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Deeply subordinated debt is no longer only a fundraising tool for French banks. The law has now made it easier for corporate issuers and insurers to use this financing technique. By James Leavy and Frederic Nizard

By Francisco Forastieri Muñoz, Cecilia Quintanilla and John E Rogers of Strasburger & Forastieri SC

Can Martin Wheatley, the new head of Hong Kong's securities regulator, help the local market secure its future? Andrew Crooke outlines some of the pressing issues

In 2002, the UK enacted the Proceeds of Crime Act, implementing the EU directives on money laundering. Pursuant to Section 328 of the Act, it is an offence to "enter into or become concerned in an arrangement which [the perpetrator] knows or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property by or on behalf of another person." This provision is extremely far-reaching, as the Act defines "criminal property" as "a person's benefit from criminal conduct" and "criminal conduct" as any conduct that constitutes an offence in the UK or would constitute an offence in the UK if it had occurred there.

Three new federal laws recently became effective in Russia: the Law on Special Economic Zones, the Law on Concession Agreements and the Law on Credit Histories. These laws will facilitate and protect foreign investment, enhance predictability when dealing with Russian investment targets and help to develop the Russian business landscape.

Article 129 of Legislative Decree No. 385 of September 1 1993 (the Italian Banking Act), as subsequently amended, requires the issuers or offerors of securities in Italy to notify the Bank of Italy in order to be allowed to place the securities in Italy.

Allen & Overy's Stephen Jaggs and Andrew Harrow led a team advising G Steel on its debut offshore bond issue, the first high-yield bond issue from Thailand since the Asian financial crisis. The proceeds of the five-year $100 million bonds will go towards financing G Steel's production capacity expansion project and for general corporate purposes. Linklaters advised the underwriter, UBS Investment Bank, and Freshfields Bruckhaus Deringer acted as counsel to the trustee.

From January 1 2006 legislation implementing EU and OECD requirements on the criminal responsibility of legal entities and partnerships will take effect in Austria. This legislation is called Verbandsverantwortlichkeitsgesetz (VbVG).

James Rice reveals the role local lawyers can play in closing a deal and the techniques banks and issuers use to choose local counsel

Ben Maiden says attempts to reach a solution over auditors' involvement in due diligence are failing