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Danish law on taking securities does not permit floating charges, or similar pledges or mortgages of an undetermined plurality of assets.

In one of the first musharaka sukuks (joint ventures) of its kind, Denton Wilde Sapte advised Standard Bank and Dubai Islamic Bank in a deal with Dubai Metals and Commodities Authority (DMCC). The deal gave the investors the opportunity to receive periodic payments in gold bullion instead of cash for the first time in a public Islamic finance capital markets transaction. DMCC was advised by Afridi & Angell on Dubai law and by Freshfields Bruckhaus Deringer regarding English law.

The implementation of the Directive on Financial Collateral Arrangements in Spain has improved the legal framework for lenders. Gabriel Núñez and Juan Martín Perrotto explain

The Asia Pacific region has an alternative venue for offshore investment - the Labuan IOFC. Ming Sun Yoon of Cheang & Ariff and Raymond WB Wong of Equity Trust outline what this relatively new financial centre has to offer

Michael Duncan, Bimal Desai and Julie Rieger of Allen & Overy discuss the techniques used in joint international/Islamic-funded project finance

Margaret Boswell and Grigory Marinichev of Gide Loyrette Nouel explain the slow progress of securitization in Russia and why Russian companies prefer to launch their securitization programmes overseas

Bruno Bartocci and Paolo Iemma of Gianni, Origoni, Grippo & Partners outline how the Bank of Italy's approach to security offer notification procedures is changing to protect retail investors

Maurizio M Maiano and Gianfranco Santojanni of Pisano De Vito Maiano Catucci & Corrado discuss the two ways a company can ring-fence assets in Italy

Legislative activity in Russia is high, with new laws introducing change in areas such as foreign exchange and real estate transactions. In exchange control, the new rules discard many of the complex regulations covering deals involving foreign currencies, introducing a more permissive system for foreign currency dealings. In real estate, a recent code sees the state taking a less active role in land deals and makes it easier for international corporations to buy property in Russia. However, legal problems remain for both local and foreign investors. The articles in this client guide review some of the opportunities and risks facing those doing business in Russia.

Ayman H Abdel-Khaleq of Vinson & Elkins LLP highlights legal considerations pertinent to offering Islamic investment products in the EU and the US