The lack of clarity over how the Foreign Business Act should be interpreted has led to ''a complete drying up of new deals'', according to local corporate lawyers and investment bankers. ''No one is willing to offer a clean opinion of whether a structure will be permitted or not,'' one lawyer said. ''The long-term money is gone. What we're seeing now in the market is some buying by hedge funds, but the real investment is going to stay away.'' Chaiwat Kovavisarach, managing director of Turnaround Securities, a boutique investment banking house, said cross-border transactions were ''out of the question'' right now given the legal and policy uncertainties. ''Domestic mergers and acquisitions are moving, but at a snail's pace.'' This ongoing uncertainty about nominee structures has also started to take a toll on foreign direct investment (FDI), industry experts say....