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The resurgence of mergers and acquisitions activity in the US this year is increasingly driven by private equity firms as was the case on several deals last month. Such firms are appearing behind an increasing number of deals involving companies they control.

The UK's Financial Services Authority is investigating Citigroup's unusual sale and buyback activities in the government bond market. French and German regulators are also examining the trades.

France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years. Martine Dalet and Pierre Descheemaeker explain the new securities ordinance

The reasoning of the government bill, enacted into law by the Turkish parliament as Law 5020 Amending the Banks Act and Certain Other Laws (Law 5020), explains in a few sentences why amendments were required to the legislation regulating the banking and finance system: the Savings Deposit Insurance Fund (SDIF) owes about $25 billion to the Turkish Treasury, due to bank failures. The reasoning includes a brief history explaining how this debt reached such an enormous figure and says that the government is determined to collect this amount from the liable parties, especially the bank owners and their cooperators who intentionally caused these failures and somehow benefited from them.

In July 2004, the Finnish Financial Supervision Authority (FSA) issued a statement on the interpretation of certain provisions of the Investment Funds Act on marketing of units in foreign investment funds in Finland.

Good corporate governance has in recent years been an important topic for Danish listed companies and for many of the largest unlisted companies and institutions. The compliance discussion has also become an integral part of these companies' interest in the principles of good management, and it has become a part of everyday life for Danish institutional investors.

The Insolvency (Amendment and Consequential Provisions) Act 2004 was passed in July. The amendments were a necessary precondition to the Insolvency Act 2003 Act, which came into force on August 16 2004.

The SEC last month put in place two of the final pieces of the most radical regulatory overhaul of the US mutual funds industry in 60 years. On August 18 the Commission voted to ban the practice of directed brokerage and to increase disclosure about portfolio managers, leaving just three rules in its year-long plan to be passed.

A recent decision in Canada illustrates the increased exposure of directors and officers to personal liability in Canada. In Kerr v Danier Leather Inc the Superior Court of Justice of Ontario imposed liability on the CEO and CFO of Danier for making misrepresentations in a prospectus.

Lawyers on Hungarian telecoms company Invitel's latest financing had the challenge of blending, for the first time, senior and high-yield debt on a Hungarian deal.