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Tax changes could make leveraged finance deals in the UK more expensive. But it may also encourage multinationals to set up there

The acquisition of British Energy featured unique CVRs that could be a model for future deals in uncertain markets

The Banking (Special Provisions) Act 2008, introduced by the UK government to save Northern Rock, expires this month. Its successor will establish the UK's first long-term legislative regime to deal with failing banks. The process of amendment and finalisation of the Bill will be "horribly complex" according to one financial services partner, as the existing emergency legislation shows no recognition of events since Northern Rock.

The year for banks' compliance teams will be spent adapting to new Basel proposals. It could have been a lot worse though

“There are no squeeze-out rules in the Middle East, so there’s no certainty of execution”

Hedge fund advisers, leaders of the largest unmonitored financial institutions, and credit default swaps, the largest unmonitored products, will be forced to register with regulators and self-regulate to please investors in 2009.

This year, 2009, is considered to be an important milestone in the trading and distribution sector in Vietnam. On January 1 2009, Vietnam committed under the World Trade Organisation (WTO) to allow full market access to foreign investors seeking to engage in the retail sector. This means that foreign investors are now allowed to establish a 100% wholly-owned company to engage in trading and distribution.

The Brazilian Securities Commission (CVM) has submitted to public hearing a draft regulation on the registration of listed companies in Brazil. As proposed, the new regulation would replace rules in place for more than 15 years. Key developments focus on: (i) enhancing the level and quality of disclosure; (ii) creating three different categories for listed companies (there's one at present); (iii) establishing different levels of disclosure for the different categories of listed companies; and (iv) harmonising the rules applicable to listed companies. Investment funds would still be under specific regulation and not be affected by this new development.

The 2008 rankings for law firm performance in M&A, private equity and corporate work reveal which law firms have adapted best to a turning market

The Madoff scandal creates no credible arguments for greater European regulation of hedge funds. The responsibility lies with investors and fund managers