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UK Islamic finance will not succeed until Muslims are convinced by the new products

The Romanian National Securities Commission (NSC) has issued Instructions number 5 regarding the notification procedures to be complied with by undertakings for collective investment in transferable securities (Ucits) from member states, effective from August 24 2007. The Instructions set out the notification rules both for situations where a member state Ucits markets units in Romania, and where a Romanian Ucits markets units in other member states.

Luxembourg has gained recognition as an international private equity hub. Existing and new legislation is relied on for the structuring and implementation of major international private equity transactions and/or funds. The number of dedicated risk capital investment funds (SICARs) increased by 60% to reach 173 at the end of the year; 2007 also saw the implementation of the law of February 13 2007 relating to specialised investment funds (SIFs). Since then, we have seen an unbroken thirst for alternative fund structures, with a special focus on the SIF, which offers significant corporate and investment flexibility with the benefit of a favourable tax treatment in an environment with recognised supervision. SIFs have encountered an enormous success, with more than 200 SIFs launched in 2007 alone. A significant number of SIFs have been launched that invest in primary and secondary direct as well as indirect private equity transactions.

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, provided the beneficiaries (i) have no residence, head office, effective management or permanent establishment in Portugal to which such income is attributable; (ii) are not domiciled in a blacklist jurisdiction; and also (iii) are non-resident entities that are not held, directly or indirectly, in more than 20% by Portuguese residents.

From the fiscal year beginning after April 1 2008, a statutory quarterly reporting system, as prescribed by the Financial Instrument and Exchange Law (FIEL), will be implemented. Now a quarterly disclosure system for listed companies, based on the stock exchange requirements, exists, but the introduction of a statutory system will make quarterly disclosures a mandatory requirement under FIEL, and attempt to ensure timely and prompt disclosure of financial and corporate information more appropriately.

Governmental securities (G-securities) play a central role in the Albanian market because they represent Albanian governmental debt. At the same time G-securities are the only type of securities publicly marketed in Albania. In the emerging Albanian securities market, where the only existing stock exchange – the Tirana Stock Exchange (TSE) – is inoperative, and where private instruments are not publicly traded, the trading of G-securities is an example of the functioning of securities public trading. In the secondary G-securities market the Albanian regulator has produced other options to stock exchange trading. It has also liberalised access to the primary market of G-securities to allow individual investors to invest directly.

There is public and political pressure to keep out or at least regulate sovereign wealth funds. It must be resisted

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Portuguese firm Sérvulo has hired Miguel Gorjão-Henriques to head its European and competition practice.

On January 1 2008 Cyprus became the fourteenth member of the Eurozone, marking the culmination of an application, planning and transition process of several years. Apart from some minor local teething troubles in the first few days the transition appears to have gone smoothly. The Cyprus pound will continue to be accepted as legal tender until the end of January, following which the former currency will have to be exchanged at banks.