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Why Hong Kong is the venue of choice for Chinese IPOs

Similar to the worldwide trend, financial institutions in Turkey are increasingly willing to outsource their financial services, prompted by the need for expertise in the fast-developing information technology sector and cost-efficiency concerns. This trend is also driven by improved foreign investment into the Turkish banking and financial system – foreign investors prefer to set up outsourcing arrangements in Turkey similar to those in their countries or in other jurisdictions where they do business.

In rendering a delisting decision, an Indonesian stock exchange consults with the listing committee for its opinion. If the shares of the listed company are delisted, all types of securities of that listed company will also be delisted from the stock exchange. To decide a delisting proposal, the stock exchange reviews and examines statements and documents submitted by the listed company or other information. It not only takes into account the formal aspects, but also considers the substance of the requirements and the listing committee's opinion.

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.

Venture capital, private equity and hedge funds require tax-transparent structures that allow investors and fund managers to reap the full benefits of their investments with no local tax exposure. Malta introduced a special kind of limited partnership (LP) in 2003. It is a partnership en commandite with a separate legal personality. It therefore benefits from the established body of law and case law that has developed over many years. It must be licensed as a collective investment scheme, the capital can be divided into shares, and both the limited partners and the general partners can be limited liability companies formed in any jurisdiction.

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

Foreign companies have raised funds in the Japanese bond market by issuing Samurai bonds. But primary offerings of Samurai bonds by US corporations have essentially stopped since March 2006. This is said to have resulted from US tax concerns arising from Japan's adoption of a new book-entry transfer system.

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.

Cyprus has amended the Cypriot Companies Law to implement Council Regulation 2157/2001 on the statute for a European public limited company, otherwise known as Societas Europaea (SE). The way is now clear for the registration of the first Cypriot SEs.