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

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.

Joint lead arrangers Standard Chartered Bank and The Siam Commercial Bank completed the issue and placement of B4 billion ($98 million) of debentures backed by B4.9 billion of motor vehicle receivables originated by The Siam Industrial Credit Public Company, a licensed finance company. The deal is the largest, and one of only six securitizations to be completed under Thailand's SPV Act, which is approved by both the Bank of Thailand and the Securities and Exchange Commission of Thailand. Coudert Brothers Bangkok advised SICCO Special Purpose Vehicle 1 Company Limited and the joint lead arrangers. Partner Stephen Bennett led the Coudert team. Allen & Overy's Stephen Jaggs advised Fitch Ratings.

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.

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.