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Japan's largest-ever leveraged buyout, the $2.2 billion purchase by US private equity fund Ripplewood Group of Japan Telecom's fixed-line business from the UK's Vodafone Group, is a pioneering transaction - for cultural reasons as much as any others.

DLA gets eastern European boost in Weiss-Tessbach merger

The European Parliament overwhelmingly approved radical changes to the decade-old Investment Services Directive (ISD) last week, aimed at harmonizing share trading rules and boosting competition between banks and stock exchanges throughout the EU.

On September 19 2003 the Brazilian Securities Commission (the Comissão de Valores Mobiliários or CVM) rejected a request made by representatives of the accounting profession and other trade associations for relief from existing regulations that require the rotation of independent auditors of listed companies. The CVM has also suggested that existing accounting standards may require the rotation of lead audit partners, as well as the rotation of the audit firm.

In an effort to simplify its foreign investment legislation and bring it into line with international standards, Turkey passed Law Number 4875 on Foreign Direct Investment in June 2003. The law eliminates the previous inequalities between foreign and local investors and simplifies the process for establishing a company in Turkey, demonstrating the country's dedication to promoting foreign investment.

The Ontario Securities Commission has recently published for comment Proposed OSC Rule 48-501 (Trading During Distributions, Formal Bids and Share Exchange Transactions), which would impose trading restrictions on dealers and issuers involved in a distribution of securities and certain other transactions, such as a securities exchange takeover bid, an issuer bid or an amalgamation, arrangement, capital reorganization or similar transaction. The purpose of the rule is to prescribe safe harbours and to otherwise restrict trading activities and preclude manipulative conduct by persons who might have an interest in the outcome of such a distribution or transaction.

Proposals to end the practice of paying soft commission are on the table in both the UK and the US. Michael Evans reports

The results of a study by Yale University unveiled at a conference in San Francisco prove that the right kind of securities laws make for bigger and better stock markets.

Speakers at an IBA session last month on Europe's Prospectus Directive said they were unconvinced the law will benefit the capital markets.

Spanish firm Uría & Menéndez is advising energy company AES on the €665 million ($766 million) financing for the construction of the largest independent power project developed in Spain so far.