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The Czech Republic has a new legal framework for joint projects of the public and private sector (PPP) as of July 2006. Concession contracts under the Czech Concession Act do not comprise all possible forms of PPP but rather concessions within the meaning of the European Directives. In practice, many PPPs fall within the definition of a public contract governed by the Public Procurement Act. This differentiation is important from the perspective of the tendering of contracts.

The Vienna Stock Exchange (Wiener Börse) has launched a new market segment, the mid-market segment. It is specifically tailored for smaller and medium-sized enterprises with lower financing requirements.

In what it calls a significant move to principles-based regulation, the UK Financial Services Authority has made changes to its conduct of business rules.

Private equity eludes the shackles of regulation In a surprising admission, private equity houses criticised the UK Financial Services Authority last month for not being dramatic enough in their investigations into the industry.

With markets expecting an increase in messy LBO failures, private equity have watched with interest the restructuring of beleaguered IT consultancy Damovo.

Actions only at the behest of regulators

The Vietnamese banking sector is becoming increasingly attractive to foreign investors, especially with the prospect that shares will be issued in the main state-owned commercial banks. However, access to the banking sector by foreign investors through equity acquisitions in existing banks is still highly regulated.

The new Corporate Income Tax Act entered into force in January 2007. It stipulates that companies must withhold taxes at a rate of 15% for distributed dividend and interest issued to residents and non-residents of Slovenia. If international treaties on the avoidance of double taxation stipulate a tax rate other than 15%, the treaty's tax rate applies. Slovenia has such treaties with several different countries and the withholding tax on interest varies between 5% (in Germany, Luxembourg, Ireland and The Netherlands) and 10% (in the UK).

A bill recently introduced by the Dutch Ministry of Finance is drawing the interest of foreign investors. Two novel proposals, in particular, show that the Netherlands is serious in its bid to topple Luxembourg from its prominent position as a pan-European investment jurisdiction. The rules have been recently approved by parliament and are expected to enter into force later this year.

Dubai is handicapped by its strata of laws