Magazine - June 2005

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • How Dura will curb US securities class actions

    Defence lawyers have hailed the Supreme Court's ruling in Dura Pharmaceuticals for restricting securities fraud litigation. William Sullivan and Tracey DeLange, counsel to Dura, argue that the ruling is also good for the economy

Features

  • Editorial

    As Europe enters the implementation stage of the Financial Services Action Plan the unintended consequences of regulation have become a leading concern among issuers, underwriters and their counsel.

  • Issuers weigh the case for stronger bond covenants

    Bondholder demands for better protection have crystallized after recent deals showing the value of covenants and the potential losses on covenant-free bonds. By Matthew Hartley and Cuthbert Kendall

  • Europe's chance to put right Ucits errors

    Dale Gabbert looks back over the history of Ucits legislation and argues for a more liberal approach when the European Commission carries out its promised review of the law later this year

  • Simplifying French public-to-private deals

    Stringent public offer rules make public-to-private deals in France more challenging than in other EU jurisdictions. But changes to takeover rules could make structuring deals easier. Olivier Assant and Benjamin Kanovitch explain

  • How Europe's trading reform is taking shape

    Europe’s overhaul of the way securities are traded must balance market efficiency with competition for trading between banks and stock exchanges. Peter Gomber and Jochen Seitz look at how new rules will do that

  • EU rules threaten Dutch corporate defences

    The Netherlands has published plans to implement the EU Takeover Directive and controversially dismantle some of the defences traditionally available to Dutch companies. By Hugo Oppelaar and Alexander Kaarls

  • Italy's mixed fortunes in the year after Parmalat

    Ben Moshinsky looks back over 12 months in which retail investors remained nervous and the equity markets stayed quiet but securitization continued to grow

  • Collateral becomes more lender-friendly in Spain

    The implementation of the Directive on Financial Collateral Arrangements in Spain has improved the legal framework for lenders. Gabriel Núñez and Juan Martín Perrotto explain

  • France eases restrictions on collateral and netting

    In implementing the EU Collateral Directive, France has extended netting possibilities and provided an exception to the general French requirement for a court order or auction when selling a pledged asset. By Pierre Lastenouse

  • Canadian lawyers take new look at due diligence

    Ben Maiden reports from Toronto on the impact of corporate governance and secondary liability reforms

  • Court opens door to US-style discovery

    David Lindsey and James Hosking explain why the US Supreme Court may have opened the door for parties to obtain discovery from US courts in aid of international arbitration

  • Why Elektrim may be welcome news for trustees

    The House of Lords has ruled in the Elektrim bondholder litigation that the trustee to the deal must accelerate debt if asked to do so by bondholders, but should not be liable for the results if the acceleration is shown to be invalid. By Daniel Whitehead

  • Korea gives secured lenders comfort at last

    Korea's new insolvency law gives financial institutions the certainty they need in their secured lending transactions to close out positions with defaulting counterparties and enforce rights to collateral. By Andrew Crooke

  • Financial institutions warm to private equity

    Song-Il An and Je Won Lee of Lee & Ko discuss the Korean legal issues relating to a financial institution's participation in a private equity fund

  • A year of changes in Korean business law

    Kyung Taek Jung, Joon Park, Weon Jung Kim and Yon Kyun Oh of Kim & Chang round up legislative changes over the past year that affect investors in Korea

  • Middle East and Africa

    In one of the first musharaka sukuks (joint ventures) of its kind, Denton Wilde Sapte advised Standard Bank and Dubai Islamic Bank in a deal with Dubai Metals and Commodities Authority (DMCC). The deal gave the investors the opportunity to receive periodic payments in gold bullion instead of cash for the first time in a public Islamic finance capital markets transaction. DMCC was advised by Afridi & Angell on Dubai law and by Freshfields Bruckhaus Deringer regarding English law.

  • Europe

    In one of the largest Austrian deals of the year, Cerha Hempel Spiegelfeld Hlawati advised OMV in the sale of its subsidiary Agrolinz Melamine International to the Abu Dhabi-based International Petroleum Investment Company. M&A partners Clemens Hasenauer and Albert Birkner led the team advising OMV on the deal, which was worth €241 million. A team fromHadef Al Dhahir & Associates in Abu Dhabi represented IPIC. DLA Weiss-Tessbach Rechtsanwälte advised IPIC in Austria. Hilmar Kroat-Reder acted as OMV's in-house counsel on the transaction and David Forbes led the in-house team at IPIC group.

  • Americas

    Wachtell Lipton Rosen & Katz and Sullivan & Cromwell advised the New York Stock Exchange (NYSE) on its headline-grabbing acquisition of electronic trading system Archipelago. When completed, the deal will enable the NYSE to become a public company and might spell the end of its 200-year old floor-based auction trading system. O'Melveny & Myers also advised the NYSE with Sullivan & Cromwell representing Archipelago.

News analysis

International briefings