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From 1998 to 2000, the Corporate Restructuring Committee (CORC), an organisation established by 205 financial institutions pursuant to the Financial Institutions Arrangement for Facilitating Corporate Restructuring, aggressively pursued and conducted corporate restructuring in Korea (workouts), while the Financial Supervisory Commission supervised workouts of financial institutions. Upon the dissolution of the CORC in 2001, the principal creditor banks of the workout companies took the lead in corporate restructuring pursuant to the Corporate Restructuring Promotion Act (CRPA).

Liquidity regulation similar to that proposed by the UK Financial Services Authority (FSA) in December should be expected throughout Europe across 2009, but liquidity could remain trapped as regulators compete for assets.

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.

In the last year, hedge funds have taken a massive hit. In December 2007, assets under management were valued at $1.92 trillion. In December 2008 were down to $998.4 billion, the first time this figure has dipped under $1 trillion since mid-2004.

In Vietnam, M&A is regulated by the Competition Law, which took effect in 2005. Certain unclear aspects have recently been discussed by the Vietnam Competition Administration Department of the Ministry of Industry and Trade for the purpose of issuing a decree for regulating M&A transactions.

As a part of the continuing process of harmonisation of local law with EC Law, Romania has recently transposed, through Law 284/2008 amending Law 31/1990 (Law 284/2008), the Directive 2006/68/EC of the European Parliament and of the Council of September 6 2006 amending Council Directive 77/91/EEC regarding the formation of public limited liability companies and the maintenance and alteration of their capital (Directive).

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.

At the end of October 2008, the Croatian parliament adopted a new Concessions Law and a new Public Private Partnership Law (PPP Law). The adoption of these laws, in conjunction with the prior adoption of the Public Procurement Law, completes Croatia's regulation of public procurement. The PPP Law became effective on November 5 2008 and the Concessions Law will became effective on January 1 2009.

Austrian credit institutions recently rediscovered the benefits of participation capital (partizipationskapital) when it comes to increasing their Core Tier I ratio and to enhancing their risk-bearing capacity. Inspired by the Austrian financial market stability scheme, intended to assist credit institutions and insurance undertakings in the looming financial crisis, institutions appear to have rediscovered this Austrian-specific instrument. Several Austrian banks have announced that they might draw on the state's assistance by issuing participation capital in order to enhance their financial status.

Foreign investors will try to avoid unsophisticated civil courts imposing antique bankruptcy statutes