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Research issues for banks organizing equity distribution programmes. By Anna T Pinedo and James R Tanenbaum of Morrison & Foerster

Pekin & Pekin explains a new law amending the housing finance system in Turkey

Fethi Pekin of Pekin & Pekin explains the rules for the public offer and sale of foreign capital market instruments

Equity China National Building Material Company raised $340 million through a Hong Kong share placement last month. The placing of new and existing H shares represents 19.9% of the existing H share capital of the PRC state-owned construction materials producer. Slaughter and May's Hong Kong office acted for CNBM on the placing. Benita Yu and Celine Koh led the team. The firm previously represented CNBM in its initial public offering in May 2006. Linklaters advised placing agent Morgan Stanley in the transaction.

Nathalie van Woerkom and Carlos Pita Cao of AKD Prinsen Van Wijmen outline Dutch efforts to be more fund-friendly

Hans-Peter Schwald, Marc Metzger and Martin Bürkle of Staiger Schwald & Partner dicuss the highlights of a good year in Swiss M&A, and analyse the potential for the future

The Ministry of Economy and Finance recently enacted Circular 63013 of June 22 2007 addressed, inter alia, to regions, cities and provinces pursuant to which such entities should not issue delegations of payment in connection with their derivative transactions.

The Romanian National Securities Commission (NSC) recently published instruction 4/2007 regarding the criteria for the recognition of rating agencies (RA).

By July 2007, the US sub-prime mortgage crisis had morphed into a global financial crisis. Some early casualties, such as New Century Financial Corporation, were compelled to cease operations, exit the sub-prime lending business, and file for bankruptcy. The blame game has become something of a national pastime. In no particular order, homeowners who took on too much debt, the prevalence of adjustable rate mortgages that adjusted in the wrong direction for homeowners, predatory lending practices of sub-prime lenders, appraisers inflating home values, investment banks selling mortgage securities without properly testing underlying assets, and even the lack of proper government oversight came in for their share of the blame. Amidst the suffering, fear and personal and financial disruption, one group has emerged as ready, willing and able to make the best of a bad situation. That, of course, would be US litigation attorneys.

Corporate counsel lose legal privilege