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In Hungary the legal position of the shareholders of a target company is of specific importance in terms of what legal remedies such shareholders can seek with respect to a public takeover offer, and how they may eventually use such remedies to jeopardize or block an offer procedure. Although there were certain changes in the applicable legislation, the implementation of EU Takeover Directive as of May 20 2006 did not bring significant changes to the system of remedies in Hungary.

An abstract definition of Public-private partnerships (PPPs) would classify a PPP agreement as any joint venture between a public body and a private company, typically involving the joint ownership of a special purpose vehicle (SPV) established under company law, to work in collaboration on a variety of projects. PPPs are a type of public procurement akin to traditional types of public contracts. What differs is the financial aspects of the agreement and the precise transfer of risk in the contractual relationship. This means that the PPP market is effectively a new market. A recent Greek law (Law 3389/2005) introduces the first regulation on PPPs in Greece and opens the market to this new type of public procurement.

In response to the third EU Money Laundering Directive, the Central Bank of Cyprus (CBC) has unveiled a draft bill to introduce a new regulatory regime for professional trustees and providers of company management services.

The CSRC is to issue new administrative rules on the merger and acquisition of listed companies. The draft of the new rules completed a routine public review on May 31 2006 and is expected to be issued very soon. As a participant in the drafting of the new rules, we believe it will have significant influence on the Chinese market.

Although banks have been leading new securitizations so far in Russia, the railroad monopoly Red Arrow has come to market with the country's first transaction backed by lease receivables, says Kathryn Wells of Euromoney magazine

Andrew Carmichael and Andrei Murygin use landmark deals to explain the different methods for securitization in Russia, and to map the future

Firms across the EU detail the local variation in implementation of the Takeover Directive

Four law professors argue a new interagency statement shows they have. Scott Stengel of Orrick disagrees

John Hartley of Lovells gives an overview of the different types of security available to lenders, lists the potential hazards to avoid and reviews recent case law on guarantees

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