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  • More details have now emerged of the recently-concluded protocol to the double taxation agreement between Russia and Cyprus. There will be no change to the current, extremely beneficial withholding rates of 5% on dividends (10% for investments below €100,000) and zero on interest and royalties under the existing treaty.
  • Vague drafting and political one-upmanship is getting in the way of concrete legislation, but the inevitable is just being delayed
  • The US is aggressively pursuing corruption, everywhere
  • More European issuers have US shareholders and need their involvement in rights offerings. Three structures have developed in the past year to deal with the legal issues
  • Gibson Dunn & Crutcher represented Watson Wyat in its $3.5 billion merger with Towers Perrin.
  • Robin Maxwell is joining Linklaters’ New York office from Goodwin Procter.
  • George Schieren has joined Gibson Dunn & Crutcher in the firm’s New York office.
  • Milbank Tweed Hadley & McCloy has advised Lumena Resources on its $149 million initial public offering (IPO) in Hong Kong.
  • The Alternative Investment Management Association’s attempts to lobby against the draft European Alternative Investment Manager Directive is unstructured and will fail
  • Deacons Australia is to join Norton Rose Group.