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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.

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

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

Valters Gencs of the Law offices of Valters Gencs provides an overview of the types of share buyout offer made in Latvia and how the rights of minority shareholders are protected

Member states have until 2006 to implement the EC Takeover Directive. Gediminas Lisauskas and Egle Lauraityte of Jurevicius, Balciunas & Bartkus ask how much it will affect takeovers in the Baltic States

Marina Tolmatshova, Ieva Smilgaine and Arunas Sidlauskas of Roschier Raidla provide an overview of income and value-added tax regimes for companies established in Estonia, Latvia and Lithuania

Amendments to the Reits Act should spark activity in a market that has been slow to take off, say Yon Kyun Oh and Kwon Lee of Kim & Chang

Satoshi Nakamura outlines some of the recent trends in Japanese convertibles and exchangeables

After the accession of its closest neighbours to the EU in May, and following reform to the country's securities regulatory framework, Austria's businesses should be well placed to attract investment. Indeed, in a release earlier this year Wiener Börse said a five-fold increase in trading activity on the national exchange was conceivable given the potential of the Austrian market. Yet legislative difficulties face both local companies and foreign investors, such as confusing competition rules that seem even to catch M&A deals between overseas parties. Meanwhile, the banking community awaits changes in key areas such as securitization, which practitioners hope will unleash the potential of this underused financing means. The articles in this client guide cover these and other developments.

Asset-backed deals in Austria remain a complex process, although banks and Austrian securitization firms are lobbying for changes that will unleash the country’s potential. By Martin Ebner of Schönherr Rechtsanwälte