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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.

Securitisation is hampered by local laws, and by a lack of Islamic assets

Japan sees its M&A market turn for the better

Loyens and LG open in Dubai Loyens and LG set up on the sunny beaches of Dubai Dutch law firm Loyens & Loeff has announced that it is to open an office in Dubai on January 1 2008. This marks the first time that a continental European legal and tax service provider has made such a move. The Loyens & Loeff Dubai team will be led by tax lawyer Stijn Janssen who will be supported by partners Philip van Hilten and Waldo Kapoen. Seven other lawyers will complete the team, but the firm intends to expand when necessary. The new office will be situated in the Dubai International Financial Centre.

South Korea Recommended firms Tier 1 Kim & Chang Shin & Kim Yulchon Tier 2 Bae Kim & Lee Lee & Ko Tier 3 Horizon Law Group Hwang Mok Park Kim Chang & Lee Kim Choi & Lim Yoon Yang Kim Shin & Yu Responding to the threat posed by international institutions, consolidation in the Korean financial services industry has continued to produce deals, with one highlight being Shinhan's takeover of LG Card, reported as the largest takeover ever in Korea.

The Russian stock exchange has been developing at a ferocious rate with incredible growth in the local stock market. Companies are now prepared to make initial public offerings (IPOs) in Moscow and are increasingly looking to the Russian market rather than London. A recent trend has seen a number of real-estate listings, such as the offerings of PIK and AFI Development.

Laurence Liu, head of the Association of Corporate Counsel in China

The Netherlands Recommended firms Tier 1 Allen & Overy Clifford Chance De Brauw Blackstone Westbroek Tier 2 Linklaters NautaDutilh Stibbe Tier 3 Freshfields Bruckhaus Deringer Lovells Loyens & Loeff The Dutch equity capital markets are bustling. Companies are rushing to list on the Dutch Stock Exchange both from within the Netherlands and from overseas. The country's liberal tax regime is encouraging investors to buy companies elsewhere in Europe and in America and to float them on Euronext Amsterdam. And initial public offerings (IPOs) are an increasingly attractive exit strategy for private-equity houses.