EVENTS

The Israeli Government Has Approved the State of Israel's Membership in the OECD (August 2010) …>
On August 22, 2010 the Israeli government approved the State of Israel's membership in the Organization for Economic Cooperation and Development (the OECD), concluding the Israel's process of joining the organization. This decision includes approval of the membership agreement for joining the OECD, which was signed in Paris on June 29, 2010, and contains Israel commitments to the OECD, and its consent to the OECD codes, rules and decisions, since its establishment, including inter alia such rules and guidelines related to combating bribery in international transactions, relaxation of restrictions on foreign investments and cross border trade, international taxation, corporate governance, antitrust practices and environmental protection.

US$1 Billion Eurobond Successful Debut of the Republic of Belarus (August 2010) …>
On August 3, 2010 Republic of Belarus placed first ever Eurobond issue, listed on Luxembourg Stock Exchange, raising US$600 million, and later in August - an additional US$400 million, taking the total of the raised funds to US$1 billion. It is a fixed rate bond with an interest of 8.75%, paid semi annually and maturing in 2015. The issue was rated “B+” by S&P and “B1” by Moody’s. It was the first international bond issue by Belarus and the first ever international securities offering by any Belarusian issuer. Belarus is expected to place additional US$1 billion Eurobond before the end of 2011 (to the Newsletter).

Russian Federation, Belarus and Kazakhstan Launch Customs Union (July 2010) …>
On July 6, 2010, following the adoption of the unified Customs Code, the Customs Union of three former Soviet Union republics - the Russian Federation, the Republic of Belarus and the Republic of Kazakhstan - became operational, constituting a common customs territory with an external customs border and unified Customs Tariff and Customs Regulations. According to the statistics published by the member states, Customs Union will create a common market of approximately 170 million people with US$2 trillion economy, US$900 billion trade and 90 billion barrels of oil reserves. The Customs Union is committed to continuing economic integration towards complete customs borders removal between the member states during 2011 (to the Legal Alert).

Privacy Policy Announcement: Since our Clients reserve the full right upon their own discretion to publish information relating to their business activities, including without limitation their choice of advisers, our policy is not to publish information about the matters we handle on behalf of our Clients. Accordingly the items listed herein consist solely of developments relating to our Firm and the Law. Limited exceptions could be made with respect to information already in the public domain.