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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.

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.

Diogo Perestrelo and Rita Roque de Pinho of Gonçalves Pereira Castelo Branco & Associados track the development of the PPP structure in Portugal and assess some of the projects in the pipeline

The securitization of more diverse asset classes is yet to become reality in Portugal, despite changes in the law that make new types of deals possible. By Paula Gomes Freire, André Figueiredo and Pedro Cassiano Santos of Vieira de Almeida

Jorge de Brito Pereira and Sónia Teixeira da Mota of PLMJ assess the impact of the EU Prospectus Directive on Portugal's capital markets

Blake Cassels & Graydon and Stikeman Elliott were the lead counsel on US pipeline operator Kinder Morgan's bid to buy Vancouver-based Terasen. The acquisition of Terasen, also a pipeline operator, will create a company with a combined 40,000 miles of natural gas and petroleum pipelines and more than a million gas distribution customers. Including debt, the deal is valued at around $5.6 billion. Blake Cassels advised Kinder Morgan on the deal. Mungo Hardwicke-Brown in Calgary led the team, which also included Brock Gibson and Peter Kalbfleisch. Stikeman Elliott was special counsel to Terasen through Vancouver partners Jonathan Drance, John Anderson and Neville McClure. Bracewell & Giuliani was US counsel to Kinder Morgan. Paul Weiss Rifkind Wharton & Garrison advised Terasen on US law.

Following the lead of the UK, France, Spain, the Netherlands, Italy and the US, Greece has introduced draft legislation to enable public-private partnerships. By Harris Ikonomopoulos of Ikonomopoulos & Partners

Mizuho Corporate Bank provided acquisition finance, in the form of senior and mezzanine debt, to Charterhouse Capital Partners on its £300 million purchase of Avent Group. The acquisition was completed on June 9 2005, but Mizuho is lending to refinance a temporary equity-bridge structure that was put in place to effect the purchase. Malcolm Hitching led the Herbert Smith team acting for Mizuho, while Lovells' partner Derek Baird advised Charterhouse Capital Partners.