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Continuing his article on applying securitization to social housing finance, Chris Oakley explains why the market has been slow to go beyond bank loans, what the legal barriers are, and how deals in the sector have been structured around Europe

In an effort to regain public trust after the Indonesia's banking crisis in 1998, the Indonesian government provided a blanket guarantee over all of a bank's obligations to its depositors. Regulations on the blanket guarantee were provided under Presidential Decree 26 (1998) on Guarantee of Commercial Banks Obligations, which was further amended on February 27 2004 by Presidential Decree 17 (2004).

The ownership battle over Nippon Broadcasting System Inc (NBS) has ignited discussions about Japanese M&A rules.

David Spencer argues that the OECD must do more to abolish banking secrecy rules to prevent capital flight from exacerbating sovereign financial crises

A recent securitization shows innovation is possible even in the most commoditized asset classes. By Michael Evans

The Finnish prospectus rules are being amended to implement the EU Prospectus Directive, which regulates the publishing of prospectuses when securities are offered to the public or admitted to trading. The Finnish Ministry of Finance has appointed a working group to prepare a proposal for a government Bill to implement the Prospectus Directive and amend the Finnish provisions on liability for the contents of a prospectus. The deadline for implementation as set out in the Directive is July 1 2005.

Robert Mullen, Milbank Tweed Hadley & McCloy Cleary Gottlieb Steen & Hamilton and Milbank Tweed Hadley & McCloy advised on one of the most high-profile initial public offerings (IPOs) of the year - the $207 million flotation of International Securities Exchange (ISE) on the New York Stock Exchange. The deal was the first time a US options exchange listed on a stock market and also saw the biggest first-day climb in share price of any IPO since 2001. Milbank Tweed advised ISE on the deal, having worked with the exchange since its inception in 1999. Robert Mullen and James Ball were the firm's lead partners. Cleary Gottlieb acted for the underwriters, Bear Stearns and Morgan Stanley, through partners Leslie Silverman and Sung Kang.

Dan Andrews assesses the threat posed to private equity houses by public sector disclosure requirements

EU stock exchanges are taking action to stop issuers deserting them over cost hikes caused by the incoming Prospectus Directive. Michael Evans reports

Terri Mottershead, Lex Mundi Charles Doyle, Clifford Chance Lex Mundi appointed Terri Mottershead to the new post of director of professional development. Mottershead will develop best practice documentation, advise on training initiatives and set writing standards for Lex Mundi's member firms. Mottershead was director of training at Hong Kong law firm Johnson Stokes & Master.