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The law of January 11 2008 on the transparency requirements for information about issuers whose securities are admitted to trading on a regulated market, and its implementing decree of the same date, were published in the Luxembourg Official Gazette on January 15 2008. They are now in force. They transpose Directive 2004/109/EC of the European Parliament and of the Council of December 15 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market. The law applies to issuers of transferable securities admitted to trading on the Luxembourg Stock Exchange, with the exclusion of shares or units issued by collective investment undertakings other than those of the closed-end type.

In an international context characterised by competition and globalisation, control of financing techniques, guarantee mechanisms and risk cover for international trade are essential to the development of Tunisian export companies. Within this framework, the Insurances Code promulgated by Law 92-24 of March 9 1992 was amended by Law 97-24 of April 28 1997 section IV relating to insurance at export, to better meet the needs of exporting companies regarding the coverage of risks. This legislation has the following elements:

The electronic share certificate system in Japan will be implemented on January 5 2009 (the actual date will be confirmed by a Cabinet Office Ordinance) under the Law on Book-entry Transfer of Corporate Bonds, Stocks and Other Securities (shasai-kabushiki-tou-no-furikae-ni-kansuru-horitsu). Upon implementation, shareholders' rights in all listed companies will be recorded and managed electronically in transfer account books (furikae-kouzabo) by record-keeping organisations (kouza-kanri-kikan) such as banks and securities companies. Also, all trades and other transactions involving shares will be conducted through trading accounts opened in the name of individual shareholders.

Justin Connor, founder of the Dubai Corporate Counsel Group, on how to educate local counsel

Linklaters won international law firm of the year at last night's IFLR European awards at the Dorchester in London

Trying gettign into China if the NDRC enforces anti-monopoly laws Counsel in China are fretting over the country's new Anti-Monopoly Law as it emerges that no decision has been taken on which agency will enforce it.

New qualified investor scheme analysed

The Swiss Federal Banking Commission (SFBC) estimates that about 150 foreign exchange (forex) traders are registered as financial intermediaries in Switzerland, who have not been subject to regulation under Swiss banking and finance legislation. In particular forex traders managing accounts for more than 20 individual clients did not fall under SFBC supervision in the past, as long as those accounts were not interest-bearing and were only used to execute customer orders.

On December 14 2007, the fifth Protocol to the Canada-US Income Tax Convention (the Treaty) was ratified by Canada when Bill S-2 received royal assent. The US has yet to complete its ratification process and the Protocol will enter into force once it has been ratified by the US (and Canada has been notified). In addition, the draft legislation to amend the Income Tax Act (Canada) (the Tax Act) introduced by the Minister of Finance this past October (the Proposals) received royal assent on December 14 2007.

Governmental securities (G-Securities) are issued in book entry form and are transferable. Every transfer of property from the owner of the G-Securities to the purchaser must be registered, for the transfer to take effect.