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After visits carried out earlier in the year to evaluate supervision in the financial sector, the International Monetary Fund recently published its Financial Sector Supervision Report for Cyprus. The supervision of commercial banks, cooperative credit institutions, the stock market and insurance companies is carried out by four distinct entities: the Central Bank of Cyprus, the Cooperative Societies' Supervision and Development Authority, the Securities and Exchange Commission, and the Superintendent of Insurance.

A new Takeover Act came into effect in March 2006 in the Federation of Bosnia and Herzegovina (FBIH), one of the two entities that make up Bosnia and Herzegovina (BIH). (The other entity of BIH, the Republic of Srpska, has a similar law, the Law on Takeover of Joint Stock Companies, which came into effect in 2002.)

Slaughter and May needed shareholder approval for the share issuance and then the sale of stakes in CITIC group, in a deal that threw up a number of complications

CITIC Resources' acquisition of a majority interest in Kuwait Foreign Petroleum Exploration's Indonesian oil field highlights the growing number of Chinese state-owned enterprises looking to capitalize on Indonesia's power supplies

Mayer Brown Rowe & Maw will open its Hong Kong office on January 1 2007

Clifford Chance has advised Asia Timber Products, a special purpose vehicle established by CVC Asia Pacific, on its leveraged buyout of the Chinese timber product business owned by Carter Holt Harvey

Rating agency Moody's has announced a review of its ratings system for hybrid bonds

The New York Stock Exchange and the NASD announced yesterday that they have agreed to combine their member regulation functions in a move that is likely to come as a relief to securities firms and their compliance officers in the US

Freshfields is closing its Singapore office and transferring the staff there to Hong Kong

Freshfields Bruckhaus Deringer's Paris office has lost its second partner in three months to LeBoeuf Lamb Greene & MacRae. Leading corporate lawyer Yves Huyghé de Mahenge has followed in the footsteps of Eric Schwartz, who moved from Freshfields to LeBoeuf in September.