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The strata of Japan's new financial instruments law can be complex, warns Tetsuya Itoh of Anderson Mori & Tomotsune

Nina Wilkman of Borenius & Kemppinen looks back at the year's developments in corporate legislation and how they affect M&A activity

Tips on what to watch out for in global merger control. By Susanne Zuehlke and Gaby Eickstaedt of Latham & Watkins, Brussels

Pedro Cassiano Santos, Benedita Lima Aires and Tiago Correia Moreira of Vieira de Almeida assess how the new capital adequacy directive will affect structured finance

By Johan Kleyn, Jan Louis Burggraaf and Gerard van Solinge of Allen & Overy

Wonkyu Han and Je Won Lee of Lee & Ko outline the ways that funds have been enabled to invest in alternative assets in Korea, from ships to carbon credits

Effective as of July 2 2007, the Act on Investment Incentives, which forms the legal basis of the regime of investment incentives in the Czech Republic, has been modified. The original wording of the Act has been effective since May 1 2000, introducing a programme of granting of state aid in eligible regions in accordance with Article 87(3), parts (a) and (b), of the EC Treaty. This regime has been preceded by active support for investments in advanced industrial technologies, implemented in 1998 on the basis of a government resolution. The current regime based on the Act includes corporate income-tax relief, job-creation and training grants, and the transfer of land with infrastructure or owned by the Czech state at a discount.

In addition to the Financial Instruments and Exchange Law (the FIEL) effective September 30 2007, the Japanese Diet has amended various other laws to better protect the interests of consumers who engage in financial transactions. Several of these laws impose additional requirements on persons or entities that regularly engage in sales and other activities involving financial instruments (Financial Transaction Entities) for the benefit of consumers.

Do you really want Iasb in charge?

The Central Bank of Cyprus has tightened its guidelines for the commercial banking sector on lending to finance the purchase of second homes. With the aim of avoiding excessive property lending by commercial banks, the CBC has instructed them to limit loans for second homes to 60% of the value of the property – down from 70%. Banks may lend up to 80% of the value of a first home. Bank lending has increased by almost 25% over the past year and the CBC's action aims to shield commercial banks from excessive exposure, and thus avert the possibility of a US-style credit crunch.