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The Financial Stability Forum's report has a long list of recommendations. But one question goes noticeably unanswered

Don't wait with baited breath. The law can't work with existing legislation

To allow better capital flow, there must be a harmonisation of market regulations across the Middle East, says Federico Salinas of Dewey & LeBoeuf

Three takes on China's rather confusing law

On July 29 2008, the Financial Services Commission (FSC) issued the final Enforcement Decree, Ordinance (sihaengkyuchik) and other regulations (collectively, the FIS Regulations) to implement the Capital Market and Financial Investment Services Act, which reorganises and consolidates the legal framework governing the Korean capital markets and financial investment services industry. This new consolidated legal framework, which the FSC hopes to cause a big bang in the financial investment industry, however, requires financial investment companies to renew their registrations and/or authorisations under the Act to continue their existing businesses when the Act becomes effective on February 4 2009. Although the FIS Regulations will not become effective until February 4 2009, the provisions governing the renewal of existing authorisation and registration became effective on August 4 2008.

A career that started in an Iraqi refugee camp, flirted with the bar, gained experience in external practice and is now settled in-house

The vagaries of the new law will mean big delays for competition enforcement

The implementing regulations for concentrations guarantee confusion

You wouldn't have thought that a bank's customer information could be an issue of national security. But Russia has decided that it is. The law on strategic enterprises, signed by President Putin on April 29, prevents foreign investors from buying more than a 25% stake in manufacturers of weapons and military equipment. Nothing unusual there; many countries have similar rules. The definition of a military manufacturer, however, includes the licence required for a particular encryption system. A system that many Russian banks use to protect their customers' details. So banks are suddenly defined as military manufacturers and cannot sell more than 25% of their equity abroad.

The Turkish Capital Market Board's (the CMB) established practice for approval of the offer price in a mandatory tender offer (MTO) appears to be up for an overhaul. In its groundbreaking decision dated May 16 2008, the 16th Administrative Court of Ankara appears to have tied the MTO price of the target company to the actual market price of a listed subsidiary. Specifically, the Court held that in the case of the acquisition of a listed company, the price offered to minority shareholders of a listed subsidiary in a MTO must also take into account its actual stock exchange price on the date of determination of the MTO price. Subject to the Council of State approving the ruling, MTOs triggered by an indirect change of control may become more expensive.