Magazine - May 2000

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

Cover Story

  • SEC to waive reconciliation requirement for foreign issuers?

    It had become an article of faith that the US Securities and Exchange Commission would never accept non-US financial statements unless reconciled to US standards. Sara Hanks of Clifford Chance Rodgers & Wells discusses the SEC's latest release on accounting disclosure which could lead to a flood of new issuers entering the US markets.

Features

  • New FASIT regulations pose hurdles for securitization industry

    Charles M Adelman of Cadwalader, Wickersham & Taft, New York reviews the long awaited proposals by the US Internal Revenue Service on how financial asset securitization investment trusts will operate

  • FSA to change rules on building society securitization

    Jonathan Walsh and Will Farrant of Norton Rose, London explain how the new UK regulator, the FSA, will change securitization for building societies as it aims to harmonize the regulations for banks and mutuals

  • Japanese government launches private finance initiative

    After the passing of secondary legislation, the Japanese government is ready to launch its private finance initiative. Mitsuhiro Kamiya of Freshfields, Tokyo looks at the rules and prospects for investors and bankers targeting Japanese PFI

  • Inside the Philippines’ network

    In the Philippines, knowing who to talk to can be one of your most important assets, both as a client and as a lawyer. With investors returning and foreign firms still barred, finding a way through the network is as important as ever. By Greg Ford

  • Vietnam issues new rules on security interests

    Tony Foster of Freshfields, Vietnam discusses the implications for foreign and domestic lenders of two decrees on security and the problems for clients in reconciling the two regimes

  • Selling solutions to the new economy

    Ben Maiden reports from Helsinki, Stockholm, Oslo and Copenhagen where entrepreneurs, technology clients and regional cooperation are driving Nordic economies and changing the way lawyers are doing business

  • Inside the Philippines’ network

    In the Philippines, knowing who to talk to can be one of your most important assets, both as a client and as a lawyer. With investors returning and foreign firms still barred, finding a way through the network is as important as ever. By Greg Ford

News analysis

  • Comment

    Hubert Blanc-Jouvan of Allen & Overy, Paris argues that without reforms French companies are prevented from freely investing in certain categories of securities outside France

  • Top securities lawyer joins Freshfields in Paris

    The Paris office of UK firm Freshfields has welcomed the arrival of one of Europe's leading securities lawyers. Patrick Bonvarlet started at the firm on April 17, leaving behind Dutch/Belgian/French practice Stibbe Simont Monahan Duhot & Giroux. At Freshfields, Bonvarlet has teamed up with partners Gavin Darlington and Arnaud Peres, helping to develop the firm's European securities and M&A practice.

  • ‘Best friend’ client loses senior counsel to Hengeler

    Deutsche Bank has lost a senior counsel to one of the law firms that it regularly outsources work to. Wolfgang Gross moved to Hengeler Mueller Weitzel Wirtz in Frankfurt in April and was immediately sent on a three-month secondment to the New York office of US 'best friend' Davis Polk & Wardwell.

  • Gowlings double merger enhances access to Montreal and Vancouver capital markets

    Effective July 1 2000 Canadian technology law firm, Gowling, Strathy & Henderson will merge with Montreal corporate finance banking law firm Lafleur Brown. The merged firm will include more than 550 lawyers, patent and trademark agents. The merger puts the firm within the top three firms in Canada, rivalling March's Borden Ladner Gervais five firm merger.

  • Shearman & Sterling poaches investment banking partner from rival

    Brown & Wood corporate and securities partner Michael Schiavone has joined the New York office of Shearman & Sterling. He specializes in new product development, financial institutions and telecommunications companies.

  • Linklaters looks in-house for Spanish expertise

    Linklaters & Alliance has added four corporate lawyers to its expanding Madrid office. The four lawyers include Ignacio Santillán formerly head of legal at the SCLV-trading and settlement body for the Spanish stock exchanges and wholesale private debt market, AIAF. Santillán was also an adviser to the CNMV, Spain's securities regulator.

  • Sullivan & Cromwell strengthens European M&A team

    US firm Sullivan & Cromwell has boosted its M&A capability in its London office by relocating a highly-rated M&A partner from New York, together with two colleagues. Neil Anderson has arrived in the UK, gaining the title of head of the firm's European M&A practice. Joining him from New York is fellow M&A partner George Sampas and litigation partner Ted Edelman.

