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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.

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.

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

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