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Sidley and Linklaters take lead roles on BBC securitization

Sidley Austin Brown & Wood and Linklaters have advised on a sale and leaseback deal for the British Broadcasting Corporation (BBC), the largest transaction of its type in Europe.

July 31 2003

Hogan & Hartson, White & Case close first wind-power project financing

US firms Hogan & Hartson and White & Case helped close the first project financing for wind power in July. The deal, valued at $380 million, will finance a portfolio of wind farms and is expected to open the market for similar deals.

July 31 2003

Regulatory confusion casts shadow over launch of UK Pfandbriefe

HBOS has become the first UK issuer to sell covered bonds in Europe, in a transaction that promises the beginning of a new market. But regulators seem unsure of the law on risk weightings for such deals. By Michael Evans

July 31 2003

Cayman Islands

On April 30 2003 the Cayman Islands Monetary Authority, after consultation with the private sector, introduced further revisions to the Guidance Notes on the Prevention and Detection of Money Laundering. The Guidance Notes are ancillary to the Money Laundering Regulations and recommend anti-money laundering best practice measures. The most important changes concerned the role of the Money Laundering Reporting Officer (the MLRO), particularly in relation to mutual funds.

July 31 2003

Canada

On June 27 2003 most securities regulators in Canada published for comment draft rules regarding audit committees, the certification of financial disclosure and auditor oversight for public companies. These rules are substantially similar to the Sarbanes-Oxley Act, related SEC rules and proposed New York Stock Exchange and Nasdaq listing requirements. The final version of these rules will likely become effective on January 1 2004. If implemented, these new rules will require:

July 31 2003

SEC releases plans for greater shareholder power

The Securities and Exchange Commission (SEC) last month took a step towards promoting corporate democracy when it issued a report proposing greater involvement for shareholders in electing directors of companies.

July 31 2003

United Kingdom approves boardroom reforms

After six months of often vicious debate, the UK's Financial Reporting Council has approved the government-backed Higgs review of boardroom practice.

July 31 2003

Cutting edge close-up: Mirvac securitizes revolving pool of un-built properties

Lawyers in Australia have created a new financing tool that allows developers to raise funds for the construction of multiple properties secured on their value in pre-sales contracts. Geoff Sutherland of Coudert Brothers explains how the structure works

July 31 2003

Mexico ends Brady bond era

July marked the end of an era in Latin American sovereign debt when Mexico retired the last of its Brady bonds. As IFLR went to press the country was due to repurchase its remaining non dollar-denominated Brady bonds, taking it out of a period of debt restructuring that has lasted 15 years.

July 31 2003

Is withholding tax holding central Europe back?

States in central and eastern Europe should abolish withholding tax on capital markets deals, say Ton Kemp and Nick Eastwell of Linklaters. It makes transactions expensive for issuers but raises little money for governments

July 31 2003

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