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Italy's regions, provinces, municipalities and other local entities can now securitize proceeds derived from the divestment of real estate assets under Law No 289 (December 27 2002). These territorial entities have become equal, in this respect, to the central government, which can finalize this kind of transaction under Law Decree No 351 (September 25 2001) as converted with amendments into Law No 419 (November 23 2001). For more details see IFLR, International briefings, January 2002.

In the past, Hungarian offshore companies (HOCs) registered in, and performing activities outside, Hungary paid a beneficial 3% corporate profits tax. Companies that requested HOC status before December 31 2002 may benefit from the 3% tax rate and the related HOC regulations during a transitional or grandfathering period, which expires on December 31 2005. However, no company can request HOC status after January 1 2003.

Recent corporate scandals in the US and related discussions concerning the independence and integrity of analysts and their investment research have led to similar discussions in Finland. This article provides a brief overview of the Finnish rules and regulations applicable to investment research.

According to a new notice recently promulgated in China, even if the capital contribution of all foreign investors of an enterprise is lower than 25% of the enterprise's registered capital, the approval and registration procedures of that enterprise will be the same as those of a foreign-invested enterprise (FIE). However, such an enterprise cannot enjoy the preferential tax arrangement that FIEs enjoy. If the investor pays its contribution in cash, it must pay off its capital contribution within three months after the business licence is issued. If the investor makes its contribution in kind, it must pay off its capital contribution within six months.

In December, Time magazine ran an article called the Must Lunch List, profiling 10 of the most powerful behind-the-scenes actors in Europe's increasingly integrated economy. One of the 10 was Jaap Winter, the former legal adviser to Unilever and leading corporate governance specialist who chairs the EU's High Level Group of Company Law Experts.

The first part of the UK's largest-ever public-private partnership (PPP) transaction, the controversial transfer of responsibility for the London Underground to private companies, has closed.

Milbank acts on record deal for Indonesia

Akin Gump Strauss Hauer & Feld and London law firm Herbert Smith will have helped to close the largest corporate deal in Russia if the Azerbaijani government agrees to the $1.4 billion sale of Lukoil's stake in one of the country's large oil fields.

Spanish lawyers say the government must clarify proposed changes to the country's takeover laws. Last month the Spanish government confirmed it would announce amendments to the rules governing tender offers that will force bidders to make more mandatory takeover offers.

Companies listed in Hong Kong will face tougher corporate governance requirements that include having more independent directors and capping discounts on share placements.