Search results for

The recent Toys 'R' Us ruling in Delaware gives clearer standards of care to directors who auction their companies. By Toby Myerson and Didier Malaquin

Diogo Ortigão Ramos and António Rocha Mendes of Gonçalves Pereira, Castelo Branco & Associados highlight the advantages of maintaining the acquisition vehicle and the target as separate entities after a leveraged acquisition

The cost and delays involved in litigating in the state courts are leading many in the Portuguese market to consider arbitration instead. By Pedro Metello de Nápoles and Inês Gomes da Cruz of PLMJ

For about 10 years now, Indonesian corporations have been issuing bonds and other debt instruments by using the internationally known special purpose vehicle (SPV) structure to make the process more effective and cost efficient. The parent company of the SPV would issue a guarantee for the instrument and would make payments to the SPV in consideration for the funds derived from issuing the instrument. In other words, the SPV lends the money to its parent company in exchange for the guarantee and repayments from the parent, which will ultimately be used to pay principal and interest/coupon to the holders. The use of an SPV was necessary to achieve at least two goals:

James Simpson, Oleg Bilousenko and Valeria Piovesana assess the steps towards privatization in central and eastern Europe's power sector

The Securities and Exchange Law has recently been revised. The revised law increases the disclosure requirements for certain corporate information, increases the scope of the tender offer rules, and permits certain English disclosure documents to be filed.

The insurance market in Serbia is still underdeveloped. Mandatory third-party liability automobile insurance accounts for more than one-third of the total insurance portfolio, while the portion of life-insurance is still far below the average of the countries in the region (1.2% in 2002, 3.5% in 2003). The total insurance portfolio in Serbia accounts for less than 2% of the country's total GDP (which in 2004 was $23.9 million).

Real estate transactions form an essential part of foreign investments in Albania. Just as in other European countries, in Albania the legal process of acquisition of real estate ownership constitutes two steps: the conclusion of a purchase contract and the registration of the purchase contract with the real estate register.

The Austrian regulator, the Financial Markets Authority (Finanzmarktaufsichtsbehörde - the FMA), has recently published interpretational guidelines on the construction of Section 48f of the Austrian Stock Exchange Act (Börsegesetz - BörseG), implementing Commission Directive 2003/125/EC. Section 48f of BörseG deals with the fair presentation of investment recommendations and provides for detailed rules on business practices, including standards of presentation and dissemination of financial analysis, and obligations regarding the disclosure of conflicts of interest.

Disclosure of equity swaps has become the subject of a court battle in Australia. By Michael Parshall and Jonathan Swain