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A new bond programme offers investors the chance to buy into trade finance loans for the first time. By Michael Evans

In, AIG Capital Partners v Kazakhstan (October 2005), AIG attempted to proceed against the Kazakh Central Bank's (NBK) assets (consisting of cash accounts and securities) held by a London custodian (AAMGS) in an enforcement action of an arbitral award made in its favour against the Republic of Kazakhstan (RoK).

True-sale securitization has recently become one of the most attractive ways to reform the financial system. For emerging markets such as those in south and eastern Europe, securitization can be seen as a tool for institutions to access financial markets directly. Securitization can also be regarded as an incentive for banks to become more efficient in order to offer the most competitive financial product.

Pursuant to Bank Indonesia Regulation No. 7/15/PBI/2005 dated July 1 2005 and Circular Letter of Bank Indonesia No. 7/48/DPNP to all commercial banks in Indonesia (dated October 14 2005), all commercial banks are obliged to adjust their minimum Tier 1 capital. This capital consists of paid-up capital and disclosed reserves.

A working group appointed by the Finnish Ministry of Finance recently published a report suggesting changes to Finnish law on prospectus liability. The report characterizes the existing legal situation as unclear and unsatisfactory, and calls for legislative reform to be undertaken on the basis of the general conclusions set out in the report.

The Brazilian Securities Commission (CVM) has recently issued its interpretation regarding trades with foreign securities and offerings of the same to Brazilian residents. The interpretation establishes certain restrictions applicable to activities that might configure intermediation in Brazil with securities admitted to trade only in jurisdictions outside Brazil.

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.

Investigations The competent competition authority can inspect an undertaking's premises (during working hours), and documents and accounting books, which can also be sealed or seized for up to 72 hours. The representatives or employees of an undertaking may also be asked about facts or documents related to the case under investigation. With court authorization, the Authority may even enter the private premises of administrators, managers, directors, or employees.

Phillip Fletcher explains the art of negotiating an international project financing to achieve consensus in the absence of set rules

The main legislation in Tanzania dealing with corporate governance is the Companies Act, Cap 212 (the CA) and the Capital Markets and Securities Act 1994.