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Ukrainian real estate and construction law by Timur Bondaryev of Arzinger & Partners

IFLR tips its hat to muffins, jelly beans and cufflinks shaped like insects

Including winners for the regional, China practice and pro-bono awards

Corporate governance has been defined as the system by which business corporations are directed and controlled. The commonly accepted principles of corporate governance include facilitating the exercise of shareholder rights and equitable treatment of shareholders; recognising the interests of other stakeholders; defining the roles and responsibilities of the board of directors; requiring corporate behaviour that is ethical and infused with integrity; timely and balanced disclosure of material matters to shareholders; and independent verification and safeguarding of the corporation's financial reporting.

The Ministry of Finance of the Republic of Serbia recently published a series of draft amendments to the Securities Act (Zakon o trzistu hartija od vrednosti i drugih finansijskih instrumenata, Official Herald of the Republic of Serbia, Number 47/2006), which is the first set of amendments to the Securities Act of 2006. The evident purpose of these draft amendments is to further harmonise Serbian securities legislation with the relevant EU directives.

After years of large state-owned enterprises monopolising the Shanghai exchange, China is to launch an equity market for smaller companies. But it's unlikely to affect international counsel.

Basel II risk models can now be managed

Report from the IFLR Forum in Hong Kong

If the subprime crisis were a stone cast into the water, you would have to say that the ripples it has created are impressive. The most recent involves the auction-rate securities market. Auction-rate securities are used by municipalities and closed-end funds to raise capital. These securities are short-term investments bearing interest rates tied to broad based short-term financial rates, such as Libor or the prevailing money market rate. Interest rates are re-set periodically through an auction process. In contrast to other markets, the auction market disruption is not a credit issue. There have been no defaults. These securities are generally investment-grade rated. Rather, auction failures have been triggered, simply and only, by a liquidity crisis.

"There's a risk we throw out something that's developed through Darwinian evolution" In a proposal that is dividing lawyers, a new insolvency procedure that grants companies an automatic stay against creditors could become law in the UK.