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Spain's Council of Ministers has recently proposed a new draft Regulation on Collective Investment Institutions (CIIs).

Recently parliament has passed the Completion of the Privatization of the State and Municipal Property and Use of the Privatization Vouchers Law, which enters into force on September 1 2005.

On August 26 2005, the Ministry of Finance & Economy of Korea (Mofe) announced its tax-reform proposals including anti-tax-haven rules. If approved by the National Assembly later this year, the proposed changes are expected to take effect in January 2006.

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

BNP Paribas appointed a new general counsel for North America. Betty Whelchel joined the French bank's New York office having previously served as global general counsel for Deutsche Asset Management. Whelchel had earlier served as deputy general counsel for Deutsche Bank's New York branch and, before that, was with Shearman & Sterling in New York and Tokyo. She will report to Hubert de Vauplane, global head of corporate and investment banking, legal and to Everett Schenk, CEO of corporate and investment banking for North America.

The Loan Market Association has issued standard language for loan agreements to deal with disruption caused by a terrorist attack or natural disaster. But, explains Andrew Balfour, the clauses do not address difficult questions of liability

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

According to the Kuwait Tax Law (Decree 3 of 1955), every body corporate carrying on business in Kuwait should pay tax on its Kuwait operations. The tax is calculated at an increasing rate depending on levels of profit, up to a maximum of 55%.

Deutsche Post tendered an offer to acquire the UK logistics company Exel. Linklaters and Slaughter and May have the lead roles on the €5.3 billion bid for the UK group. Corporate partner David Cheyne is leading the Linklaters' team acting for Deutsche Post, while Martin Whelton heads Slaughters' team acting for Exel. German counsel Hengeler Mueller is also advising Exel alongside best-friend firm Slaughter and May.

David Leinwand explains why directors can take some comfort from the recent ruling over Disney's handling of the Michael Ovitz affair