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By Stephen Angle, Donna Bobbish, and Adam Wenner of Vinson & Elkins LLP

Daniel Fournier heads the energy structured finance lending group in the Calgary office of Blake, Cassels & Graydon LLP. He is involved in all aspects of public and private debt financing, both from the lender and borrower perspective. He also regularly provides advice on structuring and financing joint ventures on major capital projects in the energy industry. In recent years, he has provided advice on the structuring and financing of Canada's offshore East Coast exploration development; the construction and expansion of leading petrochemical facilities in Alberta as well as the deregulation of the power industry in Alberta.

By Mark Newbery of Herbert Smith

By Amit Kapur of J Sagar Associates

The Brazilian real keeps on falling. But a new law will enable debtors to control payments inflated by devaluation. Walter Douglas Stuber of Amaro Stuber e Advogados explains

Foreigners seeking to fight their battles in New York courts may find they are unable to do so following a recent judgment. By John Willems and James Cain of White & Case

The application of the EU's new Insolvency Directive will not be as uniform in practice as is hoped, say Raffaele Rizzi and Georgina Caldwell of Credit Suisse First Boston

Banks that have lent to telecoms companies should re-examine their security packages. Getting their money back could be harder than they think. By Diane Mage Roberts of Orrick Herrington & Sutcliffe

After another year of tough equity markets, Tom Williams reports on the legal advisers faring best and those fighting decline

Saudi Arabia established the Saudi Communications Commission (SCC) last year to serve as the regulator for the Kingdom's telecommunications sector in advance of the long-awaited opening up of this sector to private investment. The first phase of this privatization scheme is a proposed floatation of 30% of the shares in the monopoly telecommunications operator Saudi Telecommunications Company (STC) by year-end: 20% to Saudi private investors and 10% to the two state-controlled pension funds. In July 2002, the SCC promulgated a set of rules to regulate and encourage private sector investment in the Kingdom's lucrative telecommunications sector. The rules are designed to encourage competition among various service providers and limit the ability of any one provider to exercise monopoly powers. Service providers with a dominant market position, for example, are required to obtain SCC approval for tariffs. They must also offer interconnecting service providers the same commercial terms and quality of technical access provided to their own divisions, subsidiaries or affiliates.