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Italian entities acting as borrowers or issuers of financial instruments in international financial transactions with foreign EU counterparties often accept to submit any controversy that may arise to the jurisdiction of a foreign court located in an EU member state.

Overseas Corporate Bodies (OCBs) have been de-recognized as a separate class of investor entity in India and will now be treated the same as any other foreign incorporated company. This decision follows a review by India's Reserve Bank of the investment activities of OCBs, based on the recommendations of the Joint Parliamentary Committee on Security Market Scams.

For more than 50 years successive Irish governments have used targeted fiscal measures to attract and retain international investment in Ireland. It is clear from Budget 2004, which was approved by the Irish parliament on December 3 2003, that this strategy continues to be the cornerstone of Irish government policy in relation to foreign direct investment.

Denmark adopted a new Act on Investment Associations, Special-Purpose Associations and other collective investment schemes (CIS) on December 4 2003. The Act implements part of the UCITS Directive (Council Directive 85/611/EEC as amended) and introduces a couple of new features. The Act will in all material respects come into force on January 1 2004.

Banks fear they could face client lawsuits for reporting suspicious transactions under Europe's new Market Abuse Directive. Firms led by the European Banking Federation have proposed changes to the implementation rules for the Directive to protect the industry.

During financial downturns, banks and financial institutions are usually faced with the problem of non-performing loans. One way to deal with them is to create asset management companies (AMCs). The two pieces of legislation in the Turkish legal system regulating AMCs are Law No 4743 on the Restructuring of Debts in the Financial Sector and Amending Certain Laws and the Regulation on the Establishment and Operation of Asset Management Companies. Law No 4743, which was enacted as a result of the two financial crises in November 2000 and February 2001, introduced the concept of AMCs to the Turkish legal system.

Banks should review clauses in their documents designed to protect them against disasters such as a terror attack, said two recent government commissioned reports.

Swedish limited liability companies primed for use in corporate structures Jens Baastrup of Hamilton & Co discusses the value of Swedish limited liability companies as holding companies in international corporate structures

Financial assistance and acquisition finance Laws governing financial assistance can cause difficulties in MBO and LBO transactions. By Ari Kaarakainen, Borenius & Kemppinen

Baltic states ready for foreign investment EU accession will mark the end of the Baltic states' transition to a market economy says Mika Salonen of Borenius & Kemppinen