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Debt and equity-linked team Bruce Czachor of Shearman & Sterling, with IFLR's Simon Crompton In 2007, Shearman & Sterling completed over 300 debt and equity-linked transactions across its 20 offices. The firm acted on two of the deals shortlisted, the Abu Dhabi/ Citigroup deal and the Intergen high yield offering.

The transfer-pricing concept, which replaced the outdated disguised earnings provisions, was first introduced to Turkish legislation together with the new Corporate Income Tax (CIT) Law in July 2006. A popular discussion among tax professionals last year was the last-minute amendment to the CIT Law that led to no-transfer-pricing or disguised-earnings provisions, and remained in effect for the fiscal year 2006. According to the transfer-pricing provisions of the CIT Law, transfer-pricing rules were to be in effect from January 1 2007. In order to determine the implementation principles, the Law bestowed authority upon the Council of Ministers.

The National Bank of Romania (NBR) Regulation number 1/2008 with respect to the transformation of financial institutions into credit institutions was published and came into force in the Official Gazette on January 30 2008. The general framework with respect to the possibility of the transformation of financial institutions into credit institutions was initially provided by the Government Emergency Ordinance number 99/2006 on capital institutions and capital adequacy (the Banking Law). The Banking Law also provides that secondary norms related to the above matter may be issued by the NBR. Consequently, in accordance with such competences, the NBR issued the Regulation.

On February 14 2008, the bill of law 5842 (the Bill) proposing to improve the legal environment of the Luxembourg financial sector was lodged with the Luxembourg parliament. One of the aims of the Bill is to modernise the current legal environment applying to mortgage banks. The main proposed changes are:

On March 28 2008, the Fair Trade Commission (FTC) announced its plan to relax corporate regulation laws. To implement the plan, the FTC will submit an amendment to the Monopoly Regulation and Fair Trade Act for parliament to pass during the first half of this year. Some of the key aspects of the FTC's plan are highlighted below.

The President's Working Group on Financial Markets committees released two sets of best practices guidelines for investors and hedge fund managers last month resembling the voluntary guidelines in the UK. Many in the legal community see this as a step in the right direction.

The SEC unveiled its plans last month for the next measure towards mutual recognition, which many are predicting will open the door to worldwide regulatory harmonisation.

Basel II is inadequate. It miscalculated the amount of capital that institutions need to cover the risk of complex products, the Basel Committee admitted last month.

Banks will get their own, tailored rules In a move that may be the start of a more synchronised approach to regulation, Britain and America are creating a transatlantic working group to reform the banking system.

The US is full of kings and queens, so the IMF won't get far Last month's IMF announcement stating that it is developing best practice guidelines for sovereign wealth funds has received a muted response.