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Recent Developments The Turkish Council of Ministers has decided to IPO up to 42.75% of Borsa Istanbul, the Turkish stock exchange, in 2015, with a possible extension through 2016. The exchange is now authorized to appoint underwriters and other consultants and to enter into all offering-related documents on behalf of the Turkish Undersecretariat of the Treasury, which holds the government’s shares. The offering price is subject to the approval of the Council of Ministers. The…

On November 14, 2014, China issued two notices releasing the details of its long-awaited tax policies for Qualified Foreign Institutional Investors (QFIIs), RMB Qualified Foreign Institutional Investors (RQFIIs) and the Shanghai-Hong Kong Stock Connect scheme (SHSC Scheme). The SHSC Scheme was formally launched on November 17, 2014. Tax Policies for QFIIs and RQFIIs Effective from November 17, 2014, capital gains derived by a QFII and a RQFII from the sales of shares in a Chinese…

The spread of Ebola has already been deadlier than the widespread SARS (Severe Acute Respiratory Syndrome) epidemic of 2003. With new cases reported in the United States and Europe, the markets have started to focus on the potential financial effects of this deadly illness. Last month analysts cited Ebola concerns to explain stock declines and a senior executive at Barclays has warned that a sustained outbreak of the virus beyond West Africa could create greater…

Despite stocks coming off high in recent weeks, IPOs from emerging market issuers are still set for a blockbuster year as companies and investors become better at navigating risk. Reinforced by the Alibaba IPO, equity capital raised across borders by emerging market companies has already surpassed any year since 2007. New research from Baker & McKenzie finds that cross-border IPOs from emerging market issuers have seen a 154 % increase in capital raised in the…