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The good news is that Belgium has brought its regulatory framework up to EU standards and beyond. The bad news is that it has partially removed its favourable tax treatment of accumulation units. By Bert Verdoodt of Clifford Chance

Fund management round the world is becoming the focus of more and more regulatory activities intended to attract funds to particular jurisdictions. Ireland and Luxembourg created attractive legislative environments to great success. Now many others want to emulate them.

Macedonia has a legal framework for setting up and managing investment funds but as yet no such funds exist. By Ljubica Ruben and Milco Kupev of Mens Legis Law Firm

In a busy first quarter for German M&A, energy company E.On launched a €48 billion takeover bid for Spanish electricity supplier Endesa. The deal is demonstrative of the move by European power suppliers to forge cross-border networks as the European Union encourages deregulation of energy markets. Cravath Swaine & Moore, Hengeler Mueller and Perez-Llorca are advising E.On on its bid. Endesa is represented by a team of advisers comprising Clifford Chance, Sullivan & Cromwell, Osler Hoskin & Harcourt, Chiomenti, Araoz & Rueda, and Skadden Arps Slate Meagher & Flom. The E.On bid comes after Endesa rejected an approach from fellow Spanish utility Gas Natural.

Yves Poullet at Euroclear Bank in Brussels explains the structure and arrangements for a new form of global note

Freshfields Bruckhaus Deringer promoted Beijing corporate partner Doug Markel to managing partner for China for a term of three years. His practice covers Chinese M&A, joint ventures, private equity deals, corporate reorganizations and information technology and media ventures. Markel has been based in Beijing for 14 years and takes over from Michael Moser.

Gibson Dunn & Crutcher hired a new partner to its litigation practice. Jim Walden started work with the firm's New York office as a member of its business crimes and investigations and antitrust groups. Walden was previously a partner with O'Melveny & Myers and is a former federal prosecutor for the eastern district of New York. His practice centres on criminal and regulatory defence work and corporate governance.

Allen & Overy and White & Case helped complete the $135 million financing for Cygnus LNG Shipping's liquefied natural gas (LNG) tanker project. The vessel is scheduled for delivery in January 2009 and will provide LNG transportation services to Tokyo Electric. Tokyo partner Henrik Gordenker led the White & Case team acting for Cygnus LNG Shipping and the sponsors, which included Tokyo Electric, NYK Lines and Mitsubishi. Allen & Overy advised the lenders and Mizuho Corporate Bank as arranger.

Germany finally enters inflation-linked bond market The Federal Republic of Germany became the latest country to issue inflation-linked bonds last month. The €5.5 billion 10-year issue was underwritten by a Goldman Sachs-led syndicate and was placed in Germany and the international markets. Hengeler Mueller partners Hannes Schneider and Hendrik Haag lined up for the German government while Freshfields Bruckhaus Deringer advised the managers. The bond is listed on the Frankfurt exchange and the German treasury indicated that it plans to increase the issue to €15 billion and enter the market on a regular basis in future.

The law of November 14 on European companies domiciled in Spain came into force on November 16 last year. It has been seized by Spanish legislators to amend some sections of the 1989 Law on Stock Corporations. The most important changes are explained below.