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Woong-Soon Song, Tong-Gun Lee and Robert Young explain how a bitter takeover battle brought about changes to takeover rules that will soon come into force

Despite Finland's delay in implementing the Market Abuse Directive (2003/6/EC), the Helsinki Stock Exchange has began applying the safe-harbour framework included in the Exemptions Regulation (Commission Regulation EC 2273/2003 implementing Directive 2003/6/EC regarding exemptions for buy-back programmes and stabilization of financial instruments) with respect to stabilization. Accordingly, as of this date, the stabilization rules of the Exemptions Regulation, including the reporting rules, apply to stabilization on the Helsinki Stock Exchange. The previous set of rules on stabilization is no longer in force. However, the Helsinki Stock Exchange has not yet begun applying the Exemptions Regulation with respect to share buy-backs. The current rules of the Helsinki Stock Exchange on share buy-backs will continue to be in force until further notice.

Ben Maiden reports on how SEC proposals could cut the flow of information to investors rather than encourage it

Philip Stopford, head of the projects group at White & Case, led a legal team advising the project sponsors on Qatargas II, the largest project financing in the world, which closed in January.

In Frankfurt, Simmons & Simmons has hired asset finance and leasing specialist Frank Thomas. Thomas joins as counsel from the firm he founded in 2000, Thomas Wanner + Partners. He has also worked for Allen & Overy. He recently advised a German airline on tax and legal changes affecting its cross-border lease financings, and advised two German transport companies on restructuring their rolling stock.

The European high-yield market set new records in 2004, but European issuers continue to turn to US law firms for advice. Dan Andrews explains why

Europe's high-yield market is growing at record pace, partly thanks to structural innovations giving bondholders better protection when things go wrong. Bryant Edwards examines the growth in the market and explains how structural innovation has fuelled this expansion

A political compromise prevented the creation of a genuine one-stop shop merger filing system in Europe. The new procedure for pre-notification referrals of merger cases is burdensome, but the benefits of the one-stop shop can make it worthwhile. Romina Polley and Robert Schulz report on how companies are using the new system

Article 35 of the Portuguese Companies Code, entitled Loss of Half of the (Statutory) Capital, resulted from the implementation of Article 17 of the EU Directive on Coordination of Safeguards Regarding the Protection of Interests of Members and Others, which established that, in case of a serious loss of a company's subscribed statutory capital, a general meeting should be immediately convened to decide what should be done and to consider, among the various solutions, dissolution of the company.

A new Banking and Financing Business Act came into force on July 1 2004 as part of the modernization of the regulation of banking and financing businesses in Sweden.