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ANZ Investment Bank acted as arranger as Hardman Resources, an independent Australian oil exploration firm, secured a $100 million seven-year financing to fund its share of the $500 million development costs of the offshore Chinguetti oil field, Mauritania. The transaction is the first internationally syndicated financing in the country. White & Case, led by partners Jason Kerr and David Baker, advised ANZ. Freehills acted as Australian counsel to the bank. Paul Wright of Wright Legal advised Hardman Resources.

The GE/Honeywell judgment seems a victory for regulators but will make blocking certain future deals more difficult. By Matteo F Bay and Javier Ruiz Calzado

Kenneth Raisler and Lauren Teigland-Hunt examine Isda's Novation Protocol and its impact on the credit derivatives market

The new prospectus rules in the Norwegian Securities Trading Act of 1997 (STA) and the regulations related to prospectuses entered into force on January 1 2006. The new rules implement the EU prospectus rules (Directive 2003/71/EC) and are complex and detailed.

On October 3 2005, a new registration system to record the transfer of title to movable assets began operation. The new system aims to facilitate financial transactions involving chattel mortgages and securitization of movables by making the transfer of movables more secure and reliable.

New investment and securitization vehicles should further enhance Luxembourg's appeal as a prime location for real estate investment. By Pierre Schleimer and Jean-Christian Six of Allen & Overy Luxembourg

New Securities Exchange rules lessen compliance burdens for securities firms, but also give the authorities power to take a tougher stance on violations. By Hiroyuki Yamato of Jones Day

Insolvency

Japan's trust law is being overhauled for the first time since its inception in 1922. Akiko Hosokawa and Jeremy Pitts of Baker & McKenzie GJBJ Tokyo Aoyama Aoki Law Office outline the changes

Takanobu Takehara and Takafumi Nihei of Nishimura & Partners outline how corporate governance will change when the Corporate Law comes into force