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Spain, like other Western economies, has been shaken in the past months by a number of events. Some, like the financial scandals affecting large multinational corporations, originated outside Spain's borders; others, like a clutch of acquisitions of controlling stakes in competitor companies avoiding public offer (OPA) regulations, have a more local flavour; still others, affecting the way in which managers receive their remuneration (stocks and stock options), are Spain's reflection and reinterpretation of management trends that started abroad.

Cleary Gottlieb Steen & Hamilton and Clifford Chance have advised on one of the largest project financings to close in Germany.

With terrorist funding on the agenda, should Switzerland abandon its commitment to financial privacy? Michael Evans reports

Neil Harvey: Clifford Chance Freshfields Bruckhaus Deringer and Clifford Chance have advised on the sale of almost all Swiss engineering group ABB's structured finance portfolio.

Securitization specialists in the US are worried that recent proposals by the Financial Accounting Standards Board could damage the securitization market.

Morgan Stanley has completed a Japanese conduit commercial mortgage-backed securitization, giving Allen & Overy's Tokyo-based US law practice its first completed deal.

Clifford Chance has helped the UK Futures and Options Association (FOA) in its launch of revised guidelines on managing derivatives risk in the light of high-profile corporate collapses in recent months.

German banks are turning to a set of software tools to help them implement forthcoming Basel II banking regulations and International Accounting Standards (IAS).

Some recent case law gives cause for concern regarding the tax deductibility in Belgium of expenses relating to put or call options on shares. This article will first briefly discuss the applicable principles and provisions as well as the case law. Subsequently, it will establish that the legal grounds of this case law are contestable and that it appears possible to circumvent this case law easily, so that expenses' relation to options on shares should still be tax deductible in Belgium. This article will not discuss the particular cases in which there can arise, in Belgium, such expenses with respect to options on shares.

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