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Yon-Kyun Oh, Hyoung-Soo Kwon and Joon B Kim of Kim & Chang explain why the real estate fund is the indirect investment structure of choice for many investors

Australia narrows withholding tax exemption

The amended enforcement decree of the Monopoly Regulation and Fair Trade Act relaxes the rule limiting the total amount of shareholdings and introduces changes regarding the holding company system. The Act was passed during the parliamentary plenary session held on April 2 2007 and came into force accordingly.

This year, two amendments to securities law came into effect that bring the Slovak legislation even closer to EU directives. Both set legal guidelines to protect the interests of minority shareholders of securities that are the subject of a purchase, takeover or change in control of a majority stake.

The proposed Iskandar Development Region (IDR), in the state of Johor (the southern-most state of Malaysia), was officially launched on November 4 2006 and designated as a special economic zone. The IDR comprises both greenfield and brownfield development, encompassing an area of 2217 sq km. It leverages itself on, among others, its strategic location (close to Singapore and Indonesia) and good logistics: the North-South expressway, road and rail links to Singapore, and air and sea links to Indonesia and regionally. The IDR is also bordered by three main ports: the Pasir Gudang Port, Port of Tanjung Pelepas and the Tanjung Langsat Port.

Directive 2004/39/EC on markets in financial instruments (Mifid) introduces a comprehensive regulatory regime to ensure a high quality of investor transactions and represents a framework measure designed to improve the regulation of securities markets. The Mifid amends Directives 85/611/EEC, 93/6/EC and 2000/12/EC, and repeals Directive 93/22/EEC. It will come in effect starting November 1 2007.

The new Panel on Takeovers and Mergers (the Takeover Panel), operating under Finland's Central Chamber of Commerce, began its work in September 2006. The Takeover Panel consists of independent and neutral experts chosen by the board of the Central Chamber of Commerce, and is chaired by professor Matti J Sillanpää. It was established after the implementation of the Takeover Directive (2004/25/EC), amending the Chamber of Commerce Act and the Finnish Securities Market Act.

A comprehensive regulatory framework for the execution of transactions on behalf of investors by stock markets, alternative trading systems and investment firms has been established under Directive 2004/39/EC of the European Parliament and of the Council on Markets in Financial Instruments (the Mifid) and Directive 2000/12/EC of the European Parliament. A single passport for investment firms, banks and stock markets has been created that enables these institutions to offer their services on a cross-border basis throughout Europe on the strength of home-country authorization, granted on the basis of uniform criteria in all member states.

The New Basel Capital Accord, or Basel II, has been implemented into Czech law by amendments to several acts regulating the Czech financial market, effective as of July 1 2007. The Czech National Bank, as the regulator, has published the detailed implementing regulations. The Czech Republic has missed the implementation deadline by six months.