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Germany wants to let companies pay higher dividends to shareholders who exercise their votes, but some believe such a move would be unfair. By Daniel Andrews

Katherine Forrest argues that cooperation between US and EU competition authorities can help all concerned

The last year has seen a phenomenal leap in the Indian airline industry, with a number of small, low-cost, no-frills airlines being floated on the stock exchange, leading to a growing demand for passenger aircraft, most of which are imported into India.

Norman Green, Herbert Smith David Mayhew, Herbert Smith Herbert Smith appointed Norman Green as chief operating officer. Green has been vice president and UK, Ireland and South Africa finance director at Oracle since 1998. In his new role, Green will have responsibility for Herbert Smith's support functions worldwide in conjunction with the executive committee, the group responsible for managing the firm's business. He will work closely with practice area heads on resource, utilization, planning and improving working practices.

There is no mutual fund industry in Bosnia and Herzegovina (BiH). This is partly a result of the underdeveloped economy, but the current legislative framework addresses itself to financial products that the BiH economy is not yet ready to support. It could be that generalization of the legislation could assist in developing the market for personal investment products.

Banks and counsel look set to be disappointed by proposals on auditors' involvement in due diligence. Ben Maiden reports

The European Commission is considering imposing more comprehensive price disclosure on the bond markets. Michael Evans assesses the UK regulator's attempt to set the agenda for the debate

The market has accepted that equity contracts for differences should be disclosed, but conflicting positions between the UK's Takeover Panel, regulator and government risk derailing sensible reform. By Robert Falkner

After negotiations with the EU in 2004, the Romanian parliament recently enacted a new capital markets law, Law 297/2004 (the Capital Markets Law). Previously, the legal provisions regulating capital markets in Romania and undertakings for collective investments in transferable securities (Ucits) differed materially from their counterparts in the EU. Moreover, the regulations were often contradictory and were difficult to interpret correctly.

On July 1 2005, the new law of June 21 2005 (the Law) came into force, implementing the EC Directive 2003/48/EC of June 3 2003 on taxation of savings income in the form of interest payments. The Directive aims to make savings income, in the form of interest payments made by a paying agent in one member state of the EU to beneficial owners who are individuals resident in another member state, subject to effective taxation. Dependent and associated territories of the EU and some non-EU jurisdictions (such as Switzerland, Liechtenstein, San Marino) have also adopted equivalent measures.