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The Czech Act on Collective Investment has been amended in the area of real estate funds (REFs), effective as of May 26 2006. REFs had theoretically already been enabled by the previous regulation, in place since May 1 2004, but it was too general and highly impractical. As a result, no REF was established under the previous regime. The recent amendment (based on the German model) stipulates in much more detail the requirements for an REF's establishment, investment policy and assets valuation. So far, one REF has been licensed under the new regime.

Regulation to counteract hedge funds

The Monetary Authority of Singapore (MAS) issued a revised Singapore Code on Takeovers and Mergers on March 15 2007, following earlier public consultation by the Securities Industry Council (SIC).

On March 16 2007 the National People's Congress of China, by a majority of legislators, passed the Property Law. A legislative landmark, it has gone through a lengthy legislative process lasting more than 13 years and a record seven readings. The Property Law will come into effect on October 1 2007.

Raquel Hughes, head of main market products at the London Stock Exchange, on solving problems through communication

SEC looks to drop IFRS reconciliation

Companies come to learn about disclosure

The European cooperative society has been introduced as a new form of business in the Slovak Republic and widens possibilities for legal entities already doing business in the EU or for future entrepreneurs. The inauguration of SCEs reflects efforts to remove impediments arising from differences between national laws and will further boost entrepreneurial cross-border activities within the EU.

Cyprus has enacted legislation transposing the EU Takeover Bids Directive (Directive 2004/25/EC) into domestic law.

EU and US politicians this week agreed to harmonize regulatory standards, but European banks want progress on US unilateralism and extra-territoriality