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Clifford Chance and Lovells have advised on the Goldman Sachs-led restructuring of the $1.1 billion Rhinebridge structured investment vehicle (Siv).

Despite the shutdown of the securitisation market around most of Europe, Paul Hastings Janofsky and Walker has advised Intesa Sanpaolo on a €8 billion securitisation of Italian residential mortgages.

Despite recent reports, US companies will not be rushing to change their shareholder rights plans in the wake of the CSX case. The poison pills would punish the wrong parties and could be invalid

David Aufhauser has resigned as the general counsel of UBS's investment bank as investigations deepen into the collapse of the $330 billion market for auction rate securities this February

Hong Kong's Securities and Future Commission's has approved State Street Global Advisors' fund to track the price of gold, despite its failure to meet the usual requirements for fund diversification

Antonio Coletti is to join Latham & Watkins' Milan office as a partner in the corporate finance department.

Gregory Puff has rejoined Shearman & Sterling's Hong Kong office from O'Melveny & Myers.

In mid-June, the SEC issued several proposed rules relating to rating agencies, designed to increase transparency and avoid conflicts of interest in the credit ratings process. Nationally recognised statistical rating agencies (NSROs) will be required to be registered and certified annually by the SEC. In the aftermath of the subprime crisis, NSROs have been widely criticised for inaccurate initial ratings of mortgage-backed and asset-backed securities and poor transaction surveillance. Critics have also pointed to conflicts of interest that they perceive to have resulted from the practice of NSROs providing structuring advice to issuers and financial intermediaries, as well as the practice of NSROs being paid directly by issuers or their underwriters.

How the international organisation convinces securities commissions to change their rules

O'Melveny & Myers represented China Distance Education, an online education provider, on its IPO on the NYSE Arca.