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Hostile takeover activity is increasing in Japan. Seiichi Okazaki considers some of the defences available under local law

Toshifumi Ueda explains how the UK's whole-business securitization structure can be adapted for the Japanese market

Ken Miura and Mikiko Toeda outline the few remaining restrictions on investment through funds of funds after extensive deregulation

Japan is going through significant changes in its legal system. The long period of economic stagnation following the collapse of the bubble economy in the early 1990s has spurred Japanese lawmakers to modernize commercial laws to make it easier for Japanese companies to undertake necessary restructurings and engage in more sophisticated financing techniques. Many legal and regulatory reforms have already been implemented and a final round of corporate law amendments is expected to be completed in 2005. Articles in the following pages look at a number of areas where the movement toward legal reform and deregulation is already seeing positive results.

James Hume, executive vice-president of the Dubai International Financial Centre looks at the history and potential of the Islamic financial sector

Islamic finance has greater potential growth than any other single area of finance. Although its precise size is hard to assess, most estimates say the assets of those who might invest in Islamic financial products amount to more than $250 billion.

Italy has revamped its tax systems in an effort to compete with other EU countries. Giampaolo Còrabi and David MJ Turner-Kerr of Studio Legale Sutti question whether the reforms will achieve their aim

Despite increasing demand for power in Italy, investors are reluctant to finance the country's power projects. Paolo Esposito of Allen & Overy looks at why they are so hesitant

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.

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