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  • White & Case and Orrick, Herrington & Sutcliffe have completed California's first large debt financing since the recent gubernatorial recall election. The deal raised $3 billion through a new use of revenue anticipation notes (RANs).
  • A government Bill to carry out EC Directives 2001/107/EC and 2001/108/EC relating to undertakings for collective investment in transferable securities (Ucits) was submitted to the Finnish parliament on October 24 2003. The proposal is subject to parliamentary approval, but the new act is expected to come into force in 2004. The Bill also introduces a separate act relating to foreign investment funds in Finland.
  • Ben Maiden reports on how US lawmakers and regulators are policing mutual funds, and why critics are saying they should do a better job
  • Supplementary capital contributions and ancillary capital contributions are two commonly used forms of funding private limited companies (LDAs) in Portugal and are covered by Portuguese law (the Commercial Companies Code).
  • Hong Kong Mortgage Corporation (HKMC) has closed the jurisdiction's largest mortgage-backed securitization, and its first for around 18 months.
  • As the US equity markets have begun to look healthier, mergers and acquisitions activity has also increased. November saw a spate of multi-billion dollar deals being unveiled, with healthy mandates going to a range of law firms.
  • Companies should not be forced to rotate the firms they use to prepare their accounts, according to a US government report. The General Accounting Office (GAO), commissioned to look into the effects of requiring companies to change their audit firms every few years, reported that it could not be sure that the benefits of doing so would outweigh the costs.
  • Companies listed on London's Alternative Investment Market will be exempt from Europe's costly Prospectus Directive under plans drawn up by the London Stock Exchange (LSE).
  • HBOS has shown that issuing covered bonds is possible without specialized legislation. Local laws will determine whether Asia’s banks can follow suit. By Richard Mazzochi and Abigail Rath