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The UK is home to a very active collective investment scheme (CIS) industry both in terms of the portfolio management of CISs and in terms of the promotion and sale of CISs to the UK retail market and the large UK institutional market. By Simon Atiyah of Garrets, London and Robert Edwards of Arthur Andersen

France is often cited as the second largest market after the US for fund and asset management. By Joseph J Small hoover and Christian Cano, Dechert Price & Rhoads, Paris

In the Dutch fund market various types of funds are used, depending for instance on the intended investor category, the underlying investments, the desired tax, accountancy or regulatory treatment and organizational requirements of the participants or the sponsor. Instead of giving an overview of the legal, tax and regulatory framework with respect to the different types of funds, in this article the focus is on a particular fund structure for institutional investors (whether Dutch or foreign). By A R T van IJlzinga Veenstra of Clifford Chance, Amsterdam Dutch pooling vehicle for institutional investors

Since its beginning as an offshore fund centre in 1992 Mauritius has gained significant recognition as a credible and reliable jurisdiction. More than 150 funds have been set up in Mauritius to date with assets under management in excess of $4 billion. By Jimmy Wong, Yuen Tien and Iqbal Rajanbalee of De Chezel du Mee, representing Andersen Worlwide, Mauritius

Changes in German taxation affecting foreign investment funds By Felix Klinger and Bernd Schmitt of Ernst & Young, Frankfurt

The origin of regulations on the institution of collective investment dates back to the beginning of the Polish capital market. The Act on Public Trading in Securities and Trust Funds of 1991 (replaced in 1998 with the current Act on Public Trading in Securities), constituted the most important regulation in this area. By Boguslaw Ptak of Wierzbowski & Co, Warsaw

International Fund Management Developments By Martin Cornish of Arnheim, Tite & Lewis, London

Development of the investment funds industry By Philip Millward and Qiao Gangliang of Paul weiss Rifkind Wharton & Garrison, Hong Kong and Beijing

Lex Mundi elects new chairman

In June the Swiss Exchange opened the SWX New Market, a new segment for young growth companies.