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Franchising Tunisia does not have legislation or a legal framework to deal with franchising. This does not mean that franchising is prohibited. Franchising agreements entail that the rights are exclusive; such exclusivity was indeed prohibited under the umbrella of number 91.64 relating to competition and prices, dated July 29 1991. But since the introduction of a law dated July 18 2005, which amends the competition law, all the prohibitions affecting previously exclusive concession agreements have been withdrawn; this includes prohibitions that affect franchising agreements. From now on, the authorisation of the Ministry of Commerce and the compulsory opinion of the Competition Committee are not required. The granting of a master franchise covering Tunisian territory is therefore in accord with applicable Tunisian regulations. It does not require any administrative authorisation.

The Draft Amendment Bills and Regulations has five sets of legislative drafts. They are (i) the Draft Securities and Futures (Amendment) Bill 2007, (ii) the Draft Financial Advisers (Amendment) Bill 2007, (iii) the Draft Securities and Futures (Licensing and Conduct of Business) (Amendment) Regulations 2007, (iv) the Draft Financial Advisers (Amendment no 2) Regulations 2007, and (v) the Draft Securities and Futures Regulations 2007 (Amendment), covering financial and margin requirements for holders of capital market services licences.

On November 1 2007, the European Markets in Financial Instruments Directive (Mifid) replaced the Investment Services Directive (ISD). The act carrying out the Mifid in Dutch legislation also came into force on November 1. One of the main objectives of the Mifid is to obtain a more harmonised regime for investment firms in all jurisdictions of the European Economic Area (EEA). Contrary to the ISD, most provisions in the Mifid feature the concept of maximum harmonisation, which means that individual member states do not have the right to exceed the terms of the Mifid. Introduction of these harmonised rules to the Dutch financial system has led to a number of changes in the regulatory regime for investment firms providing services in the Netherlands.

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.

Ukraine Recommended firms Tier 1 Baker & McKenzie Tier 2 Chadbourne & Parke Magister & Partners Sayenko Kharenko Shevchenko Didkovskiy & Partners Tier 3 BC Toms & Co Beiten Burkhardt DLA Piper Gide Loyrette Nouel Grischenko & Partners Salans The Silecky Firm The Ukrainian legal market is going through an interesting period. There has been a steady increase in banking and finance transactions, and international interest is also growing. Ukrainian banks are being targeted by international and European banks – TAS-Kommerzbank, for example, went to Swedbank while Pekao, a Polish banking group, bought out HVB Bank Ukraine.

Turkey Recommended firms Tier 1 Derman Düren Akol Avukatlik Burosu Hergüner Bilgen Özeke Paksoy & Co Pekin & Bayar Tier 2 Birsel Law Offices Bircanoglu Cakmak Avukatlik Bürosu Pekin & Pekin Tier 3 Caga & Caga Dogru Law Office Esin Lokmanhekim Ictem Gürkaynak Özel & Özel Reisoglu-Ensari-Budak Law Firm Serap Zuvin Law Offices Taboglu Ates & Demirhan Verdi & Yazici "A rising tide raises the boats" is the phrase a partner used to describe the present Turkish legal market. The economy is growing fast, and domestic companies and foreign investors are realizing the potential the country has to offer. In the banking and finance categories, most of the lawyers are busy working on acquisition financings and syndicated lending transactions. Another key development this year has been the increase in financing deals involving existing receivables and securitization transactions. A new mortgage law was passed this year, and lawyers believe this will result in a rise in mortgage financings.

Switzerland Recommended firms Tier 1 Bär & Karrer Homburger Lenz & Staehelin Niederer Kraft & Frey Tier 2 Baker & McKenzie Pestalozzi Lachenal Patry Schellenberg Wittmer Walder Wyss & Partners Wenger & Vieli Tier 3 CMS von Erlach Henrici Nobel & Hug Prager Dreifuss Python & Peter Vischer A steady economy, high standards of living and a favourable tax environment are all reasons why multinationals such as Kraft, Google, Yahoo and E-bay are choosing to set up headquarters in Zurich and the Geneva area.

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.

The long-anticipated merger of law firms Nishimura & Partners and Asahi Koma Law Offices has finally materialized, with the newly formed firm, Nishimura & Asahi, standing proudly at 325 lawyers. What this means for the Japanese market has caused much speculation among lawyers, since growing convergence within the capital markets demands not only capacity, but sophistication and experience.

It is no secret that Germany's equity capital market scene has boomed along with the rest of western Europe. There has been an unprecedented number of initial public offerings (IPOs) and the tempo doesn't look like slowing just yet. This has been noted by the American firms, who have been intent on establishing themselves on the scene.