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For the first time a UK company is relying on US bankruptcy proceedings to protect it from US creditors while remaining solvent elsewhere.

Italy's regions, provinces, municipalities and other local entities can now securitize proceeds derived from the divestment of real estate assets under Law No 289 (December 27 2002). These territorial entities have become equal, in this respect, to the central government, which can finalize this kind of transaction under Law Decree No 351 (September 25 2001) as converted with amendments into Law No 419 (November 23 2001). For more details see IFLR, International briefings, January 2002.

Recent corporate scandals in the US and related discussions concerning the independence and integrity of analysts and their investment research have led to similar discussions in Finland. This article provides a brief overview of the Finnish rules and regulations applicable to investment research.

In December, Time magazine ran an article called the Must Lunch List, profiling 10 of the most powerful behind-the-scenes actors in Europe's increasingly integrated economy. One of the 10 was Jaap Winter, the former legal adviser to Unilever and leading corporate governance specialist who chairs the EU's High Level Group of Company Law Experts.

Milbank acts on record deal for Indonesia

The first part of the UK's largest-ever public-private partnership (PPP) transaction, the controversial transfer of responsibility for the London Underground to private companies, has closed.

Global derivatives transactions are set to benefit fromimproved legal certainty thanks to a new master agreement document improving close-out procedures ( see article).

Offshore structured finance transactions depend in large part on the integrity of the legal arrangements by which a finance company enters into its financial obligations. Where a company is used, the aim is to ensure that the separate legal personality of the company is maintained, and the company is not consolidated on the originator's balance sheet. Under Cayman Islands law, the corporate integrity of a finance company depends on the observance of corporate formalities and professional standards by the directors. It also requires the directors to have a thorough business understanding of the transaction in which the finance company is involved.

IFLR is pleased to announce the nominated deals and law firms for the Asian Legal Deals of the Year 2002, reflecting legal innovation in the region across all areas of corporate finance. Winners will be announced at our ceremony in Hong Kong on February 27

As the January 26 deadline for implementing the vast majority of rules required under the Sarbanes-Oxley Act drew near, the Securities and Exchange Commission (SEC) churned out a series of reforms.