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Regulation of Indonesia’s oil and gas industry at the crossroads Kartini Muljadi SH and Dr TN Machmud of Kartini Muljadi & Rekan

Korea’s power generation to go on sale By Soogil Young and Yon Kyun Oh of Kim & Chang Law Office, Seoul

New Zealand’s electricity industry By Elisabeth Welson, Anne Callinan and Rabin Rabindran of Simpson Grierson

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.

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.

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.

National Monetary Council Resolution No 2,878, recently issued by the Brazilian Central Bank, rules on relations between banks and their clients with regard to the services and products offered to the latter.

Bank clients desiring to transfer their bank assets in the event of death to certain persons outside of regular inheritance proceedings often approach their bank with the idea of granting a power over their assets that will become effective only on the death of the grantor. Swiss banks refuse to accept such powers because, under Swiss law, this would be considered a matter of inheritance laws requiring the mandatory form of a testament. On the other hand, Swiss law recognizes a power of attorney granted with immediate effect and remaining in effect after the death of the grantor (post mortem power). Such a power does not require a testamentary form. This type of power has until now frequently been used as a means of estate planning, although its obvious disadvantage is that the beneficiary of the power can dispose of the assets already during the life time of the grantor.

Under Italian legislation local authorities can determine the conditions and the structure of their debt and can operate according to discretionary powers, although this must be in compliance with the general conditions provided by law.