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To encourage mergers and acquisitions and the restructuring of companies in Turkey, certain tax advantages to the merging companies have been regulated under the relevant tax regulations. After the banking crisis in 2001, in an attempt to encourage the restructuring of the banking system and strengthen the financial structure of the banks, the Banking Regulation and Supervision Agency (BRSA) has set out certain benefits in its regulations for merging banks under the Regulation on the Merger and Acquisition of Banks.

The newly amended Securities and Exchange Act of Korea (SEA) took effect on March 29 2005 and is expected to impact the course of mergers and acquisitions in Korea. It reflects changes to provisions concerning tender offers and reports of mass holdings (the 5% Rule).

The central government has allowed 100% foreign direct investment (FDI) under the automatic route through Press Note 2 effective from March 3 2005, issued by the Ministry of Commerce & Industry Department of Industrial Policy and Promotion SIA (FC Division) in townships, housing, built-up infrastructure and construction development projects including housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure under the following conditions:

The securities industry will gain a more effective voice when three of its main trade associations combine later this year, and well that voice is needed.

European companies have been lobbying for it, but should they really deregister if the SEC liberalizes its rules, asks Andrew Bernstein

Equity capital markets

Ben Maiden talks to Ed Greene of Citigroup about the challenges of gatekeeping at the world's largest bank

An SEC enforcement action has reminded issuers that repeating themselves could be costly. Ben Maiden reports

The Luxembourg law dated June 15 2004 introduced a new form of investment vehicle called a Société d'Investissement en Capital à Risque (SICAR), which is to be used for private equity or venture capital structures.

Law firms in Australia and New Zealand are meeting the onslaught of competition from professional services firms by trimming and streamlining services. The trend is towards a high-tech, highly specialized and user friendly law firm. Morgan Acker reports