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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

Ben Maiden looks at the leading legal advisers as securitization of life insurance takes off

The shortlists for the IFLR Middle East awards, to be held in Dubai on September 5. Read on for deals of the year, teams of the year and national winners.

Pierre Servan-Schreiber defends Arcelor's actions on behalf of its shareholders

David Clinch and Natalya Pilbeam explain some of the complexities of the largest long-term Islamic project finance tranche in recent times