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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.

The revision of the exemption regulation that has caused problems for borrowers (see main feature) has also affected securititizations, putting billions of dollars of transactions temporarily at risk.

Life for foreigners issuing securities in The Netherlands has been made more difficult by a recent amendment to the law. Michael Evans reports on what lawyers are doing to change this

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.

France's stock market regulator, the Commission des Opérations de Bourse (Cob) is to make an in-depth analysis of deals structured using derivatives to raise capital.

In a boost to high-yield lending in France, the minister of economy has resolved a long-running debate by clarifying that French usury law does not apply to corporate bonds.

The latest draft of the Basel Capital Accord proposes to treat project finance, asset finance and commodities finance differently from conventional lending. Nicholas Budd of Denton Wilde Sapte explains how

The Securities and Futures Commission (SFC) is looking forward to a new era in Hong Kong's financial markets with the long-awaited Securities and Futures Ordinance (SFO) due to come into effect on April 1 2003.