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Miguel Spínola of Mullerat details the various forms of commercial association available to entities carrying out a joint venture under Portuguese law, focussing on forms of association aimed at limited-term projects

The Portuguese Competition Law creates a new and improved Competition Authority, which is cracking down on anti-competitive practices and concentrations. By José Luís da Cruz Vilaça and Dorothée Choussy Serzedelo of PLMJ

Nimrod E Mkono, Steven De Backer and Joy Alliy of Mkono & Co say that changes to the country's energy policies and legal framework are a step in the right direction, but that more must be done to encourage private investment in the sector

For about 10 years now, Indonesian corporations have been issuing bonds and other debt instruments by using the internationally known special purpose vehicle (SPV) structure to make the process more effective and cost efficient. The parent company of the SPV would issue a guarantee for the instrument and would make payments to the SPV in consideration for the funds derived from issuing the instrument. In other words, the SPV lends the money to its parent company in exchange for the guarantee and repayments from the parent, which will ultimately be used to pay principal and interest/coupon to the holders. The use of an SPV was necessary to achieve at least two goals:

The Securities and Exchange Law has recently been revised. The revised law increases the disclosure requirements for certain corporate information, increases the scope of the tender offer rules, and permits certain English disclosure documents to be filed.

The new Bosnia and Herzegovina (BiH) Law on Competition entered into force in BiH on July 26 2005. The Law is modelled on EC law and covers restrictive agreements, the abuse of a dominant position, and concentrations in the territory of BiH. Of the provisions in the Law on Competition, the requirement to notify concentrations to the respective competition authority will have the most immediate and onerous effect for concentrations in the region.

Howard Mulligan explains how legislation to harmonize anti-predatory lending across the US could reap rewards for the mortgage securitization industry

Europe's action on climate change has created a new market in emissions trading. Amy Merrill and Vivek Jain explain how the EU scheme is structured and how trading will work in practice

An open market for gas in France remains some distance away because of obstacles for new entrants and the power wielded by the incumbent suppliers. But progress remains possible. By Thierry Chaumeil

By Michael Evans