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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.

Private equity is often seen as a closed world of complex financial engineering. But most deals in fact turn on the careful negotiation of a set of core documents. Simon Cooke explains how to make sure all parties' needs are met

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

Lovells picked Crispin Rapinet as managing partner for the Asia region. Commercial litigation specialist Rapinet will have overall responsibility for the firm's offices in Hong Kong, Beijing, Shanghai, Tokyo, Singapore, and Ho Chi Minh City.

DLA Piper Rudnick Gray Cary hired Charles Morrison to lead the firm's drive into Africa. Morrison was a banking partner with Denton Wilde Sapte. He gained experience of sub-Saharan African jurisdictions while handling trade and project finance transactions for European banks. Morrison also acts for African governments on bank and utility privatizations.

Ben Maiden reports on warnings that a New York bankruptcy court's treatment of derivatives and commercial paper could destabilize the market

Linklaters' New York team advised Qwest Communications International, on an offering of $1.95 billion of high-yield notes, which is the largest non-acquisition high-yield offering and one of the largest overall offerings to date in 2005. The issue was divided into two offerings of $1.75 billion and $200 million. Cahill Gordon & Reindel acted as initial purchasers' counsel; Gibson Dunn & Crutcher was the issuer's disclosure counsel; and Hogan & Hartson advised the issuer on regulatory matters.

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

Over the past decade, Greek arbitration law has developed to meet international standards. Nikolaos Panou and Panos Yiannopoulos of Kyriakides Georgopoulos Law Firm track its progress

A consortium of international and Indonesian investors completed a $1 billion leveraged buyout of PT Adaro Indonesia, Indonesia's biggest coal mine. The deal comprised senior debt of $600 million and $400 million of mezzanine financing. Allen & Overy Shook Lin & Bok advised the arrangers. KhattarWong & Partners, Freehills, Erriah & Uteem Chambers, Melli Darsa & Co Law Offices and Fenech & Fenech Advocates also advised. Milbank Tweed Hadley & McCloy advised the consortium and Latham & Watkins acted for the Indonesian investors.