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Latham & Watkins has appointed partners M. Adel Aslani-Far and Taurie Zeitzer to its corporate department in New York.

Equity Despite fears over a lack of legal market reform, India has witnessed its largest-ever initial public offering (IPO) and equity offering from DLF and ICICI Bank, respectively. ICICI carried out the country's largest equity offering, raising $5 billion in a follow-on public offer on the Indian and New York Stock Exchanges. Elsewhere, DLF, a real estate company, capitalized on India's booming property market and raised $2.25 billion in the country's largest ever IPO.

Real estate

M&A is thriving in Ukraine, despite a legal framework that needs improvement

Sumeet Kachwaha and Ashok Sagar outline India's airport privatization process and look at some of the issues raised

Italian Legislative Decree 51 of March 28 2007, implementing EU Directive 2003/71/EC, has introduced amendments to the regulation of financial markets contained in the Italian Financial Act.

An Indian company may invest directly in a joint venture (JV) or wholly owned subsidiary (WOS) abroad engaged in a bona fide business activity, provided that the total financial commitment/overseas investment of the Indian company does not exceed 200% of its net worth, according to the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations 2004.

The new Finnish Audit Act (Act 459, April 13 2007) and related legislation entered into force on July 1 2007. The Act implements Directive 2006/43/EC, the Statutory Audit Directive, on statutory audits of annual accounts and consolidated accounts, ensuring transparency and quality assurance for statutory audits, and statutory auditors' independence within the EU. The Act also features some small amendments based on national needs and further introduces the international auditing standards adopted by the EU, aiming to achieve a maximum degree of harmonization in all statutory audits throughout the EU.

In a speech at a Canadian Bar Association/International Bar Association conference in Toronto in May, the Canadian Commissioner of Competition, Sheridan Scott, described the Competition Bureau's enforcement and advocacy priorities for 2007-2008. Although broadly consistent with those outlined by the Commissioner in recent years, the Commissioner announced some further specific steps that will be taken to advance the Bureau's objectives.

Emerging markets are old news. Everyone knows the silly statistics related to China's GDP projections, or the size of India's potential consumer market. In these countries the tension between regulatory reform and bureaucracy (or political will) is evident, and is often what determines a rate of growth. That tension also takes up many column inches in the financial press.