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Rarely has IFLR focused specifically on corporate counsel. Although corporates are obviously involved in every M&A transaction, and most access the capital markets, these events are so irregular or sparse in the diary of general counsel that they rarely have enough experience to gain perspective.

China frees up corporate issuance

More substantial rule changes are needed

The general counsel of investment banking explains that there aren't any magic tricks

The SEC recently announced proposals to improve capital formation for smaller public companies. In some respects, these proposals pick up where securities offering reform left off. Securities offering reform modified the registration, communication and offering process – bringing regulation more in line with market realities. The largest public companies, well-known seasoned issuers (WKSIs), benefited the most from those changes. The new proposals expand the eligibility requirements for the use of a short-form registration statement (Form S-3), simplify the reporting requirements for small business issuers (creating a new issuer category: smaller reporting companies), and make scaled or reduced disclosure requirements available to these smaller reporting companies.

A new Regulation on the Administration of Futures Trading aims to set up a centralized supervision system on the futures markets, including the commodity futures market and the financial futures markets.

The way of the future

Takeover defences are in the balance

Companies are swamped with compliance work. Hedge funds and private equity might be creeping up unawares.

M&A activity in Tanzania took off in the mid-1990s, with privatization programmes sponsored by the World Bank and the Tanzanian government. But M&A activity in Tanzania is now moving towards private sector transactions. Corporate trade buyers and private equity partners are the new players. The new M&A market also involves a greater number of small to medium-sized businesses undergoing restructurings or strategic reorganizations.