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Slovakia missed the July 1 implementation deadline but sluggish local markets mean the Directive may not have a meaningful impact anyway. By Peter Viglasky

The foundations of the capital markets in Turkey were laid down during the 1980s but, since then, the development of the capital markets in Turkey has not been entirely satisfactorily for a variety of reasons. Macroeconomic and political inconsistencies, the shadow economy, high domestic debt stocks and interest rates obstructed the development of fully fledged capital markets with sufficient depth. The market also suffered from more specific securities problems, such as lack of a corporate and individual investor platform and lack of diversity in the capital market instruments.

The revised Trust Business Law, which came into effect on December 30 2004, expands the types of business eligible to engage in trust business and the types of assets eligible to be held in trust. However, it also imposes more regulations on trustees and trust businesses.

As IFLR went to press, the UK's Financial Services Authority (FSA) announced a £13.9 million ($25.3 million) settlement with investment bank Citigroup over its trading activity on the Eurozone government bond trading platform last August.

Belgium missed the July 1 implementation and securities issuers will have to deal with ad hoc regulation in the interim. By Bert Verdoodt

The euro is under pressure after the demise of Europe's constitution. Gilles Thieffry assesses the legal risks of a member state pulling out of monetary union

China's domestic stock markets are a minefield for investors, but Invesco Great Wall Fund Management Company has found a way to make money from stock picking. Much of its success rests on simply understanding the realities of its market. Chris Leahy reports

The biggest change in Europe's capital markets for decades has arrived. Rules across EU member states for public offers of securities are now nominally harmonized, but implementation delays could paralyse markets. By Michael Evans

Managing the expectations of tax authorities both in and outside China is the challenge for international companies. By Steven Tseng and John Lee of KPMG

Despite its entry into the WTO, China still presents challenges to foreign investors hoping to enter the Chinese financial market, says David Liu of Jun He Law Offices