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  • Europe's listed companies have only until next year to convert their accounts to International Accounting Standards. But fair value rules on hedging transactions make this a near impossible task, says Lindsay Dart of PricewaterhouseCoopers
  • Legislation on derivatives for Italian local authorities is scant. The only provisions are contained in Ministerial Decree No 420 of July 5 1996 (MD No 420) and in Article 41 of Law No 448 of December 28 2001 (2002 Financial Law).
  • Hong Kong's District Court has sentenced two brothers, formerly senior executives of a Hong Kong-listed fashion trading company, Gay Giano International Group Limited, to prison for commercial conspiracy.
  • Investors are reluctant to buy European high yield bonds. Rob Mannix reports on how lawyers might just change that
  • SingPost closes virtual deal to set IPO benchmark
  • Banks will shy away from Singapore deals unless regulators can explain how new rules affect liability on international public offerings. Andrew Crooke reports
  • Freshfields and Cleary Gottlieb Steen & Hamilton are advising on the $435 million transatlantic acquisition of NFO WorldGroup by the UK's Taylor Nelson Sofre.
  • Allen & Overy and Herbert Smith are preparing for the third issue from the HBOS master trust, Mound Financing, the first since February 2001.
  • By Ben Maiden in New York
  • By Michael Evans and Tom Williams