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In Japan, three statutes primarily regulate matters regarding trusts. The Trust Law sets out the rights and obligations of parties under a trust, the Trust Business Law regulates trust businesses and the Law Concerning Concurrent Trust Businesses of Financial Institutions (Concurrent Trust Business Law) regulates trust businesses operated by financial institutions. The current session of the Diet is considering a complete revision of the Trust Business Law, which will apply to trust companies and, certain provisions of which will also apply to financial institutions operating trust businesses. It is also likely that the Trust Law will be substantially revised soon.

Paul Weiffenbach assesses proposed reforms affecting asset-backed deals

US law firms were among those celebrating the first international initial public offering (IPO) from a Mexican issuer in almost five years last month.

Consolidation in the US financial sector is proving to be a valuable source of work for law firms this year. The arrival of two new multi-billion dollar deals last month confirmed that banking mergers are a hot area for mandates. Several firms have benefited from the trend so far, but Wachtell Lipton Rosen & Katz has been most successful, with a series of assignments advising target banks.

Three Spanish banks have successfully securitized a new class of asset-backed notes, creating a legal and transactional framework for Spanish electricity companies to securitize revenues from customer bills.

Internet search engine provider Google could open the door to new types of initial public offering (IPO) if its flotation, which filed last month, is a success later this year.

Rating agency Standard & Poor's is issuing new ratings on the chances of lenders recovering their capital in the event of a default on a European secured loan.

The Federal Act on International Insolvency Law (Federal Law Gazette 2003/36) implemented Directive 2001/24/EC on the reorganization and winding up of credit institutions (Directive 2001/24/EC). Several provisions were inserted in the Austrian Bankruptcy Code (Konkursordnung-KO) and the Austrian Banking Act (Bankwesengesetz-BWG).

Legal harmonization is welcome. But practical systems for getting information to investors could do more to encourage a European wide capital market, says Brian McCall

Relinquishing power: the UK has bowed to EU rulings The UK government will redeem its so-called golden shares in Britain's five biggest energy companies in the wake of a series of rulings by the European Court of Justice that the special share arrangements violate EU law.