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Under Decree-Law 193/2005, in force since January 1 2006, investment income and capital gains arising from debt instruments issued by Portuguese entities are exempt from Portuguese income tax as long as the beneficiaries (i) have no residence, head office, effective management or permanent establishment in Portugal to which the income is attributable, (ii) are not domiciled in a blacklist jurisdiction, and (iii) are non-resident entities not held, directly or indirectly, in more than 20% by Portuguese residents.

On February 1 2008, an amendment to Article 71 of the Mexican Credit Institutions Law (Ley de Instituciones de Crédito, CIL) was enacted to clarify the law on documentary credits in Mexico.

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.

Companies (Amendment) Act 2007 The Companies (Amendment) Act 2007 (CA 2007) came into force on August 15 2007 and some of the more significant amendments introduced are discussed below.

The SEC's amendments to Rules 144 and 145 became effective last month, and lawyers are torn between whether they will make a difference in the US market.

Financial arrangers must become more transparent to bring back investor confidence. Ratings agency reforms are needed, but will do little without more openness from banks, say lawyers.

New equity branch set to campaign

Investors, like poker players, will be asked to invest in deals blind As the financial world dives deeper into a bear market, Special Purpose Acquisition Companies (Spacs) look to be replacing permanent capital listings.

Only a contract can make you a debtor, decides Australia's High Court

Unwieldy rules are holding back Chinese companies trying to buy overseas