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Until 1993, when the telecommunications market was partially liberalized, the 100% state-owned Tanzania Posts and Telecommunications Company (TPTC) was both provider of telecommunication services and regulator of the Tanzanian telecommunications sector.

To attract the billions of dollars held by Middle Eastern investors, the Singapore Exchange (SGX) is developing a series of indices that are compliant with Islamic law (Sharia).

The UK's new Disclosure Rules came into effect on July 1 2005, implementing the EU Market Abuse Directive.

Serbia's government has prepared a draft Investment Funds Law, which was officially submitted to parliament in September 2005. The draft law was prepared in cooperation with World Bank experts, and was modelled on to the EC Ucits directives.

The Off-Exchange Trading Regulations came into force on January 27 2006. With the market capitalization of the Malta Stock Exchange (MSE) topping $1 billion and a constant increase in turnover, off-exchange trading means more flexibility for authorized intermediaries and investors.

The law on company income tax in Latvia provides new exceptions regarding the taxation of a company's income from dividends.

The Capital Markets Board (CMB) recently revised its draft law proposing amendments to various pieces of legislation, to address the legal issues hindering the growth of the mortgage market.

Swiss company law does not address the transparency of management and board of directors' remuneration. For companies listed on the SWX Swiss Exchange, the SWX Directive on Information Relating to Corporate Governance (the SWX Directive) requires that management and board of directors' remuneration be disclosed. However, the SWX Directive only requires the total amount of compensation paid to the board of directors and the management board to be indicated. The Swiss Code of Best Practice for Corporate Governance also addresses the disclosure of corporate governance issues. However, the Swiss Code does not provide binding corporate governance standards. It just aims to give recommendations for listed companies.

Russian federal legislation on joint-stock companies and the securities market was recently amended to introduce detailed tender offer rules.

A unique refinancing by two Indonesian companies could signal a rise in demand for multi-tiered debt issued by Asian borrowers, say Sabrina Maguire and Robert Mason