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May 2004 saw Europe's big bang in the area of competition law, with the modernization of competition law enforcement and changes to merger regulation and rules for technology transfer. At the same time, 10 new member states joined the Union, bringing them under the EU's competition regime.

Hong Kong's securities regulator faces a tough job to convince the market that settling certain disciplinary cases without an admission of liability is wise. Andrew Crooke reports

Outsourcing in an industry as highly regulated as financial services creates its own set of difficulties, explain Jonathan Herbst and Mathew Rutter

Brazilian regulators are following in the footsteps of US counterparts by demanding that companies account for the special purpose entities they control. By Walter Douglas Stuber

India's largest initial public offering shows how far market standards in underwriting have advanced. Yet regulators feel there is still room for improvement. By Cyril Shroff and Rahul Guptan

Under Delaware law, directors can be liable if they fail to get a fair deal for shareholders when companies go private. David Leinwand and David Moss examine two cases with contrasting outcomes for the defendants

To address what was seen as an escalating national credit problem, an amr sami (high order) on personal loans was issued by the head of state on February 27 1995.

Royal Decree 78/2004 has been issued, which promulgates the law regulating and privatizing the electricity and water sector in Oman.

Foreign investors have always viewed Press Note 18 with apprehension because it does not allow them to proceed with investments if they have taken part in previous local ventures in the same field to proceed unless the investment is backed by a no-objection certificate (NOC) from the previous local partner. This has in some cases resulted in near blackmail of the foreign investor, as obtaining an NOC became a mandatory pre-requisite for entry into India.

In connection with the integration of the securities exchanges within the Nordic and Baltic regions, the Helsinki Stock Exchange (OMX) began applying the Norex member rules as of September 27 2004. At this date, the Helsinki Stock Exchange, as well as the Tallin and Riga stock exchanges, began using the same electronic trading system as the Stockholm Stock Exchange (Saxess) and the trading hours of the equity and derivatives markets of the Helsinki Stock Exchange and Stockholm Stock Exchange were harmonized.