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The Bank of Albania (BoA) formulates, adopts and implements the foreign exchange policy of Albania and maintains a supervisory role in foreign exchange activities in accordance with Law 8269 of December 23 1997 (On the Bank of Albania), Law 8365 July 2 1998 (On banks in the Republic of Albania) and the Regulation on Foreign Exchange Activities 101 of December 10 2003 (FX Regulation).

Although Russian takeover reform has all the right intentions, some of its procedures will make for a slightly awkward process, say Mark Banovich, Yulia Cherkassova and Kirill Ryurikov

Air Berlin recently registered as a UK plc before listing in Germany. It can only be a matter of time before another German company does the same, say Volker Triebel and Christopher Horton

New rules to encourage placements by institutional investors in India will stimulate the domestic markets, says Cyril Shroff

A scam to impersonate retail investors in an IPO is very worrying for India's developing capital markets, says Sandeep Parekh

Dunkin' Brands sets new mark for buyout securitization Paul Weiss Rifkind Wharton & Garrison and Ropes & Gray were lead counsel on the first securitization of franchise rights to be used as financing for a corporate takeover.

The new Slovenian law on information society services, as stipulated in the Electronic Commerce in the Market Act, recently entered into force and fully adopts into Slovenian law EU Directive 2000/31/EC on electronic commerce, thereby correcting deficiencies in the current Electronic Commerce and Electronic Signature Act and the Consumer Protection Act. The new Commerce in the Market Act eliminates the shortcomings of the current regime, which does not sufficiently regulate relations in electronic commerce between contracting parties who are not consumers. The latter could not rely on adequate legal certainty under the old law.

Recently adopted changes to the civil law of Latvia transpose the requirements of EU Directive 2000/35/EC on combating late payment in commercial transactions. Previously if the interest rate was not determined by the loan contract, it was considered that the interest rate set by law had been implicitly agreed to. Also, in other kind of agreements if the rate of interest was not determined, it was deemed that contracting sides had agreed on the interest rate set by law, determined as 6%, which had not been changed since 1937 when the civil law was adopted.

In the interest of protecting investors, the Securities and Exchange Law (SEL) requires that information material to an investment decision be disclosed to the public. For example, in general, when companies offer or issue securities of more than ¥100 million (approximately $869,000), a securities registration statement (SRS) is required to be filed to the Local Finance Bureau (LFB) and made available for public inspection. Also, listed companies must disclose certain corporate information about their company in a report filed with the LFB on a semi-annual basis (annual securities report and semi-annual securities report). Currently, these disclosure documents are required to be filed and accessed online.

The Ministry of Construction and Transportation (MOCT) in Korea announced the proposed amendments to the existing Real Estate Investment Company Law (Reits Law) on June 13 2006. The main purpose of the amendment is to streamline the process of establishing a Reit and to relax regulations on its business operations in order to reinvigorate indirect investments in real estate in Korea. If the amendments are approved by the National Assembly, it is expected that they will be effective as of 2007. Some of the main terms of the amendments are as follows: