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Slaughter and May continued its work representing Punch Taverns in November, advising on the restructuring of the company's two previous securitizations to merge them into a single deal. Freshfields Bruckhaus Deringer acted for the banks, RBS and Citigroup.

The committee in charge of the Basel II accord heeded industry concerns last month and dropped the requirement for banks to hold capital against expected losses. The concession, which has pleased the US financial industry, means banks will only have to hold reserves of capital to insure against unexpected losses.

The debate over whether the New York Stock Exchange (NYSE) will continue to be a self-policing organization will move into a critical phase in the coming weeks. Having recently dealt with embarrassing admissions over director pay and questions about conflicts of interest, the Big Board now hopes that changes to its own board structure and a public enforcement action will silence those who say it should split off its regulatory function.

Ukraine's Land Code has been amended to extend the right to own land to Ukrainian-foreign joint ventures. The law, On Amendments to Article 82 of the Land Code of Ukraine, passed on July 10 2003, has on the whole improved the position of Ukrainian companies with foreign investment in respect of land rights. Article 82 of the Code has been reworded so as to extend the right to purchase, sell, hold title to and exercise proprietary rights over non-agricultural land in Ukraine to joint ventures founded in part by foreign legal entities or individuals. Before these amendments, such entities were not permitted to acquire or own non-agricultural land in Ukraine.

Banks can learn from the speedy UK court proceedings that Nomura used to win a dispute with CSFB. By Brendan Cash and Edward Sparrow

Korean Air Lines has closed the first airline ticket securitization in Japan. Neil Campbell and Norifusa Hashimoto explain how the deal works

Herbert Smith and Stibbe advised European IT group Getronics on a €100 million ($117 million) convertible bond, one of the first European deals to use coupon escrow to secure interest payments.

The Basel Committee has heeded industry concerns and is dropping the requirement for banks to hold capital against expected losses.

The Swedish legislator (riksdagen) issued new rules regarding both right of priority and floating charges on July 17 2003.

Irish legislators' recent overhaul of the country's securitization framework, designed to make Ireland a first-choice location for onshore special purpose vehicles (SPVs), is paying off. Last month the Bank of Ireland closed the first collateralized debt obligation (CDO) using an Irish special purpose vehicle, the €409 million Partholon CDO. The offering, backed by a diversified portfolio of secured and mezzanine leveraged loans, is expected to be the first in a series issued by the bank as it looks to expand its leveraged finance business.