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Securities firms outside the US now have to reveal to Ofac who their clients are. Singapore is a good example of how tricky this will be

The Acquisitions Directive has to be implemented across Europe by March 21 this year. With lawyers privately predicting that there will be "10 years of banking consolidation in 2009", there will be an early strain on the intentions behind the legislation.

China's virgin bankruptcy law will be clarified this year as more companies with Chinese assets go into insolvency. The test cases will provide useful precedents on the ease of court workouts in China and how security can be enforced in the PRC.

Companies would like to buyback their debt but worry about opaque market abuse rules. The other options aren't great

Liability management, bank capitalisation and hedge funds are the themes for 2009. Rachel Evans, Elizabeth Fournier, Nicholas Pettifer and Kyle Siskey make 17 predictions for the year ahead

On February 20 2009, the Act on Liability for Damages Arising from Unsafe Products, BE 2551 (2008) comes into force, one year after its publication in the government gazette. Although the Act is short, with only 16 sections, it introduces several new concepts concerning the liabilities of manufacturers and resellers of products defined as unsafe products:

The Supreme Court of the Philippines promulgated the Rules of Procedure on Corporate Rehabilitation, superseding the interim rules issued in 2000.

On November 26 2008, the State Administration of Taxation (SAT) issued a tax circular concerning enterprise income tax (EIT) consolidation and prepayment by wholly foreign-owned banks, Guoshuihan (2008) 958 (Circular 958). Circular 958, which took effect retroactively from January 1 2008, specifies that wholly foreign-owned banks are also required to follow the Interim Procedures for the Administration of Income Tax Collection from Enterprises that Operate Across Different Administrative Regions and File Consolidated Enterprise Income Tax Returns (Interim Procedures), issued by the SAT under cover of Guoshuifa (2008) 28.

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

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