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James Simpson, Oleg Bilousenko and Valeria Piovesana assess the steps towards privatization in central and eastern Europe's power sector

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 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.

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.

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.

Christopher Cox took office as the 28th chairman of the SEC. His arrival followed the resignation of William Donaldson, who left the Commission on June 30. Cox's appointment was confirmed following a Senate hearing in which he pledged to uphold and build on the major reforms undertaken during his predecessor's tenure.

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

Alistair Graham and Larry Byrne, who act for a UK executive facing extradition to the US over price-fixing claims, argue that the new extradition system between the countries is deeply flawed