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In June 2007, the government announced the 2007 Independent Power Producer (IPP) solicitation for 3,200mw, using a power purchase agreement similar to that used in its successful 1994 solicitation. Seven projects were awarded Power Purchase Agreements (PPAs) in that round – all achieved financial close, and all but one have commenced production. On October 19 2007, 20 proposals were submitted. The announcement of successful bidders is expected before the general election on December 23 2007.

In October 2007, the Romanian government adopted Government Decision 1165 for the promotion of economic growth by supporting investment (GD 1165). GD 1165 applies Commission Regulation 1628/2006 on the application of Articles 87 and 88 of the treaty on national regional investment aid (Regulation 1628). It creates an aid scheme, which is exempted from notification, in accordance with the criteria in Regulation 1628.

Decree Law 144/2006 of July 31 2006 sets forth the New Insurance Mediation Regime (NIMR), implementing Directive 2002/92/EC of the European Parliament and the Council, on insurance mediation in Portugal (December 9 2002). One of the main innovations of the NIMR is that any activity introducing or proposing insurance contracts, carrying out preliminary work on insurance contracts, concluding such contracts, or assisting in their administration and performance, in particular in the event of a claim, is now subject to the rules and professional requirements established in the NIMR, irrespective of distribution channel. To carry out insurance mediation activities, individuals and companies must belong to one of the insurance mediation categories that the NIMR outlines – tied insurance intermediary, insurance intermediary, or insurance broker, the intermediary's level of proximity or dependency towards the insurance companies being the main criterion distinguishing between these categories.

The booming capital markets are allowing a handful of new, dynamic firms to do innovative work

The countdown to anti-money laundering law

Japan sees its M&A market turn for the better

One of the hottest products in the financial markets in the past few years, the exchange-traded fund (ETF), has now collided with a second hot product, exchange-traded notes (ETNs). In late October, the battle over the federal income-tax treatment of ETNs heated up.

On January 1 2008, the government of Bosnia and Herzegovina (BiH) will impose an essential part of the direct taxation system on the whole territory. Drafts of the new Corporate Income Tax (CIT) law and Personal Income Tax (PIT) law are already going through parliamentary procedures. It is expected that the government will implement them by the end of this year. If that happens, their application will begin on January 1 2008. The aim of these laws is to harmonise the Federation of Bosnia and Herzegovina's (FBiH) corporate and personal income taxation laws with the legislation of two other BiH entities, Republika Srpska (RS) and Brcko Distrikt (BD). The legislation should help to create a unified economic space and to eliminate differences between taxes in FBiH, RS and BD. This briefing analyses the new CIT law, looking in particular at the CIT rate. It also explores the tax exemption rights available to foreign investors under the CIT law, before new CIT law's official application.

South Africa Recommended firms Tier 1 Deneys Reitz Edward Nathan Sonnenbergs Webber Wentzel Bowens Tier 2 Bowman Gilfillan Cliffe Dekker Werksmans Tier 3 Brink Cohen Le Roux Jowell Glyn & Marais The equity capital markets have been quiet in South Africa. While there have been more than 50 listings on the Johannesburg Stock Exchange's Alternative Exchange since it opened in October 2003, the main exchange remains muted. The vibrancy of the debt markets, however, more than compensate for this inactivity. There has been a considerable increase in trading volume last year and a greater emphasis on derivatives. There have been a number of local bond issuances, and the Eurobond market is also busy, with South African banks keen to get in on the action. Traditionally the market has been very risk-averse, but there is a growing interest in high-yield bonds.

Mexico Recommended firms Tier 1 Creel García-Cuéllar y Müggenburg Galicia y Robles Mijares Angoitia Cortés y Fuentes Ritch Mueller White & Case Tier 2 Jáuregui Navarrete y Nadar Kuri Breña Sánchez Ugarte Corcuera y Aznar Martínez Algaba Estrella de Haro y Galván-Duque Santamarina y Steta Tier 3 Baker & McKenzie Bello Gallardo Morales y Tsuru Berdeja Abogados González Calvillo Holland & Knight – Gallastegui y Lozano Romo Paillés Guzmán After a fiercely contested election in 2006, Felipe Calderón took office as president of Mexico in January 2007. The slim victory margin ensures few radical changes, suggesting stability for the country's financial markets. Calderón also offers a sense of continuity with the previous administration, and what some market experts say is a "more professional, more sophisticated government" – pleasing for investors to hear.