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The Capital Markets Board (CMB) recently revised its draft law proposing amendments to various pieces of legislation. It aims not only to improve the legal issues hindering the growth of the mortgage market but also to address concerns raised by the Prime Minister and the Ministry of Industry and Commerce.

The Singapore government has, during the last two years, enacted a raft of legislative changes calculated to enhance Singapore's position as a leading financial and wealth management centre in Asia.

Recent amendments to the Personal Income Tax Law of the Republic of Slovenia introduce a number of changes with respect to calculating different categories of income, which are taxed differently depending on their source and origin. Accordingly, income derived from dividends, interest and capital gains is no longer aggregated to other sources of income and then taxed at a progressive rate ranging from 16% to 50%, but rather is computed separately from other sources of income and taxed at a flat rate. This change will lower the taxable income of individuals.

In December 2005, the Serbian parliament passed the new Law on Banks, introducing numerous changes in the regulatory framework of the Serbian banking sector. Although it has officially come into force, the Law will start to apply in two phases – the first set of its provisions will apply as of July 1 2006, while the rest of the Law will start to apply on October 1 2006. Meanwhile, the old law, which dates back to 1993, will continue to apply.

IFLR is pleased to announce the short-listed deals and law firms for the Americas Awards. Presentations will be made to the winners at the IFLR Awards Dinner to be held at the New York Palace Hotel, 50th Street and Madison Avenue, New York, on the evening of March 16.

The Republic of Iraq has restructured its $130 billion of debt far quicker than expected. James Rice reports

China has relaxed foreign exchange controls that prevented offshore restructurings and held back private equity investments. By Terence Foo

IFLR is pleased to announce the short-listed deals and law firms for the European Awards. Presentations will be made to the winners at the annual IFLR Awards Dinner to be held at The Dorchester, Park Lane, London on the evening of March 22.

Linc Rogers examines Canada's proposed new insolvency regime and its impact on lenders

Mikko Eerola and Mårten Knuts of Waselius & Wist describe Finland's proposed approach to implementing the Takeover Directive