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  • On May 19 2009, the Tokyo Stock Exchange (TSE) announced that it will revise its listing system, including its rules. These revisions are scheduled to be implemented in August 2009 with some exceptions.
  • 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