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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.

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

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.

In the wake of the hostile takeover of Nippon Broadcasting System by Livedoor, many Japanese companies are starting to adopt defensive measures to ward off unwanted suitors.

Husam Hourani of Al Tamimi & Company explains the dos and don’ts of Islamic finance and outlines six structures that work

Italy has revamped its tax systems in an effort to compete with other EU countries. Giampaolo Còrabi and David MJ Turner-Kerr of Studio Legale Sutti question whether the reforms will achieve their aim

Filippo Pingue of Simmons & Simmons assesses the prospects for Italian covered bonds

New legislation in Italy, some in response to the recent Parmalat scandal, aims to strengthen the country's capital markets and improve investor confidence. Corporate governance reforms that took effect at the beginning of this year fill a gap in legislation that until now ignored the issue of holding companies' liability. Changes to the country's tax regime that came into force at the same time make Italy more competitive with other centres in Europe. Expected changes to the law to allow the issuance of covered bonds could lead to the growth of a substantial market in these securities. Meanwhile, Article 129 of the Italian Single Banking Act continues to be a source of controversy, allowing the Bank of Italy to block the sale of unsuitable securities to Italian investors - a task it has apparently approached more vigorously in recent months. Articles in the following pages examine these and other legislative changes and how they will affect banks, investors and issuers.