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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

By Sten Luiga from Luiga, Mugu & Borenius, Estonia, Ieva Azanda from Liepa, Skopina/BORENIUS, Latvia, and Tomas Rymeikis from Foigt & Partners/REGIJA BORENIUS, Lithuania, together with Janne Kairo from Borenius & Kemppinen, Finland

With EU accession set for 2007, Romania represents an attractive emerging market for institutional investors. By Cristina Virtopeanu of Nestor Nestor Diculescu Kingston Petersen (NNDKP)

There are some aspects of Estonian legislation that a foreign investor could pay more attention to when buying and financing real estate. Erki Kergandberg of Law Office Aivar Pilv outlines a few of them