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For multinational companies with Chinese operations, the country's liquidity restrictions make treasury structures difficult. But two legal changes make life a little easier for corporates. Jean-Marc Deschandol and Tom Luckock explain

Insolvency and restructuring laws across the EU are a mess of different approaches: some creditor-friendly, some creditor-hostile. Andrew Wilkinson, Tony Horspool and Ian McKim argue that it is time for change

China's first asset-backed securitization (ABS) legislation has been introduced. The Administrative Measures on Pilot Projects of Credit Assets Securitization promulgated by the People's Bank of China and the China Banking Regulatory Commission became effective on April 20 2005. In connection with the State Council's approval in principle of the two pilot projects, China Development Bank and China Construction Bank, other relevant authorities have or will issue provisional rules to facilitate the launch of these projects.

The Tokyo office of Linklaters hired Hidehiro Utsumi, a tax expert specializing in cross-border transactions. He joined from Japanese firm Nishimura & Partners and worked as a chartered accountant before becoming a lawyer. Linklaters expects him to advise on the legal and tax aspects of M&A transactions. Utsumi becomes the fifth partner to join Linklaters in Tokyo in three months.

Clifford Chance and Milbank Tweed Hadley & McCloy were international counsel on the first Brazilian perpetual bond offering. Banco Bradesco issued $300 million in perpetual non-cumulative junior subordinated securities, the first Tier 1 bond deal by a Brazilian financial institution and one of the first in Latin America. The securities were sold in the US under Rule 144A and internationally under Regulation S. Milbank Tweed partner Michael Fitzgerald and counsel Taisa Markus acted for Merrill Lynch on the deal. New York-based Clifford Chance partner Anthony Oldfield acted for Banco Bradesco. Pinheiro Neto Advogados was Brazilian counsel to Merrill Lynch through partners José Carlos Junqueira Meirelles, Ricardo Luiz Becker and Bruno Balduccini. Machado Meyer Sendacz e Opice Advogados partner Nei Schilling Zelmanovits was lead local counsel to the issuer.

The Netherlands had to implement emergency legislation to avoid missing the July 1 implementation date. Erwin Schreuder and Ella van Kranenburg explain what this means for issuers

Hungary has met the implementation deadline; the final rules are due to be published soon. By Andrea Miskolczi

New and proposed international accounting rules attempt to blend a European approach with US elements. Increased transparency of deals will need to be weighed against additional costs of due diligence. By Kathryn Cearns

The Swedish Covered Bonds Act (as amended) (Sw: lag (2003:1223) om utgivning av säkerställda obligationer) came into force on July 1 2004. The Act allows Swedish mortgage lending institutions to issue bonds secured by mortgage loans separated into a specific security pool.

As the Kyoto Protocol established serious commitments to curtail greenhouse gas emissions, transposition of the EU Emissions Trading Directive took place in Portugal, implementing an emission allowances trading scheme and providing the necessary framework within EU guidelines.