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Mark Johnson and Tim Edgar set the enforcement challenge of Hong Kong's SFC in an international context

Although it made some changes to the Capital Markets Act (Act CXX of 2001; the CMA), the implementation of EU Directive 2004/25/EC of April 21 2004 on Takeover Offers did not bring big changes to the sanctions system, nor did it resolve the existing ambiguities in Hungary.

At its recent 2006 plenary meeting, the Council of Europe's Moneyval Committee approved the mutual evaluation report on Cyprus's anti-money-laundering measures prepared after a visit to Cyprus in April 2005.

The side letter is an animal increasingly seen in the hedge fund jungle. It is a species that can be unpredictable, even dangerous. The attitude that any arrangement outside the principal contractual documents can simply be put into a side letter is foolhardy.

As part of the Income Tax Act of 2002, Cyprus enacted a series of tax reforms. These reforms aimed to harmonize the tax laws of Cyprus with EU directives. The corporate tax rate in Cyprus is now between 10% and 15% depending on a company's chargeable income. These rates are among the lowest in the EU.

For most financial and securities market participants in Albania, derivatives remain unknown and sophisticated investment instruments. Albanian law does not define derivatives and does not specifically and uniformly regulate derivatives. The law does provide vague definitions of the terms futures, options, and rights on securities contracts, that is, forwards and swaps, in Article 2 of the Law On Securities 8080, dated March 1 1996, as amended (the Securities Law). The definition of securities includes several terms relevant to derivatives:

How banks are preparing for life after Mifid

Richard Stones gives a more personal view on the impact of new client classification rules in Mifid

An introduction to Mifid and its controversies, by Richard Stones

Jeremy Stoupas and Joshua Schwab argue that, despite teething problems with recent guidelines, the volume of hybrid Tier I issuance in south-east Asia should continue to rise