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Research issues for banks organizing equity distribution programmes

SEC leaning toward international standard

Indonesia tries to boost investment

China's Private Equity Institute Tsinghua teaches PE Tsinghua University in Beijing will jointly develop a new research institute with Kirkland & Ellis. The Private Equity Institute, which is the first of its kind in China, will be supported by Tsinghua School of Economics and Management.

Under Japan's current Trust Law, it is uncertain whether a trust beneficial interest can be represented by a security if not specifically provided for by law (for example, the Law Concerning Investment Trusts and Investment Corporations, and the Law Concerning Securitization of Assets).

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.

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 PRC Enterprise Income Tax Law was passed by the PRC National People's Congress on March 16 2007 and will enter into effect on January 1 2008.

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.