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Brazil is set to play a bigger role in the international M&A market. By Francisco Antunes Maciel Müssnich and Mauro Teixeira Sampaio of Barbosa Müssnich & Aragão

The US federal securities laws are a continuously evolving area. We regularly issue client alerts summarizing important recent developments. These can be found on our website, www.lw.com.

The NYSE's requirements for initial listing and listing maintenance are set out below. Foreign private issuers may satisfy either the general NYSE listing standards applicable to US domestic issuers or the NYSE's Alternate Listing Standards for foreign private issuers.[917] They apply only to foreign private issuers with a broad, liquid market for their securities in their country of origin.[918]

A foreign private issuer becomes exposed to liability under the US federal securities laws in a variety of ways when it offers or lists its securities in the US. This liability can be civil or, in certain circumstances, criminal. Although litigation by private plaintiffs is more common, the SEC (and, in the case of criminal matters, the US Department of Justice) can initiate lawsuits, administrative proceedings and investigations. We summarize below the key areas of liability.

The financial statement requirements for registration statements and annual reports of foreign private issuers are found in Items 3, 8, 17 and 18 of Form 20-F, and in Regulation S-X.

US public offering reforms On June 29 2005, the SEC unanimously adopted a series of new rules to reform the registration, communication and offering processes in the US.[34] The final rule changes took effect on December 1 2005.[35]

Equity Steel producer Grupo Simec has completed a $217 million SEC registered secondary offering and a Mexican public offering. The offering is the first of its type by a Mexican issuer in 2007. Thacher Proffitt & Wood acted for Grupo Simec and Milbank Tweed Hadley & McCloy, led by partners Michael Fitzgerald and Taisa Markus, represented underwriter Citigroup on the deal. The success of the offering reflected the premium placed on Mexican manufacturing companies that service the North American Free Trade Area.

Through its act of January 18 2007 (the Act), the Italian privacy oversight authority (the Authority) has set forth new provisions on assignments of claims in block and securitizations of receivables.

Japan's Fair Trade Commission (FTC) has defended its new merger guidelines against criticism that the rules will stifle foreign competition.

New legislation will apply to overseas entities with even minimal connection with Australia