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The recently enacted Italian Law 262 of December 28 2005 has updated the legislation for protecting savings and regulating financial markets. It amends Legislative Decree 58 of February 24 1998 (the Financial Act). The changes have been made in two main areas.

China's newly amended Securities Law, which took effect in January 2006, has modified provisions that relate to disclosure liabilities. The new Securities Law introduces a sliding scale of liability for three separate classes of defendants when a required disclosure document contains untrue statements or omissions of material fact.

The latest overhaul of Mexico's securities laws will require careful implementation to avoid potential problems. James Ritch explains

Plans for a formal sovereign bankruptcy regime have failed, but creative use of courts and bond contracts could achieve similar benefits, says David Skeel

An efficient bankruptcy procedure is a feature of a developed economy. In the US, about 1.5 million bankruptcies occur each year and around 6000 in Austria. These economies rely heavily on undertaking risk and on vigorous consumption. A fast and forgiving bankruptcy procedure keeps entrepreneurs and consumers active and provides balance. Fewer companies in transitioning and developing countries are put into bankruptcy but this is not unexpected, considering that bankruptcy procedures in such countries are usually complex and too expensive for creditors or companies to take on. It is telling that more companies go into bankruptcy in Belgium than in all of Latin America.

Daniel Andrews asks whether growth this year in the European corporate hybrid market will be explosive or stuttering

The new leveraged loan document is a welcome update, but it's still very much a lender-led enterprise, says Matthew Tobin. Perhaps it's time sponsors took the initiative

Barclays Bank completed the largest synthetic collateralized loan obligation to be fully placed on the bond market. The £5 billion ($8.74 billion) transaction, Gracechurch Corporate Loans Series 2005-1, is structured as a fully funded, synthetic securitization of a £5 billion portfolio of loans to medium-sized UK companies. The deal is designed to give the bank regulatory and economic capital relief in respect of its UK corporate loan book.

All go for Exco IPO Haynes & Boone and Simpson Thacher & Bartlett were outside counsel on the $650 million initial public offering (IPO) of Exco Resources. The oil and gas exploration and production company turned to William Boeing of Haynes & Boone's Texas office to guide it through the flotation. Gary Sellers of Simpson Thacher acted for the lead underwriters Bear Stearns, Goldman Sachs and JPMorgan.

Disney eyes Pixar acquisition Three firms took roles on Walt Disney's acquisition of animation company Pixar. The deal, valued at $7.4 billion, will combine Disney with its long-time collaborative partner Pixar, which has produced films such as Toy Story, Monsters Inc and The Incredibles. Skadden Arps Slate Meagher & Flom was lead counsel to Disney on the deal. Brian McCarthy and Joseph Giunta of the firm's Los Angeles office headed the team. Dewey Ballantine, which has close ties to Disney, advised the company on tax and historical issues through Adel Aslani-Far, Morton Pierce and Gordon Warnke. Wilson Sonsini Goodrich & Rosati represented Pixar with a team including Larry Sonsini, Michael Ringler, Jose Macias and Marty Korman. The firm worked in collaboration with Pixar's general counsel, Lois Scali.