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Albania, driven by its commitment to align with European Union standards, has embarked on a comprehensive journey to harmonize its financial legislation with EU directives, particularly in the realm of capital markets. At the forefront of this effort stands Law 56/2020 “On Collective Investment Undertakings” (Albanian CIU Law), a pivotal piece of legislation that encompasses the passporting of foreign investment funds into Albania. This landmark law, coupled with the recent enactment of Regulation no. 37 (Passporting Regulation) and Regulation no. 38 (Distribution Regulation) by the Financial Supervisory Authority (FSA), lays down the groundwork for the processes of passporting and distribution within the Albanian financial landscape.

Due to the importance of disclosure of compliance with sustainability principles in evaluating the performance of companies, to ensure transparency, comparability, and reliability of the disclosures made within the scope of environmental, social, and governance (ESG) considerations, regulations have been introduced in the Turkish legal system.

Investment funds in the Czech Republic are regulated by the Czech Investment Companies and Investment Funds Act (ZISIF) and by local implementing regulations (governmental decrees and decrees of the Czech National Bank – CNB).

The economic sector of the Republic of Serbia, including the capital market, offers a telling reflection of the global market’s challenges and some regional specifics. Despite periods of uncertainty and stagnation, Serbia’s capital market maintains signs of vitality and potential for growth.

White & Case and its Turkish affiliate law firm GKC Partners have advised Ulker Biskuvi on its USD 550 million Eurobond issuance. Baker McKenzie and its Turkish affiliate law firm Esin Attorney Partnership advised the bookrunners including J.P. Morgan Securities, Merrill Lynch International, Emirates NBD Bank, HSBC Bank, and Rabo Securities.

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