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This month the FSA issues its completed rules on the disclosure of contracts for difference (CFDs).

European hedge fund regulation is inevitable in 2009. As one regulatory partner in London jokes: "They were the bad people that shorted the financial stock in the summer and they should be punished for it."

The Dutch Ministry of Finance announced on December 16 2008 that it will investigate the pros and cons of three potential drastic measures on interest taxation. One possibility is clearly preferred: tax exemption/no deductibility for interest income from and interest expenses to related parties, or the introduction of an obligatory group interest box (taxation/deduction against a low rate). This may be combined with a restriction on deduction of third party interest on loans related to the funding of acquisitions of subsidiaries and allowing participation exemption on group finance subsidiaries. The two (theoretical) alternatives that will be studied are: (i) no deductibility/tax exemption for all interest expenses and income or a system based on comprehensive business income taxation; and (ii) anti earning-stripping rules (similar to those in Germany and Italy). As said, those alternatives are not the preferred option. In particular, (ii) is not favoured at all. It will only be considered if other options turn out to be impossible. The Ministry of Finance has indicated that it will submit a bill to parliament in the first half of 2009.

On January 5 2008, the electronic share certificate system under the Law on Book-Entry Transfer of Corporate Bonds, Stock and Other Securities (shasai-kabushiki-tou-no-furikae-ni-kansuru-horitsu) will be implemented. Upon implementation, all shareholders' rights in listed companies will be recorded and managed electronically in transfer account books (furikae-kouzabo) maintained by record-keeping organisations (kouza-kanri-kikan) such as banks and securities companies. Under the present system, shareholders hold paper share certificates and transactions are conducted by physically transferring the paper share certificates. In accordance with the Act on Custody and Transfer of Share Certificates (kabuken-tou-no-hokan-oyobi-furikae-ni-kansuru-horitsu), shareholders of listed companies also have the option of depositing paper share certificates of those listed companies with the Japan Securities Depository Center (JASDEC) (hofuri), a public custody organisation in Japan. However, with the implementation of the new system, paper share certificates will no longer be used and all accounts will be maintained electronically. The introduction of the electronic share certificate system should be beneficial to both shareholders and listed companies.

It is difficult to build a complete picture of the actual status of privatisation vouchers as evaluated against the remaining privatisation potential, considering the lack of necessary indicators from official sources. The sporadic indicators made available to us from other public sources show a disappointing and worrying picture. For instance, the figures solely concerning privatisation vouchers indicate that the government has issued a total of L74 million ($769,000) of privatisation vouchers. Out of that number, only 68.3% have been distributed to Albanian citizens. A small quantity, 17.6% of the total issued, have been used in the privatisation process. The remaining 85.4% remain in the hands of their holders or as a promise for distribution (the issued but not-distributed portion that amounts to 31.7%). On the other hand, the number of companies in which the state continues to own a full or partial stake is relatively small. For instance, we can name ARMO (15% state ownership), Albpetrol (100% state ownership), OSSH (24% state ownership), AMC (12.5% state ownership), Albtelekom, (24% state ownership), INSIG (61% state ownership) and a few other companies operating in the water and energy industries and the non-strategic sector.

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

France's changes to its insolvency rules have done very little for secured creditors. That is a shame - it would have helped credit in a market that sorely needs it

Guidelines on the Law were overdue and very welcome. But the Coca-Cola takeover will be the event to watch in 2009

China will get a framework for real estate investment trusts this year: "The Reits proposal is being studied by various regulators," confirmed Yingli Huo of the People's Bank of China, at a press briefing in January.