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To integrate the European aquis communautaire and the OECD Principles on Corporate Governance into Romanian legislation, the Ministry of Justice has initiated a legislative project to amend the Romanian Company Law 31/1990. The proposed amendments do not make fundamental changes to the Company Law, but they are intended to provide investors with clearer guidelines, as a means to promote economic growth in Romania and a better understanding of the mechanisms of Romanian corporate law. The issues that the project aims to improve include:

The new prospectus rules in the Norwegian Securities Trading Act of 1997 (STA) and the regulations related to prospectuses entered into force on January 1 2006. The new rules implement the EU prospectus rules (Directive 2003/71/EC) and are complex and detailed.

The opportunities for finance leasing activities in Malta have been greatly enhanced by new Finance Leasing Rules, which although published in November 2005 apply to finance leases that commenced on or after January 1 2005.

Recently amendments to Latvia's tax laws have been passed regarding corporate income tax.

Indonesian banking law defines a Sharia principle as an agreement between a bank and other parties to maintain funds or financing for business activities based on Islamic laws, such as mudharabah (financing pursuant to profit sharing), musharakah (financing pursuant to capital participation), murabahah (sale and purchase of goods for profit), ijarah (financing of capital goods pursuant to the leasing principle) or ijarah wa iqtina (transfer of ownership over leased goods from a bank to other parties).

The feasibility of using a special purpose company (SPC) has long been an issue under the PRC Company Law. As the newly amended Company Law became effective on January 1 2006, arrangers and lawyers alike are reappraising the possibility of forming an SPC in project financing and securitization transactions.

On October 3 2005, a new registration system to record the transfer of title to movable assets began operation. The new system aims to facilitate financial transactions involving chattel mortgages and securitization of movables by making the transfer of movables more secure and reliable.

New investment and securitization vehicles should further enhance Luxembourg's appeal as a prime location for real estate investment. By Pierre Schleimer and Jean-Christian Six of Allen & Overy Luxembourg

Nina Wilkman and Christian Fogelholm of Borenius & Kemppinen take a look at the market trends of 2005 and the outlook for 2006

The Financial Supervisory Commission of Korea (FSC) has approved amendments to listing and disclosure rules to ease listing regulations for non-domestic companies (that is, companies incorporated or organized in jurisdictions other than Korea).