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The Takeover Board is a federal commission established under the Swiss Federal Act on Stock Exchange and Securities Trading (SESTA). It has jurisdiction to issue general rules and ensure compliance of public offers with the provisions of SESTA. In particular, potential offerors and their legal advisors should be aware of the following recommendations issued by the Takeover Board.

The long-expected decree of the Ministry for Economy and Finance, to be issued in accordance with the provisions of Article 41 of Law 448 of December 28 2001, has been published.

Both voluntary and mandatory tender offers for companies listed in Denmark are regulated by the Danish Securities Trading Act and the Danish Securities Council's Executive Order on tender offers. Decisions and statements made by the Danish Securities Council and Copenhagen Stock Exchange form an important supplement to the regulations. There is no parallel to the UK yellow book.

The trust has always been regarded as one of the best succession vehicles, but using a trust to cater for the succession of shares in companies has historically been impeded by a rule of English trust law that is designed to help preserve the value of trust investments. This rule, which is known as the prudent-man-of-business rule, has traditionally made the trust an unattractive vehicle to hold assets that settlors intend trustees to retain. Another aspect of the rule effectively requires trustees to monitor and intervene in the affairs of underlying companies. This also creates difficulties both from the settlor's standpoint and from that of the trustees.

IFLR is pleased to announce the nominated deals and law firms for its annual awards, reflecting legal innovation across all areas of corporate finance. Winners will be announced at our ceremony at The Ritz-Carlton, Hong Kong, on March 11.

Hong Kong's debut Flexibond issue by BOC International shows how far the market for retail structured notes has come despite hazy securities laws. By Andrew Malcolm and Matthew Budden

Despite the rejection by a European Parliament committee last week of quarterly reporting for EU companies, new member states to be elected in May are expected to prefer a periodic disclosure regime.

Welcome Break grew too slowly to repay bondholders The restructuring of the Welcome Break whole-business securitization has taken a new turn, with surprising restructuring proposals from Welcome Break's owner, which reverse accepted securitization wisdom.

To book tables, contact Dan Rabey on +44 (0) 207 779 8142 or email drabey@euromoneyplc.com

Reforms put forward by legislators and the SEC could lead to a radical overhaul of the US mutual funds industry.