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Jersey has completely revised the layout of its laws to make them more accessible and user-friendly.

The German Ministry of Defence has entered into a private finance initiative (PFI) deal with a consortium of four defence industry manufacturers. The transaction concerns financing for flight simulators used to train army and navy pilots on the new Nato transport helicopter. Consortium members CAE, Eurocopter, Rheinmetall Defense Electronics and Thales have entered into an 18-year €488 million deal with the Ministry. Stephen Hodgson led a White & Case team advising the consortium while the German Ministry of Defence used its internal legal team.

Christine Lagarde, chairman of Baker & McKenzie's global policy committee, became the French minister for foreign trade. Lagarde practised labour and antitrust law as a partner at Baker & McKenzie in Paris during the late 1980s. She became managing partner of the office in 1991 and joined the firm's executive committee in 1995. Last year Lagarde received the Legion D'Honneur from French president Jacques Chirac.

Spain has met the implementation deadline only partially and issuers will face some uncertainty until secondary legislation is implemented. By Yolanda Azanza and José Manuel Cuenca

As home to Europe's largest capital markets, market participants are looking closely at how the UK is implementing the Directive. Matthew Hartley, Ryan Barrow and Eleanor Ley explain the changes for issuers

Poland has missed the implementation deadline, but should otherwise implement the Directive faithfully. By Andrzej Mikosz

Slovakia missed the July 1 implementation deadline but sluggish local markets mean the Directive may not have a meaningful impact anyway. By Peter Viglasky

The foundations of the capital markets in Turkey were laid down during the 1980s but, since then, the development of the capital markets in Turkey has not been entirely satisfactorily for a variety of reasons. Macroeconomic and political inconsistencies, the shadow economy, high domestic debt stocks and interest rates obstructed the development of fully fledged capital markets with sufficient depth. The market also suffered from more specific securities problems, such as lack of a corporate and individual investor platform and lack of diversity in the capital market instruments.

The revised Trust Business Law, which came into effect on December 30 2004, expands the types of business eligible to engage in trust business and the types of assets eligible to be held in trust. However, it also imposes more regulations on trustees and trust businesses.

As IFLR went to press, the UK's Financial Services Authority (FSA) announced a £13.9 million ($25.3 million) settlement with investment bank Citigroup over its trading activity on the Eurozone government bond trading platform last August.