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Protecting the private equity investment without killing the golden goose By Stephen M Davis and Kenneth Drake, Heller Ehrman White & McAuliffe LLP

The US venture capital industry in 2002 By John Taylor of the National Venture Capital Association (NVCA)

China Motor Bus Company recently used new tactics to beat off a hostile takeover from Asia Time Investments. Nick Rees and Christopher Walker, of Linklaters in Hong Kong, reveal the lessons to be learnt from an unusual bid

The past six months have seen the successful completion of the first rated collateralized fund obligations. Shlomo Twerski, Paul Watterson and David Nissenbaum of Schulte Roth & Zabel explain how to structure this new financial product

On July 14 2002 the Turkish Competition Board issued a new communiqué, mainly in line with the European Commission Block Exemption Regulation, on the group exemption of vertical agreements, replacing previous communiqués on group exemptions of exclusive distribution agreements, exclusive purchasing agreements and franchise agreements. Agreements benefiting from the previous group exemption communiqués must now comply with the provisions of the new communiqué by July 14 2003 to be exempted from the application of the relevant article of the Law on Protection of Competition regarding the prohibition of concerted practices resulting in the prevention, restriction or distortion of competition in a market for goods and services.

The nature of the payments abroad to non-residents or non-domiciled foreign entities determines the applicable income and remittance tax withholding in Colombia. This applies at a rate of 7% in the case of dividends, of 10% in the case of technical assistance, technical services and consulting services, and 39.55% in the case of financial earnings, commissions, fees, and royalties.

A recent UK court judgement has stopped minority lenders blocking a workout that is not in their interests. Rob Mannix explains why the ruling is good news for the banking industry

Simon Orton of Freshfields Bruckhaus Deringer looks at how the UK's new regulator has performed during its first 12 months, and predicts where it will focus attention in 2003

The Ministry of National Economy has unveiled draft legislation setting out the framework for corporate bonds and securitization operations. The purpose of the new rules is to modernize existing legislation on bond issuance and provide Greek companies with new sources of funding. While the government itself has made some use of securitization in recent years, existing legal rules are quite unfavourable, as far as corporates are concerned. The draft attempts to correct this situation by providing a new set of regulations on the issuance of bonds backed by assets, including real estate and monetary claims against third parties, by Greek societe anonymes, as well as some necessary tax relief. New rules on issuing bonds are also proposed, at a time when the use of debt as a means of raising capital is being encouraged by the Athens Exchange and the Ministry of National Economy. It will become possible to issue bonds following a decision to do so by a company's board of directors, rather than needing a shareholders' decision as before.

In October 2002 the Finnish government issued a proposal to the Finnish parliament to replace the existing Finnish Act on Financial Supervision by a new Act of the same name. The purpose of the proposed Act is to intensify and make more efficient financial supervision through a number of amendments to the supervisory measures and powers available to the Finnish Financial Supervision Authority (FSA) and to increase the authority of the FSA.