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The Maltese Parliament is considering a new securitization law generally based on the Luxembourg model. It provides a comprehensive framework for the conversion of receivables or other assets into securities that can be placed and traded in capital markets. Issued securities are collateralised by the pool of assets which are transferred to a separate entity, the securitization vehicle, also referred to as a special purpose vehicle (SPV). The SPV can take the form of an investment company, a partnership, a trust or any other legal structure permitted by the competent authority.

Yves Poullet at Euroclear Bank in Brussels explains the structure and arrangements for a new form of global note

Gibson Dunn & Crutcher hired a new partner to its litigation practice. Jim Walden started work with the firm's New York office as a member of its business crimes and investigations and antitrust groups. Walden was previously a partner with O'Melveny & Myers and is a former federal prosecutor for the eastern district of New York. His practice centres on criminal and regulatory defence work and corporate governance.

Germany finally enters inflation-linked bond market The Federal Republic of Germany became the latest country to issue inflation-linked bonds last month. The €5.5 billion 10-year issue was underwritten by a Goldman Sachs-led syndicate and was placed in Germany and the international markets. Hengeler Mueller partners Hannes Schneider and Hendrik Haag lined up for the German government while Freshfields Bruckhaus Deringer advised the managers. The bond is listed on the Frankfurt exchange and the German treasury indicated that it plans to increase the issue to €15 billion and enter the market on a regular basis in future.

On December 23 2005, the Dutch government sent a bill to parliament regarding the implementation in the Netherlands of the EU Directive on takeover bids (commonly known as the 13th Directive). Under the 13th Directive, the member states are required to adopt legislation forcing persons who acquire control of a listed company to make a full and fair offer to all holders of that company's shares. As such, the 13th Directive aims to protect the relevant company's minority shareholders.

Studios are increasingly using securitization to help finance film production. Edward De Sear examines the challenges of putting together a new generation of deals

Catherine Moss, Clyde & Co Clyde & Co reacted to the growth of Middle Eastern capital markets by relocating equity specialist Catherine Moss to the firm's Dubai office. Moss has experience in IPOs, secondary listings and public and private takeovers, acting for corporates, brokers and investment banks. Moss's move to Dubai follows that of fellow partner Brian Nash and brings the total number of Clyde partners in the UAE to 11.

David Childs was voted global managing partner of Clifford Chance. He will take over from Peter Cornell on May 1 on a four year term. Childs, the firm's global chief operating officer, was unanimously elected after no other partners stood against him. He is a corporate specialist who has been a partner at Clifford Chance since 1981. In another uncontested election, Mark Stewart was voted the next managing partner of the firm's London finance practice, also effective from May 1.

There has been mounting speculation in the Danish press that the government will finally introduce legislation to permit financial institutions to issue covered bonds.

The current Finnish takeover regime with its unusually high threshold of two-thirds for mandatory bids has for a long time stood out as an exception from the takeover regimes of other European jurisdictions. In connection with the upcoming implementation of the EU Takeover Directive, Finland will lower the mandatory bid threshold and also otherwise modernize the current regime.