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Financing has closed on the SR125 toll road, a groundbreaking public-private project in California. The $635 million deal is a rare example of a privately funded toll road in the US and is one of the first to use European-style financing technology for such a project.

By Michael Evans and Tom Williams

Morrison & Foerster is benefiting from a trend of German companies selling to US private investors, including work on the biggest German private placement in the US yet.

Allen & Overy has become the first international firm other than Clifford Chance to win a mandate advising the arrangers of an Italian state securitization.

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Singapore has shifted from merit-based regulation to a disclosure-based regime. But an IFLR straw poll shows that professional advisers need more guidance to help make this work in practice. Andrew Crooke reports

New definitions on how to change credit default swaps when a reference entity restructures are an improvement on the past, but not by much. Patrick Clancy of Shearman & Sterling LLP explains why not

Ben Maiden reports from New York on how banks are preparing to cope with new accounting rules for special purpose entities

On May 14 2003 a bill was submitted to Dutch Parliament that seeks to cancel the existing requirement of having to notify the debtors in the event of assignment of receivables under Dutch law. The explanatory memorandum to the proposal states as the principal reason for the proposed cancellation, the unforeseen development since the introduction of the requirement in 1992 of financial products that involve a transfer of a portfolio of receivables, in bulk and at the same time, as is the case in a securitization. In addition, the proposal intends to bring Dutch law in line with similar legislation in countries such as the UK, Belgium, France and Germany.

Since January 1 2002, the purchaser of at least 30% of the stated capital of a listed German stock corporation has been obliged to submit an offer to the remaining shareholders to acquire their shares. Since January 1 2002, if a purchaser owns at least 95% of the stated capital, the German Stock Corporation Act offers the possibility of squeezing out the minority shareholders by way of a resolution of the general meeting on payment of an adequate cash compensation.