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Davis Polk & Wardwell has advised the initial purchasers in connection with Noble Group’s $850 million Rule 144A/Reg S global offering.

As the industry drafts responses to the Securities and Futures Commission’s (SFC) September consultation on structured products, the regulator has come out with new changes which require statutory amendments

The new Equity Guidelines of the Malaysian Securities Commission (SC) came into effect on August 3 2009. As a result, the SC's prior approval under section 212 of the Capital Markets and Services Act 2007 will no longer be required for many corporate proposals, save for certain substantive corporate proposals in the main market of Bursa Malaysia Securities Berhad (the Malaysian stock exchange). One area that still requires prior approval is acquisitions resulting in a significant change in business direction or policy of a listed corporation (reverse take-overs (RTO) and back-door listings).

Pre-packs have arrived in Hong Kong, but restructuring reform is needed before the structure can really affect the market

The National Council of Portuguese Financial Supervisors (NCFS), comprising the Bank of Portugal (BP), the Portuguese Securities Market Commission (CMVM) and the Portuguese Insurance Institute (ISP), has been focused on better regulation measures aimed at improving transparency and control over qualifying holdings within the Portuguese financial sector.

Where security is being held by a security trustee for the benefit of a group of financiers, a natural sentiment of these financiers is to want to be sure that the proceeds of the security will come their way in an enforcement scenario. The very term security trustee inspires trust that this will be the case. Recent developments, such as the collapses of Lehman Brothers and Landsbanki, have led financiers to look more closely at financing and security arrangements using an agent or trustee, and the risk financiers may run if these parties are no longer capable of performing their obligations. Can the rights of financiers be affected if a security trustee is declared bankrupt? And if so, to what extent?

Two years after the establishment of the Specialist Fund Market, there have been few listings but the range of funds is diverse

A US bankruptcy court has required a counterparty to Lehman to continue to make payments to it. Will UK courts take the same approach?

UK companies may have a new choice in listing, but is there a danger the regulators have watered down standards to attract new listings?

The Reits structure limits oversight In a move that the Philippines hopes will encourage real estate investment, the country is set to enact a new law allowing Reits to be set up. But their success could be scuppered by an unusual structure that limits oversight.