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Sensible Basel II

Brian Tang of Credit Suisse explains how everyone cooperated on ICBC's IPO

In our last column (Tax disputes, IFLR December 2007) we discussed the battle brewing over the US federal income tax treatment of exchange-traded notes (ETNs). Since then the US Internal Revenue Service (IRS) and the US Treasury Department have published Revenue Ruling 2008-1 and Notice 2008-2 and new legislation has been introduced in the US House of Representatives by Congressman Neal, all addressing the US federal income tax treatment of certain ETNs. As discussed in our previous column, most ETNs are treated as prepaid forward contracts rather than debt instruments under law. As such, investors generally adopt wait-and-see taxation – that is, they do not report income or gains until the ETNs are sold.

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:

Recently, Slovenia passed so-called anti-tycoon legislation, which restricts certain acquisition financings. The changes affect banking law, takeover law, and corporate law.

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.

Luxembourg law firm Bonn Schmitt Steichen won the IFLR national team of the year award for its country last night

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

New qualified investor scheme analysed

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.