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  • France's new law on securitization vehicles reverses the effects of Supreme Court decisions that made future flow deals impossible. Richard Parolai and Frédérick Lacroix of Clifford Chance explain how
  • Despite years of proposals, meetings and debate, doubts remain over how well parts of Hong Kong's new financial markets regime will work. By Andrew Crooke
  • Michael J Moser of Freshfields Bruckhaus Deringer explains how Bilateral Investment Protection Treaties provide a better way to work out financial disputes in Asia
  • Practitioners have broadly welcomed the EU's new bankruptcy regime. But one year after inception it is becoming clear that the law reaches beyond its intended borders. Thomas Williams reports
  • David Bernstein, of Clifford Chance, says a Delaware Supreme Court decision to overrule a merger agreement between NCS and Genesis risks damaging the state's role as the most popular company base in the US
  • Real reform is being implemented in many segments of US markets. Corporate funding has benefited greatly by this process. Funding cost spreads for US corporations (between rates paid by high-yield growth firms and those of high-grade firms) have narrowed from nearly 8% last October to around 4% today. This trend propelled US debt and equity markets out of an awful slump.
  • The Act XV of 2003 on the Prevention and Impediment of Money Laundering will set aside Act XXIV of 1994 of the same title and provides extended and more sophisticated regulations against money laundering in Hungary. The new act has been expected since the September 11 terror attacks in New York, and it is also a result of harmonization with EU legislation relating to the same matter. The new act will come into force on June 16 2003.
  • The Finnish Ministry of Justice appointed a working group in 2001 to prepare a complete reform of the Finnish Companies Act. In May 2003 the working group published its report, including a proposal for a new Companies Act. The aim of the comprehensive company law reform is to improve the competitiveness of Finnish limited liability companies by making the Finnish company law more flexible and explicit with fewer mandatory provisions.
  • UK firm Lovells and Italian firm Carnelutti are advising on SAB Miller's €563 million ($638 million) unconditional offer for Italy's second largest brewer Birra Peroni.
  • The biggest global float of 2003 has come from Australia. Royal & SunAlliance's A$1.9 billion ($1.25 billion) initial public offering of Promina Group closed last month four times oversubscribed, showing no signs of succumbing to fears over market turmoil.