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The US is going to catch you

New US markets offering foreign issuers an escape from Sox

The UK's insolvency laws are inadequate, according to a leading body of industry professionals

Freshfields Bruckhaus Deringer has announced that it is moving two lawyers to China from Singapore, and making up a local partner.

In a deal reflecting the growing prominence of microfinance institutions, Mexico's top microfinance bank, Banco Compartamos, completed its initial public offering

The stories from the fourth European forum

Europe Ashurst's Paris office has announced the appointment of Sylvie Perrin as project finance partner. Perrin joins the firm from Orrick Rambaud Martel, where she had been a partner in the global finance group since 2003.

Equity Freshfields Bruckhaus Deringer has advised Goldman Sachs as underwriters on the initial public offering and Hong Kong Stock Exchange listing by China Agri-Industries Holdings. Due to demand (over 606 times oversubscribed) a clawback mechanism was applied and the amount of shares offered to retail investors has now been increased to 50% cent of the total number of shares offered. Total gross proceeds from the IPO were $333 million and will grow to $380 million once the 15% over-allotment option is exercised in full.

To prevent companies making false statements in disclosure documents and to maintain the integrity of the securities exchange markets, the Financial Instruments and Exchange Law (the FIEL) has established an internal control reporting system. The Japanese Diet enacted the FIEL on June 7 2006, through an amendment to the Securities and Exchange Law (the SEL). Listed companies will be required to comply with the new system at the start of their respective fiscal years beginning on or after April 1 2008. A Cabinet Order will provide specifics regarding the companies subject to the system.

The Czech Act on Collective Investment has been amended in the area of real estate funds (REFs), effective as of May 26 2006. REFs had theoretically already been enabled by the previous regulation, in place since May 1 2004, but it was too general and highly impractical. As a result, no REF was established under the previous regime. The recent amendment (based on the German model) stipulates in much more detail the requirements for an REF's establishment, investment policy and assets valuation. So far, one REF has been licensed under the new regime.