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New regulatory limitations on offshore restructuring by Chinese private enterprises will limit their ability to attract overseas financing, say Terence Foo and Jeffrey Ren

Daniel Whitehead explains what debt capital markets participants can learn from recent English law litigation over the responsibilities of trustees

To encourage mergers and acquisitions and thereby the restructuring of companies in Turkey, certain tax advantages to merging companies have been regulated under the relevant tax regulations. The banking crisis in 2001 has prompted the Banking Regulation and Supervision Agency (BRSA) to encourage restructuring of the banking system and strengthen the financial structure of banks by setting out certain benefits in its regulations for merging banks under the Regulation on the Merger and Acquisition of Banks (the Regulation).

Australia's first successful proceedings for civil penalty and compensation orders for insider trading bode well for the regulator's attempts to rid the market of misconduct. By John Warde and Kim Reid

The Danish Government has recently proposed a new form of charge over the assets of businesses. In English terms, the virksomhedspant would be recognized as a form of a fixed and floating charge. If introduced, the proposal could benefit financial institutions and corporations by simplifying the structure for taking security over assets of businesses. The vehicle would be a special mortgage deed registered in a public registry with reference to the assets (or, in a restricted form, to the portfolio of trade receivables). Previously, in Denmark, the regime for taking security required that individual assets be recognized and identified and the security over them established with reference to those particular assets.

Securitization techniques could double aid payments to developing nations, say Mark Nicolaides, John-Patrick Sweny and Hannah Dutch

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

Stephen Roith (Clifford Chance), Agnes Nardi (3HK) Clifford Chance's performance in Asia last year was impressive. Many clients, competitors and other market players that IFLR spoke to praised the quality and efficiency of the firm's work in particular. Some of the firm's most innovative deals came in greater China, as the lawyers created landmarks in the PRC in distressed assets (Silver Grant and Great Wall No 1) and M&A (Lenovo-IBM's personal computing division), structured a series of securitization and debt capital markets firsts in Hong Kong (the SAR government's debut global bond offering and Hong Kong Link), and set a debt financing benchmark in Macau (Wynn Resorts). The firm's equity lawyers were also busy, acting on the IPOs of Thai Oil, AirAsia and Yellow Pages in south-east Asia. Korea, Malaysia, Thailand, the Philippines and Indonesia were also jurisdictions in which the firm added to its capital markets, restructuring, and project and structured finance achievements.

James Cole, Jeremy Dickens and Ellen Odoner look at what UK companies should learn from US disclosure to help prepare the new Operating and Financial Review

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