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On February 24 2008, after deliberations of more than one year, a legislative subcommittee on insurance laws under the Ministry of Justice made public its draft in relation to revising the insurance laws. If a bill based on this draft is enacted in the Diet, it will be a first amendment to the laws relating to insurance in 100 years.

Until recently, national corporate law made cross-border mergers into Hungary or out of Hungary highly complicated. On an EU level, several milestones have been achieved in the past decade: the SE-Regulation, the ECJ's Sevic judgement and the Cross-Border Mergers Directive (Tenth Directive, 2005/56/EC, of October 26 2005). The Directive was implemented in Hungary with the new EU Merger Act (Act CXL of 2007, A tökeegyesítö társaságok határokon átnyúló egyesüléséröl, EU Merger Act). The new provisions entered into force on December 15 2007.

The Banca d'Italia and Consob recently enacted a joint regulation dated February 22 2008 pertaining to post-trading systems. The new text regulates the establishment and operation of systems designed to ensure the good end of transactions in financial instruments, other than derivatives, carried out in regulated markets.

As part of the continuing changes in Bosnia and Herzegovina's (BiH) laws as it moves towards the EU, the parliament has adopted the Public Procurement Law (Procurement Act). The EU's Public Procurement Programme for Bosnia and Herzegovina assisted with implementing the new law, by preparing guidelines and organising seminars and programmes for the new officers of the Public Procurement Agency and Public Review Body. The Procurement Act is based on EU policies designed to ensure that public funds are used in the most cost-effective and transparent manner, and to ensure fair and active competition among potential suppliers; the Agency estimates that each year KM27 million ($21.2 million) is paid in bribes to public officials involved in public tenders.

The much-disputed issue of the unconstitutionality of Article 510d of the Civil Procedural Code was recently submitted to the Constitutional Court. In the past several First Instance Court judges have been reluctant and indeed some have refused to apply that article, citing different grounds. Until this case was brought to the Constitutional Court no unified decision with a binding effect which had been passed, to provide guidance as to how the article should be interpreted.

UCLA professors Lynn Stout and Iman Anabtawi argue that activist hedge funds should have fiduciary duties

Last night, Shearman & Sterling won law firm of the year at the IFLR Americas awards at the Waldorf Astoria in New York

Including all 23 national winners

Discussion has led to helpful changes in Swiss M&A regulation, say Alexander Vogel, Christoph Heiz, Wolfgang Muller and Thomas Ladner of Meyer Lustenberger

Patchy legislation makes M&A more difficult than it should be, argue Iulia Stoianof and Adrian-Catalin Bulboaca of Bulboaca & Asociatii