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Steve Guynn, Gibson Dunn & Crutcher Philip Rotner, Mayer Brown Rowe & Maw Gibson Dunn & Crutcher recruited the head of Jones Day's Latin America practice. Steve Guynn moved across town to join Gibson Dunn's New York office, where he will advise clients on capital markets issues and acquisitions within the firm's Latin America and capital markets groups.

O'Melveny & Myers expanded its Tokyo office with the hire of three partners from Taiyo Law Office. Naosuke Fujita and Yoji Maeda focus on cross-border M&A and capital markets transactions, while Yukihiro Terazawa is an intellectual property specialist. The firm also hired Kosei Watanabe and his associates from Watanabe Kokusai Law Offices, its former joint enterprise partner.

The leading legal advisers on global project finance deals The top three firms remain unchanged since last year. Allen & Overy tops the table in terms of total value and volume of deals, with Clifford Chance and Latham & Watkins close behind. Skadden Arps Slate Meagher & Flom has the highest value per deal of the top 10 firms, while Slaughter and May is the big climber, up 31 places in the rankings since 2004.

The European Investment Bank and Nordic Investment Bank completed the €640 million financing for the design, construction and maintenance of the A1 motorway in Poland. White & Case, led by Jacek Czabanski, represented the banks on the financing. Wardynski & Partners advised the Polish Treasury and CMS Cameron McKenna acted for concessionaire Gdansk Transport Company (GTC). GTC will construct and operate the motorway, receiving revenues from availability and performance payments. The project will be implemented in collaboration with the Polish Ministries of Finance and Infrastructure and the national roads authority.

A syndicate of banks, led by WestLB and BNP Paribas, completed the securitization of €1 billion of German auto-loan receivables. Volkswagen Bank originated the loans through the German securitization vehicle Driver Two. It is the second German true-sale securitization to make use of the TSI platform, established by 13 banks and True Sale International. Mayer Brown Rowe & Maw, led by finance partners Ralf Hesdahl, Stuart Litwin and Ingo Kleutgens, advised the syndicate of banks.

By Boris Otto Lira and Alejandro Landa Thierry of Thacher Proffitt & Wood

The Hague Securities Convention has come under attack for being allegedly US-centric and interfering with EU legislation. These assertions are unfounded, argue Harry C Sigman and Christophe Bernasconi

The commitment of the government of Tanzania to encourage foreign investment is reflected in legislative changes, particularly the introduction of the Tanzanian Investment Act 1997, which sets out the legal criteria for all investors. This, together with the creation of a government privatization bureau and the Tanzania Investment Centre have clearly instilled confidence among foreign investors, who can enjoy certain tax breaks in the early years of investment.

Under Romanian law no. 58/1998 on banking activity, the bank managers (conducatori) are those individuals who, according to the byelaws and the statutory bodies of the bank, are empowered to manage and coordinate the bank's daily activities. The conducatori have the right to legally bind the bank.

George Lillikas, the minister of commerce, industry and tourism in Cyprus, has announced the Cypriot government's long-awaited plan to encourage foreign direct investment. The plan aims to make Cyprus the largest provider of business services in the eastern Mediterranean, linking the EU and the Middle East.