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Fund management round the world is becoming the focus of more and more regulatory activities intended to attract funds to particular jurisdictions. Ireland and Luxembourg created attractive legislative environments to great success. Now many others want to emulate them.

Macedonia has a legal framework for setting up and managing investment funds but as yet no such funds exist. By Ljubica Ruben and Milco Kupev of Mens Legis Law Firm

In a busy first quarter for German M&A, energy company E.On launched a €48 billion takeover bid for Spanish electricity supplier Endesa. The deal is demonstrative of the move by European power suppliers to forge cross-border networks as the European Union encourages deregulation of energy markets. Cravath Swaine & Moore, Hengeler Mueller and Perez-Llorca are advising E.On on its bid. Endesa is represented by a team of advisers comprising Clifford Chance, Sullivan & Cromwell, Osler Hoskin & Harcourt, Chiomenti, Araoz & Rueda, and Skadden Arps Slate Meagher & Flom. The E.On bid comes after Endesa rejected an approach from fellow Spanish utility Gas Natural.

By Malcolm Lombers, Stephen Wilkinson, James Quinney and Alison Brown of Herbert Smith

An arbitrator who knows the parties well, being intimately involved in their relationship and difficulties, can be valuable. Knowledge of the problem and business might lead to a more commercially correct award than that rendered by a disinterested party. However, should this intimate arbitrator decide on issues relating to his own jurisdiction?

The Romanian financial and banking system has enjoyed spectacular growth over the last several years-both from an institutional perspective and in the introduction of financial instruments similar to those found in more developed market economies.

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.