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Politicians are pointing to deregulation of the trading in energy derivatives as the failure behind the California energy crisis. Not true, says Philip McBride Johnson of Skadden Arps Slate Meagher & Flom

By handing down three decisions on voting-right limitations for privatized companies, the European Court of Justice (ECJ) has made a sophisticated judgment of special voting rights in the proceedings brought by the EU Commission.

Since the implementation of Council Directive 92/50/EEC of June 18 1992 relating to the coordination of procedures for the award of public service contracts (the Directive), the public procurement rules also apply to financial services with the exception of central bank and financial services that relate to the issuance, sale, purchase or transfer of securities and other financial instruments.

Austria has always had closer ties with eastern Europe than many of its fellow EU members. But these links are forcing Austria’s law firms to make a difficult choice between east and west. Michael Evans reports

Last year’s legal reforms promised great things for the German market. Thomas Williams reports from Frankfurt where lawyers are now desperate for a long-expected recovery

Linklaters and Clifford Chance act on first UK hospital refinancing

Uría & Menéndez and former Andersen Legal firm J&A Garrigues are advising on Spain's first initial public offering (IPO) in more than a year, the ¤1.8 billion ($1.76 billion) flotation of Enagas. The deal is the first Spanish IPO since airline Iberia was floated in March 2001. Garrigues is advising Enagas and its parent company Gas Natural, while Uría is advising joint coordinators Goldman Sachs and Banco Santander Central Hispano (BSCH).

The US SEC has proposed rules to improve accountability of auditors of public companies through a Public Accountability Board. The Board would be outside the control of accounting professionals and is expected to supplement the watchdog's oversight and enforcement aims by employing 50 full-time staff. The Commission stated that the measures would "expand the opportunities to detect and remedy ethical lapses or deficiencies in competence".

In January 2002 the Mexican Federal Congress passed legislation making substantial changes to the country's tax structure and introducing new rules for foreign or non-Mexican residents. This new legislation removes the many different withholding rates applicable to non-residents that in the past had led to tax avoidance, by reconsidering the nature of the income in question. The new legislation introduces a sole 25% withholding rate for most types of taxable income on a gross basis and reduces to 35% the tax imposed on non-residents that elect to be taxed on a net income basis. For 2003, 2004 and 2005, this rate will be reduced to 34%, 33% and 32% respectively. Although significant amendments were introduced by this new legislation, this article will only cover two of the most widely applied rules, the sale or disposition of shares and interest.

Recent SEC actions show it is not just the energy industry that is coming under the Commission’s fire for manipulating earnings reports. Neil Golden of Chadbourne & Parke, Washington DC, explains why technical compliance with GAAP may no longer be enough