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Under a securities loan agreement, a borrower typically borrows securities from a lender and posts collateral to secure its obligation to return identical securities. Even though the securities are loaned, for US federal income tax purposes there is a transfer of ownership from the lender to the borrower resulting in an exchange upon entering into the agreement and upon termination. However, no gain or loss is recognised to the lender for US federal income tax purposes upon the initial transfer of securities to the borrower and the return of identical securities to the lender upon termination of the securities lending agreement, provided the securities loan agreement meets certain requirements specified by Section 1058 of the Internal Revenue Code.

Getting Spacs more time for an acquisition can be tricky. Make sure you consider disclosure, authority and contractual issues

Pedro Simões Coelho, Ricardo Seabra Moura and Orlando Vogler Guiné of Vieira de Almeida & Associados explain the Portuguese laws that govern collective investments

Oriol Armengol and Vicente Conde of Perez-Llorca look back at recent legislation from European governments and how it is affecting Spanish M&A activity

Tae Hyun Park and Steven Hahn of Kim & Chang discuss how Korea is fighting back against the global downturn

The break-through rule has not been fully implemented in Portugal, so takeover bids can be complex, says Maria Vaz de Mascarenhas, of Pedro Pinto Reis & Associados

Duong Thu Ha and John R Davis of YKVN discuss the position of foreign strategic investors in the equitisation of large state-owned enterprises

Pradit Sahachaiyunta and Paul A Connelly of International Legal Counsellors Thailand examine recent trends and regulation affecting M&A

Nimrod Mkono and Patrick Ache of Mkono & Co Advocates discuss the legislation in place to deal with cross-border M&A

Meredith Kotler is moving to Cleary Gottlieb Steen & Hamilton in New York from Wilson Sonsini Goodrich & Rosati.