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Dealing with Mifid, by Zdenek Hustak of Brzobohaty Broz & Honsa

They will replace mortgage securitisation

It's the new method for public enforcement

Group discussion will create Middle Eastern best practice, says Amol Prabhu of BarCap

SEC and CFTC agreement will speed up deals

Vicente Conde and Oriol Armengol of Perez-Llorca argue that although some questions remain, Spain is on the way to achieving transparency

Patchy legislation makes M&A more difficult than it should be, argue Iulia Stoianof and Adrian-Catalin Bulboaca of Bulboaca & Asociatii

Government bodies effectively oversee M&A deals through a range of complex regulations. Hubert Segain of Herbert Smith outlines the system

If the subprime crisis were a stone cast into the water, you would have to say that the ripples it has created are impressive. The most recent involves the auction-rate securities market. Auction-rate securities are used by municipalities and closed-end funds to raise capital. These securities are short-term investments bearing interest rates tied to broad based short-term financial rates, such as Libor or the prevailing money market rate. Interest rates are re-set periodically through an auction process. In contrast to other markets, the auction market disruption is not a credit issue. There have been no defaults. These securities are generally investment-grade rated. Rather, auction failures have been triggered, simply and only, by a liquidity crisis.

US Treasury Secretary Henry Paulson outlined several of his recommendations in reaction to the credit crunch last month, intended to encourage financial institutions to increase capital and restore strength to their balance sheets. In his speech, he said ultimately his goal was to restore the balance between regulation and innovation and to help investors regain confidence. Lawyers had mixed reactions to Secretary Paulson's recommendations, yet mostly they agreed they are steps in the right direction.