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Sellers demand certain funds The UK Takeover Code makes certain funds a common feature of public bids. Now private sellers require the same certainty. Richard Sharples of Clifford Chance explains why

Blue-chip European companies made impressive improvements to their corporate governance in 2003, according to a report by an international shareholder consulting group.

The bond markets must move quickly to improve transparency, said a leading US regulator last month.

Market watchdogs around the world are collaborating to establish a special task force to look at ways to increase bond market transparency and clamp down on the uncontrolled use of offshore financing vehicles.

Aendments to Russia's competition law will free small companies from state control but increase scrutiny of the country's oligarchs.

Seven months after the SEC implemented new reporting rules for corporate counsel, Linda Madrid of the Association of Corporate Counsel says legal departments are responding well but still fear potential noisy withdrawal reforms

Michael Evans surveys the approach to legal staffing among some of Europe's biggest companies

Continuing their challenge to the ratable-payment interpretation of pari passu clauses in cross-border debt, Lee C Buchheit and Jeremiah S Pam trace the evolution of the clause to find out what it truly means

Simon Crompton analyzes the performances of the best securitization practices in last year's growing structured finance market

In January 2004 the Russian government issued a number of regulations clarifying the application of certain tax exemptions under the Production Sharing Agreements (PSA) regime. In particular, the government approved the list of documents that a PSA investor is required to file with the customs office in order to obtain customs exemptions and with the tax authorities to obtain property and transport tax exemptions. Although these exemptions originally provided for in Charter 26(4) of the Tax Code, their practical implementation to date was not possible as it was contingent upon further regulatory acts of the government.