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August is traditionally a stagnant time in the equity markets, but this year the holiday month has seen several $100 million-plus initial public offerings (IPOs) reach the US markets. Google's auction-style launch may have taken all the media attention, but several real estate investment trusts (Reits) were among seven issuers who raised more than $2 billion between them.

Foreign banks that want management influence over their China investments risk litigation as their western business systems based on law clash with local systems based on connections, says William Gamble

Securitization remains innovative despite a wave of commoditization, says Paul Ali

Milbank Tweed Hadley & McCloy has successfully adapted two-year-old MTN documentation to create the Aria collateralized debt obligation (CDO), the first widely offered managed synthetic CDO to come to market as a programme.

The UK's High Court has ruled that German bank West LB must honour a letter of credit issued to a special purpose vehicle used by JP Morgan Chase and Enron for commodities deals.

Linklaters has lost a securitization partner to Sidley Austin Brown & Wood's relentless expansion in the London structured finance market.

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France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years.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.