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Foreign investment requires a supportive and conducive legal environment and legal institutions. In this light, legal certainty is as vital as political stability and economic opportunities.

The rise of activist hedge funds in Asia has accelerated regional debates on corporate governance, good business and takeover defences, says Young-Joon Kim

David Bernstein argues that SEC initiatives to increase disclosure might not help investors as much as first appears

Davis Polk & Wardwell and Milbank Tweed Hadley & McCloy scored roles on India's largest IPO to date. Reliance Petroleum raised Rs 270 billion ($600 million) to finance the construction of the world's largest refinery complex. Milbank Tweed, through lead partner Tom Siebens, acted for the underwriting group which was led by JM Morgan Stanley and DSP Merrill Lynch in Mumbai. Davis Polk was international counsel to Reliance, supported by Junnarka & Associates on matters of Indian law. The underwriters used Khaitan & Co for local law advice and Amarchand Mangaldas acted as special counsel to the transaction.

Russian depositary receipts A new type of securities will soon be available in Russia – Russian depositary receipts (RDRs). On April 20 2006, the Russian government approved draft amendments to the Federal Law on the Securities Market, which state that RDRs will certify title to a certain number of shares or bonds of a foreign issuer.

Thiha Tun argues that, despite some additional disclosure, there is a real possibility hedge funds will begin listing in London

Critics fear that registering hedge fund managers won't safeguard investors or the economy. Ben Maiden reports

Although banks face an increasing amount of litigation overseas, it shouldn't prohibit international business if managed properly, argues Philip Parish

Judith Shepherd will leave Gibson Dunn & Crutcher to join Barclays Bank as deputy general counsel in September. Shepherd will lead the corporate and commercial team as well as the litigation and disputes, human resources legal and banking products teams. She will report directly to general counsel Jeremy Ogden.