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As part of the changes to the capital markets in the EU, the rules that apply to public securities offerings on the EU regulated markets are about to change. From July 1 2005, Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (and amending Directive 2001/34/EC) will enter into force.

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.

Over 180 capital markets professionals gathered in London last month for the second annual IFLR Capital Markets Forum. Those attending the two-day event included senior in-house lawyers from the leading international investment banks, issuers' counsel and the leading private practitioners in the fields of debt and equity securities.

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

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

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.

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.

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.

Under Indonesian bankruptcy law (Law 37 of 2004 on Bankruptcy and Suspension of Debt Repayment) the creditors of a bankrupt debtor are required to meet in a creditors meeting. Within 30 days after the bankruptcy is declared, the supervisory judge determines the date, time and place for the first creditors meeting. The agenda will include debt verification and voting on the composition plan that has been submitted by the bankrupt debtor.

Christopher Stephens tells how Argentina's IMPSA steered its investment in a power project in the Philippines through three restructurings to an innovative exit