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But good news for creditors according to Lei Wu and Ding Fa Liu of Jun He Law Offices

Scepticism of mortages and their securitisation should be overturned by new Spanish law

The new regime will be even more popular than previous, structured deals

SEC rule proposals not without controversy

French tender offer commitments reinforced

All change at the FSA The UK Financial Services Authority has hired Colin Lawrence as director of its newly created prudential risk unit and Paul Sharma as director of wholesale and prudential policy.

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.

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.