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Questions persist over the future of Basel II in the US as regulators delay implementation plans. Ben Maiden reports

Ken Willman, Goldman Sachs Kenneth Willman, general counsel of Goldman Sachs (Asia), used the opening address at IFLR's Asia Capital Markets Forum last month to call for greater liberalization of the region's securities markets.

On January 1 2006, Bosnia and Herzegovina (BiH) begins implementing the new state-level Value Added Tax (VAT) Law, marking the start of a new tax regime in the country. The law establishes a single, simplified tax collection system that will apply in the whole of BiH, under which taxes will be paid into a single account at state level. At the same time, sales tax is set to disappear. The new system is the culmination of five years of investment by the international community towards a fairer, clearer and more efficient system of tax administration in BiH.

The UK Financial Services Authority has put 25 hedge funds under daily scrutiny, becoming the most recent in a line of regulators to focus attention on the sector. James Rice reports

Ben Maiden reports on the increasing number of private practitioners in the US going to work for clients, and not always as lawyers

Frankfurt-headquartered DVB Bank acted as arranger on the €180 million financing of a new deepwater container terminal in Gdansk, Poland. DVB Bank agreed to arrange and provide up to €100 million of debt finance to DCT Gdansk. DCT Gdansk is majority owned by Macquarie Global Infrastructure Fund II. The Norton Rose team advising DVB Bank was led by Tomas Gärdfors in Frankfurt, Chris Brown in London and Piotr Strawa in Warsaw. Wildgen & Partners advised DVB on Luxembourg law and McCann FitzGerald advised DVB on Irish law. Lovells advised the borrower.