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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

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).

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.

By Michael Evans

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.

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

Disclosure of equity swaps has become the subject of a court battle in Australia. By Michael Parshall and Jonathan Swain

Lovells picked Crispin Rapinet as managing partner for the Asia region. Commercial litigation specialist Rapinet will have overall responsibility for the firm's offices in Hong Kong, Beijing, Shanghai, Tokyo, Singapore, and Ho Chi Minh City.

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