem credit operations, banks tapping the European Central Bank to raise liquidity by borrowing central bank funds are now required to post more collateral.