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New laws are needed if India is to realize its potential

Why the Swiss legal market has remained so distinct for so long, by Simon Crompton

The new Slovenian law on takeovers has been adopted, with the principle goal of implementing Directive 2004/25/EC on takeover bids. Although it follows the main principles of the former Slovenian law on takeovers, the new Takeover Act provides a highly structured set of takeover rules, resolving the ambiguities of the former law. Also, some of the guiding principles were given greater priority, such as the protection of minority shareholders. The Takeover Act includes an elaborate provision on acting in concert, the scope of its application is extended to certain non-public corporations, the threshold limits requiring a mandatory bid for all shares remain low, and buyout remedies are provided for minority shareholders. Lastly, the Takeover Act did away with provisions that were drafted for the specific economic circumstances of a country undergoing a transition process, providing special status to certain quasi state funds.

Hybrids stay on summer menu The pipeline for US hybrids continued to produce interesting mandates for law firms over the summer as issuers and underwriters looked to have overcome fears about the regulatory treatment of the new securities.

Romania has enacted legislation to provide a transparent process for public procurements and concessions, promoting competition among economic operators and supporting investments in public projects.

On September 6 2006 Poland will adopt a new system of regulation of the financial market. According to the Polish Financial Supervision Act of July 21 2006, the supervision of the financial market will be exercised by a single authority, the Financial Supervision Commission (KNF). The KNF replaces existing bodies: the Insurance and Pension Funds Supervisory Commission, the Securities and Exchange Commission and the Banking Supervisory Commission. The KNF is a collegial body, with a chairman appointed by the prime minister for a five-year term of office. The KNF will be supervised by the prime minister, to whom its annual reports will be submitted.

The Financial Instrument Market Law 1995 was recently amended, clarifying the regulatory framework for share buyouts in Latvia.

The Ministry of Finance and Economy (Mofe) in Korea recently announced that the Bill on Financial Investment Services and Capital Markets will be submitted to the National Assembly before the end of 2006.

Liquidation is one of the ways a company can terminate its existence in the Federation of Bosnia and Herzegovina (FBiH). The liquidation procedure is always conducted when the company is terminated by a decision of the company's shareholders meeting, or as a result of a decision of a competent court (for example, when a company is issued a decree on prohibition of work, or when a company's registration in the commercial registry is declared null and void by the competent court).

Peter Kurer, UBS group counsel, tells Simon Crompton he is flooded with job applicants wanting to work in-house