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The Cayman Islands will be implementing measures equivalent to the EUSD (the EU Savings Directive) by way of bilateral agreements with each of the EU member states. Legislation implementing the provisions contained in the model agreement will be put into place for July 1 2005, which is the Directive's implementation date. The Cayman legislation requires a report to be made on interest payments if certain tests are met.

The first quarter of 2005 saw two public tender offers with substantial transaction volumes in Austria: Siemens' offer for VA Tech had a total transaction volume of €955 million and Österreichische Volksbanken-AG (ÖVAG)'s offer for Investkredit Bank AG had a total transaction volume of €750 million. In Siemens/VA Tech, a new offer condition was introduced during the offer term against a simultaneous waiver of other conditions and in ÖVAG/ Investkredit a voluntary starting offer was converted into a mandatory offer.

Confusion over what constitutes a public offering could force some companies to comply with burdensome EU rules

Cablecom's recent refinancing extended light covenant packages to bank debt, a first for the European market. By Michael Evans

Ko-Yung Tung joined Morrison & Foerster's New York office as a senior counsellor. Tung is former general counsel and vice-president of the World Bank, and former chair of the global practice group and member of the management committee at O'Melveny & Myers. Tung was approached to join Morrison & Foerster after leaving O'Melveny at the end of March. He was general counsel at the World Bank from 1999 to 2003. He has also served as secretary-general of the International Centre for the Settlement of Investment Disputes.

Kyung Taek Jung, Joon Park, Weon Jung Kim and Yon Kyun Oh of Kim & Chang round up legislative changes over the past year that affect investors in Korea

Former Clifford Chance lawyer Laura O'Neill joined the corporate department at SJ Berwin last month. O'Neill was one of the lead partners to advise Banco Santander on its acquisition of Abbey National. Her other clients include Volvo and Accenture. O'Neill joined Clifford Chance in 1996 and become a partner in 2002.

As Europe enters the implementation stage of the Financial Services Action Plan the unintended consequences of regulation have become a leading concern among issuers, underwriters and their counsel.

Ben Maiden reports from Toronto on the impact of corporate governance and secondary liability reforms

On January 28 2005, the Luxembourg government adopted a Bill of Law to implement the EU Prospectus Directive, which is due to be implemented by June 30 2005.