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In an effort to simplify its foreign investment legislation and bring it into line with international standards, Turkey passed Law Number 4875 on Foreign Direct Investment in June 2003. The law eliminates the previous inequalities between foreign and local investors and simplifies the process for establishing a company in Turkey, demonstrating the country's dedication to promoting foreign investment.

Alex Potter of Freshfields Bruckhaus Deringer explains how lenders in privately funded government projects can limit the uncertainty created by EU state aid rules

The Ontario Securities Commission has recently published for comment Proposed OSC Rule 48-501 (Trading During Distributions, Formal Bids and Share Exchange Transactions), which would impose trading restrictions on dealers and issuers involved in a distribution of securities and certain other transactions, such as a securities exchange takeover bid, an issuer bid or an amalgamation, arrangement, capital reorganization or similar transaction. The purpose of the rule is to prescribe safe harbours and to otherwise restrict trading activities and preclude manipulative conduct by persons who might have an interest in the outcome of such a distribution or transaction.

Proposals to end the practice of paying soft commission are on the table in both the UK and the US. Michael Evans reports

Asian issuers of securities in the EU face potentially expensive, time-consuming and uncertain disclosure obligations under Europe's new prospectus laws. By Swain Roberts and Denise Cheong of Linklaters Allen & Gledhill

Primary offerings have given way to rights issues in the equity markets, but big clients still needed money last year. And, as Simon Crompton finds out, they turned to US firms to help raise it

Stock Exchange organization Euronext has eliminated the so-called all-or-nothing order as of September 1 2003, whereby investors and traders can ensure that a stock exchange order is either completely executed out or not executed at all. According to the stock exchange, this type of order confuses investors and too little use is made of it. This is particularly important with stocks that are rarely traded. Because of a lack of counterparties, an ordinary stock exchange order often leads to partial execution of the order. This results in high costs. Sometimes partial execution is inadequate for the acquisition of the necessary number of parts. According to Euronext, the all-or-nothing order leads to a lack of clarity among investors. "Confusion exists if the share price conforms to the limit set, but the order is not performed due to the number of parts not corresponding," it said. According to Euronext, too little use is made of the order in The Netherlands. "Less than 1% of the turnover in the order book is a result of all-or-nothing orders," the exchange said. In France and Belgium, the order is used particularly by private investors.

The Irish Supreme Court recently published its decision in the case of In the matter of Bula Limited (in Receivership) Supreme Court, 11 April 2003 (unreported). The case arose from the sale by a receiver of the assets of Bula Mines and confirms the obligations to be discharged by a receiver upon the sale of property.

On August 1 2003 the Japanese government promulgated certain amendments to the Civil Code of Japan and the Civil Execution Law in connection with the foreclosure of mortgaged properties.

In the absence of Lenders' Liability law, the Reserve Bank, with a view to counter-balance lenders' power under the Securitization Act, has recently finalized its Guidelines on Fair Practices Code for Lenders. The Code aims to usher in greater transparency in financial dealings, the hallmark of most developed financial markets, by requiring financial and banking institutions to follow a number of guidelines.