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The insurance market in Serbia is still underdeveloped. Mandatory third-party liability automobile insurance accounts for more than one-third of the total insurance portfolio, while the portion of life-insurance is still far below the average of the countries in the region (1.2% in 2002, 3.5% in 2003). The total insurance portfolio in Serbia accounts for less than 2% of the country's total GDP (which in 2004 was $23.9 million).

The Austrian regulator, the Financial Markets Authority (Finanzmarktaufsichtsbehörde - the FMA), has recently published interpretational guidelines on the construction of Section 48f of the Austrian Stock Exchange Act (Börsegesetz - BörseG), implementing Commission Directive 2003/125/EC. Section 48f of BörseG deals with the fair presentation of investment recommendations and provides for detailed rules on business practices, including standards of presentation and dissemination of financial analysis, and obligations regarding the disclosure of conflicts of interest.

Ben Maiden reports on how Brazil's C bond exchange successfully adapted auction techniques unpopular in the corporate debt markets to sovereign use

Real estate transactions form an essential part of foreign investments in Albania. Just as in other European countries, in Albania the legal process of acquisition of real estate ownership constitutes two steps: the conclusion of a purchase contract and the registration of the purchase contract with the real estate register.

Private equity is often seen as a closed world of complex financial engineering. But most deals in fact turn on the careful negotiation of a set of core documents. Simon Cooke explains how to make sure all parties' needs are met

DLA Piper Rudnick Gray Cary hired Charles Morrison to lead the firm's drive into Africa. Morrison was a banking partner with Denton Wilde Sapte. He gained experience of sub-Saharan African jurisdictions while handling trade and project finance transactions for European banks. Morrison also acts for African governments on bank and utility privatizations.

Ben Maiden reports on warnings that a New York bankruptcy court's treatment of derivatives and commercial paper could destabilize the market

Linklaters' New York team advised Qwest Communications International, on an offering of $1.95 billion of high-yield notes, which is the largest non-acquisition high-yield offering and one of the largest overall offerings to date in 2005. The issue was divided into two offerings of $1.75 billion and $200 million. Cahill Gordon & Reindel acted as initial purchasers' counsel; Gibson Dunn & Crutcher was the issuer's disclosure counsel; and Hogan & Hartson advised the issuer on regulatory matters.

Bradley Kurkowski, White & Case Dirk Schmalenbach, Freshfields Bruckhaus Deringer David Roberts, Olswang Perry Noble, Freshfields Bruckhaus Deringer White & Case appointed two new legal counsel to its capital markets group in London. Christopher Whiteley joins the structured finance practice from JP Morgan and US-qualified Bradley Kurkowski joins the high yield debt team from Weil Gotshal & Manges. Kurkowski has acted for both investment banks and companies on a variety of debt offerings and Whiteley specializes in credit derivatives.

The review of the UK regulator's enforcement practices is a step in the right direction but will mean little without more high-quality staff, says James Bagge