  • Cross-border alliance announced by US and Canadian firms

    McCarthy Tétrault, Canada's largest law firm, is to form an alliance with New York firm Fried, Frank, Harris, Shriver & Jacobsen. The relationship will initially involve the Canadian firm have a small team working in Fried Frank's New York office, but may deepen over time. Both firms specialize in M&A and corporate finance.

  • Allen & Overy acquires Japanese capability

    Allen & Overy is set to offer its clients Japanese legal advice. According to bar rules foreign firms cannot directly offer Japanese advice, but Allen & Overy is setting up a joint venture with a local firm.

  • Freehills tops Australian M&A tables

    Australian firms benefited in 1999 from record levels of mergers and acquisitions, and none gained more than Freehill Hollingdale & Page. Figures compiled by Thomson Financial Securities Data show Freehills once again topped the tables, advising on 129 transactions worth more than A$23.7 billion. That represents 42% of the total market.

  • Akin Gump builds Korean practice

    Akin, Gump, Strauss, Hauer & Feld has expanded its corporate practice team in Washington DC with two Korea-focused partners. Jaemin Park and Jay Cohen joining from New York's Brown & Wood.

  • KPMG adds New Zealand to global network

    New Zealand’s Kensington Swan is set to join KPMG Legal. KPMG hopes its present New Zealand legal staff will eventually be able to integrate with the 43-partner Kensington Swan, but at the moment New Zealand does not allow multidisciplinary partnerships and so the two groups of lawyers will work separately.

  • Australian lawyers seek equal rights in Singapore

    Australian firms are keen to get into Singapore. But when Singapore hands out the five joint venture licences it will probably favour UK and US firms.

  • Resurgent Indonesia offers hope to investors

    Lawyers in Hong Kong and Singapore are relishing renewed investor confidence in Indonesia. Milbank, Tweed, Hadley & McCloy, Norton Rose and Herbert Smith are among the first to advise on foreign investments into Indonesia since the downturn.

  • In brief

  • Cleary Gottlieb advising HSBC on $11 billion bid for Crédit Commercial de France

    In the first acquisition of a Paris-listed bank by a foreign institution, HSBC Holdings is buying Crédit Commercial de France in a deal worth $10.6 billion. Cleary, Gottlieb, Steen & Hamilton is acting as legal adviser to HSBC and local firm Darrois Villey Maillot Brochier for Crédit Commercial.

  • Project Dolphin reaches next stage

    UK firm Simmons & Simmons has recently completed work negotiating a strategic partnership that will implement one of the world’s largest integrated energy projects.

  • Merrill Lynch, HSBC join forces to provide internet services

    Merrill Lynch and HSBC have announced that they are forming a joint venture to provide what they call “the first global online banking and investment services company”. The new company will be co-branded ‘Merrill Lynch HSBC’ and its formal name will be announced shortly.

  • Northern Rock takes next step in securitization programme

    Allen & Overy has completed its second recent property securitization by advising Northern Rock on its £750 million ($1.2 billion) financing.

  • Herbert Smith, White & Case advise on Turkish equity offering

    Herbert Smith acted for Lazard Capital Markets, joint lead manager in a secondary offering of 8% of the issued share capital of Yazicilar Otomotiv ve Gida Yatirim ve Pazarlama Sanayi ve Ticaret Anonim Sirketi, a company incorporated in Turkey. The offering raised approximately $125 million

  • Baker & McKenzie advises on Polish leasing offering

    Baker & McKenzie is acting for a Polish leasing company on its dual equity listing. Europejski Fundusz Leasingowy (EFL) has launched an international and domestic offering of shares and global depositary receipts (GDRs) on the London and Warsaw stock exchanges. Bakers’ role is international transaction and company counsel. The value of the offering, consisting of new issue shares, was $82 million.

  • Linklaters advises on Zambian mine privatization

    Linklaters has advised Zambia Copper Investments, a subsidiary of Anglo American, on its acquisition of the privatized assets of Zambia Consolidated Copper Mines (ZCCM).

  • HSBC, Clifford Chance take on innovative CLO securitization

    Clifford Chance advised HSBC bank on the UK’s first collateralized loan obligation (CLO) securitization using revolving trust technology. With a value of $850 million, the deal is also the largest CLO by a UK bank this year.

  • Cutting Edge In brief

    SJ Berwin acts for Eurocity Properties on listing, CMG bids £1.4 billion for the UK’s Admiral, Davis Polk advises DLJ’s merchant bank funds, Herbert Smith acts for Stagecoach Holdings

International briefings