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Recommendations for proper corporate governance behaviour in Denmark come under the auspices of a committee established in conjunction with the Copenhagen Stock Exchange. On August 15 2005, the committee provided a revised set of recommendations that, pursuant to the current rules on the Copenhagen Stock Exchange, listed companies must adhere to.

Has financial disclosure in securities offerings become a less reliable part of offering circulars? Our cover story this month exposes how the disengagement of auditors from the due diligence process places additional pressure on other advisers and means investors may receive less accurate financial information about issuers.

China is exploring hybrid financial instruments, which offer exposure to the upside and/or downside of an index other than, or in addition to, the basis and credit spread that would be assigned to an issuer's obligation to pay a stated principal amount within a given time.

Herbert Smith Moscow advised ABN AMRO and ING, on Russian oil company TNK's $1.4 billion restructuring of secured debt. The deal involved obtaining consent from 42 syndicate banks and is the largest debt restructuring in Russia this year. Moscow finance partner John Balsdon led the Herbert Smith team on the restructuring, with support from insolvency partner Alison Deeth in London. Finance partner Jason Fox advised ABN AMRO. White & Case advised TNK. In-house lawyers Irina Savina and Yuri Korsoun coordinated the restructuring for ING and ABN AMRO respectively, in Moscow.

Clifford Chance advised on the first true-sale securitization in the Russian Federation. The firm advised MNB Capital Markets and Greenwich Financial Services, as lead managers, in connection with the securitization of the auto-loan portfolio originated by Russian bank Soyuz. The notes were listed on the Irish Stock Exchange. Clifford Chance advised on the Russian, English, US and Dutch law elements of the transaction.

Europe's action on climate change has created a new market in emissions trading. Amy Merrill and Vivek Jain explain how the EU scheme is structured and how trading will work in practice

Christopher Cox took office as the 28th chairman of the SEC. His arrival followed the resignation of William Donaldson, who left the Commission on June 30. Cox's appointment was confirmed following a Senate hearing in which he pledged to uphold and build on the major reforms undertaken during his predecessor's tenure.

The Frankfurt office of Skadden Arps Slate Meagher & Flom is representing Apax Partners in the sale of German fish restaurant chain Nordee to Heiner Kamps and Nomura Holdings. Partners Walter Henle and Matthias Jaletzke led the Skadden team, with assistance from counsel Christina Erfurth. Graham Nicholson, in London, and Michael Cziesla, in Frankfurt, led the SJ Berwin team advising Heiner Kamps and Nomura Group. Baker & McKenzie partners Dirk Oberbracht and Henrik Bauwens advised Apax on its due diligence.

Alistair Graham and Larry Byrne, who act for a UK executive facing extradition to the US over price-fixing claims, argue that the new extradition system between the countries is deeply flawed

Shearman & Sterling and Simpson Thacher & Bartlett advised on Dresser-Rand Group's initial public offering (IPO). The offering, which raised $567 million, listed the engineering company's shares on the New York Stock Exchange. Edward Tolley of Simpson Thacher was issuer counsel on the deal. James Scott of Shearman & Sterling advised the underwriters, who were led by Citigroup and Morgan Stanley.