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Banks and counsel look set to be disappointed by proposals on auditors' involvement in due diligence. Ben Maiden reports

The Loan Market Association has issued standard language for loan agreements to deal with disruption caused by a terrorist attack or natural disaster. But, explains Andrew Balfour, the clauses do not address difficult questions of liability

The market has accepted that equity contracts for differences should be disclosed, but conflicting positions between the UK's Takeover Panel, regulator and government risk derailing sensible reform. By Robert Falkner

After negotiations with the EU in 2004, the Romanian parliament recently enacted a new capital markets law, Law 297/2004 (the Capital Markets Law). Previously, the legal provisions regulating capital markets in Romania and undertakings for collective investments in transferable securities (Ucits) differed materially from their counterparts in the EU. Moreover, the regulations were often contradictory and were difficult to interpret correctly.

On July 1 2005, the new law of June 21 2005 (the Law) came into force, implementing the EC Directive 2003/48/EC of June 3 2003 on taxation of savings income in the form of interest payments. The Directive aims to make savings income, in the form of interest payments made by a paying agent in one member state of the EU to beneficial owners who are individuals resident in another member state, subject to effective taxation. Dependent and associated territories of the EU and some non-EU jurisdictions (such as Switzerland, Liechtenstein, San Marino) have also adopted equivalent measures.

Jersey is moving towards an overhaul of its fiscal policy, which will allow locally owned companies to enjoy the same zero rate of income tax as foreign-owned companies.

Italian banks may now issue covered bonds, as a result of the enactment of Law Decree 35 of March 14 2005, converted into Law 80 of May 14 2005.

Tsvetan Krumov and Iskra Neicheva of Landwell Bulgaria explain the ins and outs of corporate governance in Bulgaria

Bankruptcy laws and blame are inextricably linked. When a company goes bust, people lose money, fingers are pointed and blame apportioned. For public companies especially, the difficult art of value preservation comes into play, while investors demand answers as to what went wrong. Often management takes the fall, as is only correct as they are the stewards of companies, but the real work in keeping a company alive or fairly dividing assets is a long and arduous job, hampered by the lack of harmonization among insolvency regimes around the world.

BNP Paribas appointed a new general counsel for North America. Betty Whelchel joined the French bank's New York office having previously served as global general counsel for Deutsche Asset Management. Whelchel had earlier served as deputy general counsel for Deutsche Bank's New York branch and, before that, was with Shearman & Sterling in New York and Tokyo. She will report to Hubert de Vauplane, global head of corporate and investment banking, legal and to Everett Schenk, CEO of corporate and investment banking for North America.