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As its work restructuring the Indonesian banking industry hangs in the balance, the last thing Ibra needed was to be abandoned by its legal advisers. Nick Ferguson reports

The dust has barely settled on the 1998 UK Competition Act and the government has already introduced plans for new legislation. Will this give the UK a “world class competition regime” or, ask Simon Polito and Ruth Kelly of Lovells, is it too much, too soon?

Korea's Corporate Restructuring Promotion Act became effective on September 15 2001. The Act supersedes other laws governing corporate restructuring.

The Finance Act 2001 has, effective from assessment year 2002 to 2003, introduced specific transfer pricing regulations under the Income Tax Act 1961 (IT Act) for computing income and costs or expenses allocated or apportioned under an international transaction with an associated enterprise on an arm's length basis. Arm's length basis operates on the hypothesis that associated enterprises are independent of each other in their commercial and financial dealings. The basis for determination of whether an entity is an associated enterprise includes participation, whether directly or indirectly, by an enterprise in the capital, control or management of another enterprise. Where an enterprise is in a position to influence, restrain or regulate the other, the two entities are considered associated enterprises. An international transaction is defined as a transaction between two or more associated enterprises, either or both of them non-residents, involving a purchase, sale, lease, provision of services, lending, borrowing or any transaction having a bearing on profits, income, loss or assets of such enterprises.

Hendrick Haag, Hengeler Mueller partner and co-chair of Committee E (Banking Law), looks at the topics his panel will be covering at this month’s IBA conference in Cancun.

The downward slide of technology stock prices worldwide continues to concern companies wishing to list shares on Hong Kong's Growth Enterprise Market (GEM). With a view to maintaining Hong Kong's prime competitive position, a joint announcement by the Securities and Futures Commission and the Stock Exchange of Hong Kong on proposed amendments to the GEM Listing Rules was issued on July 27 2001 with the following notable highlights:

The biggest change to New Zealand's dairy industry nears completion with the imminent passing of the Dairy Industry Restructuring Bill which, by early October, ought to have had its final reading in the House. The Bill clears the final hurdle for the merger of New Zealand's two largest dairy companies and the integration of the statutory dairy marketing board into one new huge company, Fonterra Cooperative Group. Fonterra will account for 96% of New Zealand's dairy industry, nearly 25% of all New Zealand export earnings and 7% of gross domestic product, and be the world's largest exporter of dairy products.

On August 29 2001, the Australian government announced several amendments to its interest withholding tax (IWT) exemption regime which are intended to enhance Australia's development as a centre for financial services in the Asia-Pacific region.

On May 31 2001, China's MOFTEC promulgated the Supplemental Provisions (2) to the Establishment of Companies with an Investment Nature by Foreign Investors Tentative Provisions relaxing earlier restrictions on the activities of foreign investment companies (FICs).

By means of the Circular Letter No 10 of August 6 2001, the Superintendency of Industry and Trade (Colombian Competition Authority) stated new terms and conditions for the approval of integrations, mergers and acquisitions.