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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.

Clifford Chance securitization partner Luigi Chessa is leaving the firm's Rome office after six months as joint-managing partner for Italy.

In a boost to high-yield lending in France, the minister of economy has resolved a long-running debate by clarifying that French usury law does not apply to corporate bonds.

A lesson from Astra International’s recent restructuring in Indonesia is that procedures for bondholder voting need to be more accessible in future. By Andrew Crooke

Hong Kong's new securities and futures laws will enable regulators to restrict offshore institutions selling financial services to onshore investors. Given uncertainty about how the rules will be interpreted and enforced, banks must reconsider how they win business. By Jill Wong of Allen & Overy

Companies considering rights offerings often need cash fast with few ways to get it. Including US investors in a deal can cost time and money, says Ashar Qureshi of Cleary Gottlieb Steen & Hamilton. But excluding them risks upsetting important backers

In a recent case, a company domiciled and taxable in France owned the entire share capital of a company domiciled in Geneva. The Swiss subsidiary was solely set up to hold and administer securities and as such benefited from the so-called holding company privilege, a favourable tax status accorded by both the Federal and Cantonal tax laws. However, under the French Tax Code, section 209B (Controlled Foreign Company Rules or CFC rules), a French company's share in the income of a company domiciled abroad, in which the former holds a participation either of 10% or more or with a value of at least €22.8 million ($24.3 million), is added, for tax purposes, to its domestic (French) income, provided that the foreign company enjoys a privileged tax treatment at its domicile.

Douglas Bartner, Michael Bosco, James Garrity and Stacey Spevak of Shearman & Sterling explain how Grapes became the first foreign company with minimal assets in the US to achieve restructuring under Chapter 11

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.