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Milbank acts on record deal for Indonesia

Akin Gump Strauss Hauer & Feld and London law firm Herbert Smith will have helped to close the largest corporate deal in Russia if the Azerbaijani government agrees to the $1.4 billion sale of Lukoil's stake in one of the country's large oil fields.

Spanish lawyers say the government must clarify proposed changes to the country's takeover laws. Last month the Spanish government confirmed it would announce amendments to the rules governing tender offers that will force bidders to make more mandatory takeover offers.

Companies listed in Hong Kong will face tougher corporate governance requirements that include having more independent directors and capping discounts on share placements.

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.

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

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.

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.

The Securities and Exchange Commission (SEC) voted last month to order mutual funds to disclose how they cast proxy votes, in a defeat for the $6.6 trillion industry.