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Bosnia and Herzegovina (BiH) is close to finalizing the 16 points of the EU's feasibility study requirements and is opening negotiations for a stabilization and association agreement (SAA) in December 2005. In order to reach the standards required by the EU, BiH will be required to ensure the establishment of single domestic market, a business friendly tax regime and elimination of needless bureaucratic barriers. A key requirement of the EU will be reforms to the tax environment.

Thomas Benes Felsberg, Steven Kargman and Andrea Acerbi explain why Brazil's new insolvency law should help more businesses avoid liquidation

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Italy

Takeovers in Slovenia are regulated by the Slovenian Takeover Act (the STA, Zakon o prevzemih, Official Gazette RS No. 47/1997, 56/1999), which became effective on August 15 1997.

In 1999, Korea abolished the so-called positive list system and adopted the negative list system with respect to capital transactions, thereby regulating only such transactions as listed in the Foreign Exchange Transactions Law of Korea (FETL). Simultaneously, lawmakers passed a sunset provision requiring the advance approval of the Ministry of Finance and Economy (MOFE) or the Bank of Korea (BOK) for certain capital transactions (restricted transactions). That sunset provision will terminate on December 31 2005 and as a result, beginning on January 1 2006, MOFE (or BOK) approval requirements in respect of restricted transactions will automatically cease to be effective and be changed to reporting requirements.

The Norwegian Financial Supervisory Authority (FSA) proposes to amend the Act on Securities Funds to open up the establishment of special funds in Norway. These funds would become a new group of securities funds, through which investors would be offered participation in high-risk investment schemes. Special funds would create a new organization model for venture capital and private equity funds. If the proposition is adopted, hedge funds and derivative funds will be allowed to set up in Norway.

In October 2003 Switzerland amended the Federal Penal Code (FPC) and enacted provisions exposing corporations to penal prosecution. With this step Switzerland took up the pace set by Anglo-Saxon and some European countries years ago.

Japan's new Company Law, which is expected to be implemented in May 2006, will replace and significantly modify the current provisions of the Commercial Code that relate to companies. The new Company Law will probably have an impact on the type of entities used as special purpose companies (SPCs) in securitization transactions.