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How the listing of companies in both Hong Kong and China could work in the future

Why ANA has become the first Japanese company to list in London since the Prospectus and Transparency Directives

New laws are needed if India is to realize its potential

US regulator rings the changes Erik Sirri, the new director of the SEC's division of market regulation Economist Erik Sirri will start work this month as director of the SEC's division of market regulation. Dr Sirri currently serves as a professor of finance at Babson College and is a visiting professor at Harvard Law School. He was the SEC's chief economist from 1996 to 1999 and specializes in the structuring and performance of stock exchanges and the relationship between securities law and finance.

More talk needed in China

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.

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.

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.

Welcome to the new expanded IFLR. The magazine now has more coverage of M&A, private equity, project finance, banking and financial services, as well as the expertise and analysis of the capital markets it is renowned for. The new coverage is organized into four dedicated practice sections, making the topics you are interested in easy to find and the magazine simple to navigate.