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On June 3 2005, the right of the majority shareholder of a joint-stock company to force minority shareholders to sell their shares (squeeze-out) was implemented into Czech law. Unlike the Directive 2004/25/EC on Takeover Bids, the Czech squeeze-out regime does not require the squeeze-out to be preceded by a takeover bid. Also, the right to squeeze-out may be exercised both in listed and unlisted companies. Lastly, the corresponding right of the minority shareholders to force the majority shareholder to buy their shares (sell-out) was not implemented.

China has been drafting and revising its Corporate Bankruptcy Law since 1994. It was finally adopted on August 27 2006, after the third examination, and will come into effect on June 1 2007. The new law comprises a total of 12 chapters with 136 articles, with a clearer structure and more comprehensive coverage of bankruptcy issues.

The Companies Act (Investment Companies with Variable Share Capital) Regulations 1996 (the Sicav Regulations) are being updated to cater for certain industry developments and to apply the provisions to schemes that have not established sub-funds. The amendments will lead to an increased flexibility and will further enhance Malta's competitive position in the international fund industry.

Recommended firms Tier 1 Bowman Gilfillan Deneys Reitz Edward Nathan Sonnenbergs Webber Wentzel Bowens Werksmans Tier 2 Brink Cohen Le Roux Cliffe Dekker Jowell Glyn & Marais Like a number of other emerging markets South Africa has had a successful year. Never likely to match the massive growth seen in some areas of Latin America, South Africa has nevertheless enjoyed healthy development in the value of its IPO transactions and growing investment grade corporate bond issuance. This has been a remarkably good year for emerging markets worldwide and those involved with the South African capital market will hope for more of the same in 2007.

Growing IPO activity over the past year in contrast to declining figures for bond issuance suggests a potentially unbalanced capital market in Japan's recovering economy. But volatility has had one benefit – a surge in the popularity of high yield bond issuance.

Recommended firms Tier 1 Allen & Overy Clifford Chance De Brauw Blackstone Westbroek Tier 2 Linklaters NautaDutilh Stibbe The Netherlands has seen substantial growth in two particular areas in 2006, one on the debt side and one in equity. Firstly, high yield corporate bonds have doubled in deal value. The first nine months of the year saw $3.66 billion-worth of activity across eight deals. During the same period of 2005, a mere three deals totalled $1.8 billion. Despite the fact that the average deal value has fallen by a third, the market should be pleased that there are more deals, resulting in more money to be made.

The number and total value of initial public offerings (IPOs) in the Italian capital market has shown strong growth between 2005 and 2006. The first nine months of last year heralded nine deals worth a total of $1.8 billion, figures which rose to 15 and $4.8 billion in the same period this year. The continued growth in this area has confounded gloomy predictions in the middle of the year about a natural slow down in European IPO activity after a heady five years of activity.

Singapore, like a number of Asian economies, has been recovering steadily after the disasters of the previous decade. Governmental schemes directed at improving the performance of the debt market have dragged up corporate bond issuance. The debt market has been the subject of a great deal of attention from the government and the financial industry in Singapore, and it is here that steady growth in the volume and value of deals can be seen. The equity market has not enjoyed such a sustained development between 2005 and 2006.

Recommended firms Tier 1 Allen & Overy Baker & McKenzie Grszczynski I Wspolnicy Attorneys at Law Weil Gotshal & Manges Tier 2 Clifford Chance Janicka Namiotkiewicz i wspolnicy spolka komandytowa Dewey Ballantine Grzesiak Linklaters White & Case W Danilowicz W Jurcewicz I Wspolnicy There has been little cheer in the Polish capital markets this year. Although inflation has been brought under control, the country continues to face stiff economic challenges and its markets have reflected that with a dearth of new offerings.

How capital markets trends have affected firms in 20 economies worldwide