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  • On March 1 2003 State Council promulgated its Rules on Sino-Chinese Cooperative School Joint Ventures. These will be effective as of September 1 2003.
  • Jan Meyers and David Ballegeer of Cleary, Gottlieb, Steen & Hamilton examine the impact of the EU's Conglomerates Directive on capital adequacy requirements for bank and insurance groups
  • The legal authority of the UK Government to extend the European Union Savings Directive to the UK's overseas territories is in doubt following a European Court ruling at a preliminary hearing in March 2003. The Directive is still in draft form and has not yet been adopted by the EU's Council of Minisiters, but in its current state would require EU member states to impose either spontaneous reporting or withholding tax. Although the Cayman Islands is a UK overseas territory, it is not a member of the EU.
  • In a recent string of structural legislative reforms, the Georgian Parliament has abolished the Ministry of State Property Management of Georgia (MSPM), the entity previously responsible for the management and privatization of state-owned assets.
  • Legislation on derivatives for Italian local authorities is scant. The only provisions are contained in Ministerial Decree No 420 of July 5 1996 (MD No 420) and in Article 41 of Law No 448 of December 28 2001 (2002 Financial Law).
  • The Czech government has abandoned plans to build a highway using what would have been the country's first public private partnership (PPP) infrastructure deal.
  • Telecoms company Paktel has successfully completed the first ever listed future flow securitization in Pakistan.
  • Hong Kong's securities regulator has responded to industry pressure by releasing draft rules to create real estate investment trusts. But there are doubts over whether some proposals are suitable says Effie Vasilopoulos of Johnson Stokes & Master
  • The final part of this deal analysis reveals why an asset purchase through a US Chapter 11 case was the best way for state-owned telecoms operator China Netcom to buy Asia Global Crossing. Edward Turner, Sandor Schick and Etienne Gelencsér of Shearman & Sterling explain