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The Netherlands has published plans to implement the EU Takeover Directive and controversially dismantle some of the defences traditionally available to Dutch companies. By Hugo Oppelaar and Alexander Kaarls

The House of Lords has ruled in the Elektrim bondholder litigation that the trustee to the deal must accelerate debt if asked to do so by bondholders, but should not be liable for the results if the acceleration is shown to be invalid. By Daniel Whitehead

In one of the first musharaka sukuks (joint ventures) of its kind, Denton Wilde Sapte advised Standard Bank and Dubai Islamic Bank in a deal with Dubai Metals and Commodities Authority (DMCC). The deal gave the investors the opportunity to receive periodic payments in gold bullion instead of cash for the first time in a public Islamic finance capital markets transaction. DMCC was advised by Afridi & Angell on Dubai law and by Freshfields Bruckhaus Deringer regarding English law.

Korea's new insolvency law gives financial institutions the certainty they need in their secured lending transactions to close out positions with defaulting counterparties and enforce rights to collateral. By Andrew Crooke

The Turkish budget for 2005 came into force on January 1. The budget fixes expenditure for 2005 at about NTL154 billion ($115 billion), against expected revenues of about NTL124.3 billion ($93 billion). The difference between expenditure and revenue will be funded through borrowings.

Dale Gabbert looks back over the history of Ucits legislation and argues for a more liberal approach when the European Commission carries out its promised review of the law later this year

The ownership restrictions imposed on citizens of the Gulf Cooperation Council countries (GCC) other than Saudi Arabia (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates) with respect to the shares of Saudi Arabian public joint-stock companies are to be removed. An April 5 article in the Arab News stated that a Cabinet meeting of the Council of Ministers approved the change. The new Capital Markets Authority (CMA) will receive instructions to implement the change, in coordination with other government authorities.

The Finnish takeover regime, with its unusually high threshold of two-thirds for mandatory bids, has for a long time stood out as an exception from the takeover regimes of other European jurisdictions. In connection with the upcoming implementation of the EU Takeover Directive, Finland is lowering the mandatory bid threshold and modernizing its current regime.

John Moore joined Herbert Smith as a partner in the global US securities practice of its corporate division. Moore arrives from Goldman Sachs, where he was senior counsel responsible for the investment banking division in Asia. He joins the firm's US securities team based in Hong Kong, where he will work closely with partner Kevin Roy handling the US aspects of capital market transactions.

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