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On April 7 2006, the Norwegian Ministry of Justice forwarded a white paper suggesting several amendments to the act relating to private limited liability companies (aksjeselskaper or AS) and the act relating to public limited liability companies (allmennaksjeselskaper or ASA). The most important proposals are:

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.

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:

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By Erica Howard, John Neighbour, Bob Clair, Damian Preshaw and Jan Martens of KPMG

Hiroki Mori and Emiko Obata of Atsumi & Partners discuss some of the ways inevitable uncertainties over cash flows can be dealt with in a whole business securitization transaction

Rahmat Bastian and Satrya Wijaya Teja of BT Partnership Law Firm outline the issues to consider when entering into repo transactions with Indonesian counterparties

A law change in India means venture capital funds may now invest in real estate, providing more opportunity for foreign investment. By Shivi Agarwal and Panna Singh of Dhir & Dhir Associates