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The law on company income tax in Latvia provides new exceptions regarding the taxation of a company's income from dividends.

Brian M McCall challenges the Commission's reluctance to address the role of clearing systems in shareholder voting

The Capital Markets Board (CMB) recently revised its draft law proposing amendments to various pieces of legislation, to address the legal issues hindering the growth of the mortgage market.

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.

Dorsey & Whitney and Chadbourne & Parke were lead counsel on one of the largest ethanol projects to come to market. Financing on the $423 million ASAlliances Biofuels project closed in February, marking the first time that commercial banks have syndicated on an ethanol deal. Financing for the project was provided by a combination of bank loans, private equity and subordinated debt. The deal will involve greenfield construction of ethanol production facilities in Ohio, Nebraska and Indiana. Dorsey & Whitney advised the project company through partners David Swanson, Robert Hensley and Mike Pignato. Chadbourne & Parke acted for WestLB, the lead arranger and agent to the syndicate of 17 senior lenders. Washington DC partner Rohit Chaudhry led for the firm. Patton Boggs and Moore & Van Allen acted for American Capital Strategies and Laminar Direct Capital respectively, each of which were among the firms providing private equity and subordinated debt to the project.

The UK's new Disclosure Rules came into effect on July 1 2005, implementing the EU Market Abuse Directive.

Russian federal legislation on joint-stock companies and the securities market was recently amended to introduce detailed tender offer rules.

On February 9 2006, the Presidential Decree of the Corporate Income Tax Law was promulgated. It contains specific procedures relating to obtaining prior approval and refunds of withholding tax with respect to Anti-Tax-Haven Rules. A person wishing to obtain prior approval must submit an application together with: (i) a certificate of residence; (ii) copies of the certificate of incorporation and the articles of incorporation; (iii) names and addresses of directors; (iv) details and shareholding of shareholders; (v) number of employees and description of business; (vi) an explanatory note regarding economic or business motives for making the investment; (vii) the method of financing the investment; (viii) distribution details or plan after receipt of Korean-sourced income; and (ix) income tax applications submitted to the relevant tax authority in the jurisdiction of its incorporation, audit reports and financial statements for the past three years. The National Tax Service must notify of its approval or disapproval within three months from the date of receipt of the application.

Marco Compagnoni, Weil Gotshal & Manges Jonathan Wood, Weil Gotshal & Manges Weil Gotshal & Manges raided Lovells' private equity team for star partner Marco Compagnoni and senior assistant Jonathan Wood. Both will join Weil's London office as partners in the firm's global private equity group.

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.