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On December 20 2006, the National Development and Reform Commission (NDRC) of China issued its Notice on Opinions of Adjustment of the Auto Industry Structure (the 2006 Notice) in response to continued overcapacity in the Chinese auto market. The 2006 Notice aims to help slow down the economy to a sustainable level (much like recent policies in respect of land), consolidate an extremely fragmented industry, and encourage the development of domestic Chinese auto champions.

A new Banking Act is about to come into force in Albania. The Act has largely been translated from the existing Croatian Banking Act and has benefited from the advice of the International Monetary Fund. The new Act is much more aligned with European law and sets out more detailed rules regarding the licensing of banks and branches of foreign banks.

There has been a small, but crucial, shift in the balance of power in Washington, DC. The fear over the competitiveness of the US capital markets has finally pushed the scales in favour of international companies, regulators and associations, away from the domestic interest groups that normally dominate regulatory debate in America.

Project financiers should consider umbrella agreements to avoid disparate arbitration

Financial institutions can now exchange credit information without breaking competition law

Tim Grayson, Goldman Sachs

Sullivan builds on London hires Leading M&A partner Tim Emmerson has left Milbank Tweed Hadley & McCloy to join Sullivan & Cromwell, building on the firm's hire of Vanessa Blackmore late last year.

On January 15 2007, new rules and requirements were introduced that affect banking institutions, the stock markets, investment companies and financial companies when entering into derivatives transactions. The new rules seek to simplify authorization; suppress the opinions of auditors and consultants; grant indefinite and general authorization to enter into derivatives operations; allow banking institutions to conduct derivatives credit operations; add new underlying operations against which derivatives can be written; expand the scope of operations for investment companies; and bring financial companies under the scope of the regulations.

How Basel II is forcing project finance lenders into the arms of securitization

How private equity should manage environmental issues