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Anecdotal evidence of changing contracts

EMEA Eversheds has expanded into South Africa by signing an agreement with Routledge Modise. This was the second expansion from Eversheds in April. The firm announced it would also solidify its alliances with Baltic firms Ots & Co (Estonia), Baltmane & Bitans (Latvia) and Saladzius (Lithuania) by giving them full membership of Eversheds International.

Those that set up offshore before M&A laws

Treasury Secretary Henry Paulson recently released his much awaited report, Blueprint for a Modernized Financial Regulatory Structure. The Paulson report contains a set of proposals that, taken together and if adopted, would constitute the most comprehensive restructuring of the US system of financial institution regulation and financial market oversight since the Great Depression. Among the highlights are proposals that would expand greatly the Federal Reserve's authority; concentrate insurance industry regulation in a new federal agency, the Office of Insurance Oversight; increase the responsibilities of the Office of the Comptroller to include regulation of thrifts and eliminate the Office of Thrift Supervision; merge the Securities and Exchange Commission and the Commodity Futures Trading Commission; and add a new regulatory entity, the Business Conduct Regulator, to oversee business conduct and consumer protection. This new regulator would also oversee the safety and soundness of most of the major participants in the US capital markets. Paulson's plan also would ask Congress to establish a federal Mortgage Origination Commission that would recommend licensing standards for mortgage brokers.

Debt Davis Polk & Wardwell has advised Oracle on a $5 billion aggregate senior notes offering. The placement was offered through a syndicate led by Citi, Credit Suisse Securities, and Morgan Stanley. The underwriting syndicate was advised by Simpson Thacher & Bartlett.

Debt and equity-linked team Bruce Czachor of Shearman & Sterling, with IFLR's Simon Crompton In 2007, Shearman & Sterling completed over 300 debt and equity-linked transactions across its 20 offices. The firm acted on two of the deals shortlisted, the Abu Dhabi/ Citigroup deal and the Intergen high yield offering.

The transfer-pricing concept, which replaced the outdated disguised earnings provisions, was first introduced to Turkish legislation together with the new Corporate Income Tax (CIT) Law in July 2006. A popular discussion among tax professionals last year was the last-minute amendment to the CIT Law that led to no-transfer-pricing or disguised-earnings provisions, and remained in effect for the fiscal year 2006. According to the transfer-pricing provisions of the CIT Law, transfer-pricing rules were to be in effect from January 1 2007. In order to determine the implementation principles, the Law bestowed authority upon the Council of Ministers.

The National Bank of Romania (NBR) Regulation number 1/2008 with respect to the transformation of financial institutions into credit institutions was published and came into force in the Official Gazette on January 30 2008. The general framework with respect to the possibility of the transformation of financial institutions into credit institutions was initially provided by the Government Emergency Ordinance number 99/2006 on capital institutions and capital adequacy (the Banking Law). The Banking Law also provides that secondary norms related to the above matter may be issued by the NBR. Consequently, in accordance with such competences, the NBR issued the Regulation.

In order to sustain the growth of Japan's economy (especially needed due to the aging population), it is essential that the country's financial and capital markets provide good investment opportunities to Japanese households to allow them to more efficiently utilise their assets, and that companies are supplied with the adequate amount of capital for growth. In addition, strengthening the competitiveness of Japan's financial and capital markets is important given the intensifying global competition among markets. In response to such needs, the Cabinet submitted to the Japanese Diet a bill to amend the Financial Instruments and Exchange Law and other related laws on March 4 2008. This amendment mainly aims to i) create a new market for professional investors, ii) revamp the firewall regulations regarding the holding of concurrent posts in securities firms, banks and insurance firms and iii) expand the administrative monetary penalty system.

The first change from NYSE/Euronext