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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.

Norman Green, Herbert Smith David Mayhew, Herbert Smith Herbert Smith appointed Norman Green as chief operating officer. Green has been vice president and UK, Ireland and South Africa finance director at Oracle since 1998. In his new role, Green will have responsibility for Herbert Smith's support functions worldwide in conjunction with the executive committee, the group responsible for managing the firm's business. He will work closely with practice area heads on resource, utilization, planning and improving working practices.

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.

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.

NRG Energy reached an agreement to buy Texas Genco for about $5.8 billion in stock and cash. Under the deal, which brings together two US power firms with a combined 26,000 MW in generating capacity, NRG will also assume $2.5 billion of Texas Genco's debt. Skadden Arps Slate Meagher & Flom advised NRG Energy on the acquisition. The firm's team comprised lawyers in New York, Houston, Wilmington and Washington DC, including partners Erica Ward, John Ale, Clifford Naeve, Robert Pincus and Stacy Kanter. Simpson Thacher & Bartlett advised Texas Genco, with David Sorkin leading the firm's team.

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

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.

David Bernstein examines a US district court's decision to dismiss an infrequent SEC complaint under the controversial Regulation FD

Protectionist business interests risk derailing Japan's merger reforms to allow foreign companies to make non-hostile acquisitions in the country. M&A adviser Nicholas Benes argues that meaningful change is essential if Japan is to raise its woeful levels of foreign investment