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More and more foreign investors are exploring the opportunities that exist in the undervalued assets of China's enterprises through mergers and acquisitions. Specifically, the takeover of a listed company in China is mainly governed by Section 4 of the Interim Regulations of Shares Issuing and Trading (the Interim Regulations) which was issued by the State Council Securities Committee on April 22 1993. Its major takeover provision is the 30% trigger point such that:

Last July, ISVAP, the supervisory authority for insurance companies, enacted provisions on the use of derivatives by insurance companies which will enter into force as of October 1 1996. Any financial instrument the price of which is related to the value of one or more activities or indices is considered a derivative product irrespective of the way it is described.

Madeira could represent an interesting alternative for Brazilian companies wishing to avoid the consequences of recent Brazilian legislation on Corporate Income Tax (Imposto de Renda de Pessoas Jurídicas), Law No. 9249 of December 26 1995, which came into force on January 1 1996.

This Act amends the Competition Act 1991, taking effect from July 1996. Its aim is to substantially reinforce adherence to competition laws in Ireland by making it an offence for any undertaking to be party to any agreement, decision or concerted practice which is anti-competitive or to abuse a dominant position. Undertakings, their directors, any shadow directors and officers may be prosecuted by the Competition Authority. Fines of up to I£3 million (US$4.5 million) or 10% of turnover may be imposed on conviction.

Dr Berthold Kusserow and Dr Eva Reudelhuber of Oppenhoff & Rädler, Frankfurt, describe the impact that implementation of the Investment Services Directive (ISD) will have on investment services firms in Germany

Ways of taking security interests are becoming increasingly sophisticated. Here is a guide, by James E Hogan, Aigoul Kenjebayeva, Gary Sullivan, Robert Starr and Karen Widess of Salans Hertzfeld & Heilbronn, Paris, Almaty and London

Various amended pieces of Canadian legislation now recognize and protect the enforceability of close-out netting for derivatives deals. By Margaret Grottenthaler of Stikeman, Elliott, Toronto

France has introduced new pledging and netting provisions which will be welcomed by participants in structured financings and derivatives deals. By Stéphane Mouy of Banque Paribas and Edward Nalbantian of Watson, Farley & Williams, Paris

Regulatory confusion and continuing uncertainties are not standing in the way of business in Russia. Lawyers are finding their market booming. By Alex Lennane

In the first of two articles on independent power projects in Asia, Tim Soutar and Judith Hanson of Clifford Chance, Hong Kong, consider the importance of the role played by government