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Chinese offerings find second life in US

Two initial public offerings (IPOs) in December underlined both the continuing success of Chinese companies and the returning appetite among US investors for foreign equity. Both also saw welcome mandates for the China branches of several US and UK law firms.

January 01 2004

Wastewater project brings private finance to The Hague

The Hague: Dutch utilities are turning to private finance A €400 million financing in The Hague has introduced the Dutch equivalent of private finance initiative deals to the country's utilities.

January 01 2004

Clifford Chance closes French tier one benchmark

France's national savings bank fund has issued the first tier one issue under the country's new financial securities law.

January 01 2004

Sidley Austin advises on pan-European CMBS first

Morgan Stanley has overturned the scepticism of rating agencies by securitizing commercial mortgages in Belgium, France and Ireland in a true-sale deal.

January 01 2004

Vinson & Elkins and Andrews & Kurth named in Enron probe

Two prominent US law firms may have committed legal malpractice in their representation of Enron on dozens of off-balance-sheet financing transactions, according to a report released by a court-appointed examiner.

January 01 2004

The month in a minute

A deal between European finance ministers on Europe's Transparency Directive means foreign issuers could face bills of up to $10 million as they struggle to comply with international accounting standards (IAS). All issuers of listed securities in the EU will have to publish reports using IAS when the accounting rules come into force in 2006. Earlier on in the month ministers voted out a requirement in the Directive for quarterly reporting from corporates operating in Europe.

January 01 2004

Will protectionists hijack China's competition law?

China must ensure turf wars between government ministries don't lead to different treatment of foreign and domestic companies, says Zhao Yong of Squire Sanders & Dempsey

January 01 2004

Japan

At present, the joint stock company (kabushiki kaisha) and the limited liability company (yugen kaisha) are the two corporate forms most common in Japan. Though the joint stock company form was intended for large and public companies and the limited liability company form was for smaller closely held companies, many closely held companies use the more prestigious joint stock company form even though it is more strictly regulated.

January 01 2004

Russia

Competition in Russia's financial market is regulated by the Federal Law No 117-FZ, which came into effect on December 29 2001. It governs both Russian or foreign (operating in Russia) banking, insurance and leasing companies, non-state pension funds, professional participants of the securities market and other entities rendering financial services.

January 01 2004

Switzerland

The Swiss legislature recently completed work on a new statute governing mergers, demergers, conversions of companies, and the transfer of assets with or without related liabilities. Most of these topics were not addressed in the Swiss Code of Obligations and thus many of the existing rules relating to mergers and demergers are based on case law or on legal principles developed over time by practitioners. Most of the code law provisions that did exist will now be replaced in their entirety.

January 01 2004

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