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China has released its first set of rules for securitization. Marianne Ramel, Béatrice de Meaux-Becdelièvre and Jiang Qian assess the measures

The Netherlands is amending the rules that govern Dutch limited companies (besloten vennootschappen). The aim is to have more flexible rules, in line with today's practice. The reform will take place in three different stages. In March 2005, Dutch practitioners handed in their points of view on the first consultation document, which was distributed by the Ministry of Justice.

Demand for structured products continues to grow and deals are getting bigger to match this demand. By Louisa Gault

Ben Maiden reports on how the departure of William Donaldson could affect the world's most important securities regulator

In New York, Linklaters hired Jeff Norton from O'Melveny & Myers. Norton is a banking partner, specializing in leveraged finance transactions involving senior loan and high-yield debt elements. He has experience working in acquisition finance, media and telecoms finance, asset-based finance, debt restructurings and exchanges. His appointment is the sixth in nine months for Linklaters' New York office.

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.

Mark Easton, O'Melveny & Myers Lee Meyerson, Simpson Thacher & Bartlett Mayer Brown Rowe & Maw and O'Melveny & Myers advised on ProLogis' acquisition of fellow real estate investment trust Catellus Development Corporation. The deal is valued at about $4.9 billion, including assumed debts and transaction costs. Mayer Brown partners Michael Blair and Michael Murray led the team advising ProLogis on the deal. Mark Easton of O'Melveny's Los Angeles office acted for Catellus.

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.

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

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