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Kathleen Ng of Asia Private Equity Research discusses developments in the world's most dynamic markets

It's been brewing for a few years now, but it looks like 2007 will be the year that private equity will have to shelter from the storm that it started. There has always been some criticism of private equity, but in the last few months politicians and other industry figureheads have begun to speak out against it in earnest. In many European countries there has even been political lobbying against private equity.

The Monetary Authority of Singapore (Amendment) Bill 2007 was read a second time in Parliament on February 12 2007. The Bill seeks to enable the Monetary Authority of Singapore (MAS) to carry out its functions more effectively in meeting the challenges of a dynamic global financial and regulatory landscape.

Law 247/2004 on the capital market and Regulation 32/2006 issued by the Romanian National Securities Commission (NSC), regarding the financial investment services, which replaced the Regulation 15/2005, stipulate the principle of freedom to provide investment services and activities within the territory of Romania by the investment firms authorised in a member state of European Union.

The main purpose of investment companies is to acquire and sell investment assets with funds from the placement of shares representing its capital stock among investors; likewise it can contract services and carry out activities contemplated in the law upon which it is based (the Investment Companies Law). Given the importance of this figure, the structure and organization held by the bulletins and provisions issued by the National Banking and Securities Commission, the latter has decided to enact the General Provisions Applicable to Investment companies and the persons who render Services thereto in order to achieve the compilation and update of the earlier provisions which regulated such companies, thereby seeking at all times to encourage compliance and observance. These provisions general provide: (i) a new classification of investment companies; (ii) an assessment of risk coverage and maximization of earnings; (iii) that the operation of financial derivative instruments allow a better diversification of the assets of the company; (iv) for the accounting standards to adjust to national and international standards; and (v) to establish requirements to help obtain better financial information.

As previously mentioned in this past February's edition of the IFLR, Japan's Trust Law was completely replaced by a new Trust Law (Law 108 of 2006), which will come into effect sometime before June 2008. One of the most important changes in the new Trust Law other than the introduction of the business trust, is allowing the use of a security trust which is a very familiar concept in syndicated loan arrangements in common law jurisdictions. This will mean that in the case of a secured loan, the security interest can be entrusted to a security trust and the administration of such security can be delegated to the trustee who is not an obligee of the secured obligations.

The anti-monopoly review procedures for M&A involving foreign investors were first established in 2003 by The Interim Regulations on Merger with and Acquisition of Domestic Enterprises by Foreign Investors (Interim M&A Regulations). In 2006 The Regulations on Merger with and Acquisition of Domestic Enterprises by Foreign Investors (M&A Regulations) replaced the Interim M&A Regulations and set forth a special chapter on anti-monopoly review, without making any changes to relevant provisions in the Interim M&A Regulations.

Freshfields

Thanks very much: private equity's empty gift Last month's announcement of a private equity code of conduct in the UK looks to be enough to settle growing concerns surrounding the industry.

Freshfields sets record; Cadwalader wins structured finance; M&A trophy goes to Skadden