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The purpose of this article is to examine the practical implications of the EU Prospectus Directive (2003/71/EC), rather than to further educate the reader on its origins, content or precise application. As expected in the wake of such an ambitious legislative advancement, many useful summaries have been generated, with most commentators extolling the virtues of the Directive. As the dust settles however, it has become apparent to some that the Directive is somewhat flawed.

Cyprus was not party to the delays associated with the creation of the European Company (Societas Europeae (SE)) entity as the country acceded to the EU on May 1 2004, six months prior to the coming into force of the SE Regulation (EC/2157/2001) on October 8 2004.

The new PRC Securities Law, which becomes effective on January 1 2006, provides a long-awaited private placement exemption. Article 10 says that no public offering of securities is allowed unless approved by the China Securities Regulatory Commission (CSRC) or other ministries authorized by the State Council. The new law defines a public offering and says that any of the following acts will be considered a public offering: (i) any open issuance of securities to non-specific offerees; (ii) any issuance of securities to more than 200 specific people; (iii) any other issuance activity as stipulated by laws or administrative regulations. The new law provides that issuers that use general advertising, general solicitation, or other dissemination to the public will not have the benefit of a private placement exemption.

Following the UK water industry's use of securitization as a financial restructuring tool, it now looks to be the turn of the gas industry. By Julian Davies

IT consultants LogicaCMG turned to an innovative rights issue and takeover offer in its proposed acquisition of French rival Unilog. By Michael Shaw

Ben Maiden reports on the arrival of Ecaps deals in the US capital markets

Allen & Overy added to its corporate presence in Shanghai by hiring Ji Zou as a consultant from Paul Hastings. Ji's experience includes foreign investments, M&A, strategic alliances, venture capital and other corporate transactions in the US and PRC. She also advises on real estate development, intellectual property and employment matters in China.

Fulbright & Jaworski opened affiliated offices in Dubai and Riyadh focusing on energy, project finance, defence procurement, hospitality, tourism and international dispute resolution. John Lonsberg and Mark Bisch, specialists in international commercial transactions, joined the firm from Bryan Cave as partners to lead the Middle East practice. Senior counsel Sam Eversman and Hassan Elsayad, plus senior associates Amgad Husein and Stanley Rice, were also appointed. The Dubai office is associated with Al-Mehairi Legal Consultants, while the Riyadh office is associated with Kadasa Law Firm.

Questions persist over landmark securitization reforms in the US. By Ben Maiden

Paul Hastings hired Dan Goldman as a partner to its litigation practice in New York. Goldman, who was previously with Kasowitz Benson, has a practice that focuses on commercial litigation. He has tried cases on behalf of companies in New York, Texas, California, Washington DC and Delaware.