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  • France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years.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 South Korean government has eased regulations to allow foreign financial institutions to establish subsidiary banks in Korea. The Financial Supervisory Commission (FSC) and the Financial Supervisory Service (FSS) amended the Guidelines for Authorization of Banking Business to allow for these changes.
  • Legislative Decree 170 of May 21 2004 (Decree 170) has implemented the Directive 2002/47/CE of June 6 2002 on financial collateral arrangements (the Directive).
  • 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.
  • In a first for the capital markets, Allen & Overy has helped structure an Islamic law-compliant bond for a European issuer.
  • 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.
  • Russia's Gazprom has successfully securitized over $1 billion of future gas exports, despite a local risk climate best described as uncertain and a problematic legal regime.
  • 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.