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New system creates uncertainty for investors say Alan Wang and Jeanie Kim of Freshfields

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

In Order Number 222/8 February 2008 regarding the content of transfer prices file, the National Fiscal Administration Agency transposed the general principles developed by the OECD and EU into Romanian legislation. Thus the Order completes the existing Romanian legislation dealing with transfer pricing.

Investment in specialised investment funds (SIFs) is reserved for "well-informed investors" only. Notwithstanding such apparent restrictions, SIFs may be admitted to listing on the Luxembourg Stock Exchange, which is a regulated market within the meaning of Article 47 of the Directive 2004/39/EC of the European Parliament and of the Council on the Markets in Financial Instruments. Indeed, while the listing requires the instruments to be freely transferable, current regulations allow certain restrictions in respect of the free transferability where such restrictions are not likely to affect the proper functioning of the market.

Following the presidential election and the appointment of a new government in Cyprus, the newly-appointed Finance Minister has undertaken to improve Cyprus's attractiveness to foreign investors in order to turn the island into "the Singapore of the Middle East". He promised to keep Cyprus as a low-tax economy and to use this and the island's many other advantages, including its infrastructure, legal framework and quality of life, to attract international business.

The Austrian regulator, the Financial Market Authority (FMA), has implemented EU Directive 2006/48/EC relating to credit institutions, bringing in the Regulation on the Solvency of Credit Institutions (for credit risk mitigation see Annex VIII of that Directive). The Solvency Regulation (Solvabilitätsverordnung – SolvaV) sets out detailed rules on the risk weighting of a credit institution's exposure. In addition to collateral in rem (also including financial collateral) and netting, a credit institution may accept personal collateral in order to mitigate credit risk.

The awards results from Asia and Europe. Linklaters will be very happy, but it didn't have the best cufflinks

"You'll struggle with these awards next year," commented one guest at our Europe awards on March 19. "There won't be enough securitisation for any kind of shortlist, and innovation everywhere will be pretty thin on the ground."

The Aeroméxico takeover shows that the Mexican system can cope with hostile takeovers, say The M&A Group at Creel y Garcia-Cuellar

US Treasury Secretary Henry Paulson outlined several of his recommendations in reaction to the credit crunch last month, intended to encourage financial institutions to increase capital and restore strength to their balance sheets. In his speech, he said ultimately his goal was to restore the balance between regulation and innovation and to help investors regain confidence. Lawyers had mixed reactions to Secretary Paulson's recommendations, yet mostly they agreed they are steps in the right direction.