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Freshfields Bruckhaus Deringer's FRESH Capital Securities deal enabled Fortis to raise tax deductible debt that would be treated by the regulators as equity. Donald Guiney explains how the deal worked

Various mergers, particularly in the media and food retailing markets, have caught the public eye over the past few years and drawn attention to various weak points in Austria's cartel and competition laws. The Austrian Parliament has responded by passing amendments to both the Cartel Act and the Competition Act and these will take effect on July 1 2002. According to the legislator, the new regulations are expected to enhance the attractiveness of Austria to both national and international investors.

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.

Intellectual property in literary, dramatic or musical works in India is protected under the Copyright Act, 1957. With the development of the entertainment industry and competition between entertainment channels for a larger share of the Indian market, copyright issues have assumed greater significance in the entertainment industry. Although, no copyright exists for ideas, concepts or themes that are sufficiently developed so they could be realized as a television programme, are capable of being the subject of confidential information. Protection available to such ideas or concepts under the Copyright Act may vary depending on whether or not the concept as developed and evolved is the result of the work done by the person who conceived the original idea by applying some novel thoughts which distinguishes it from simple ideas.

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.

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).

Herbert Smith and Clifford Chance have advised on Malaysia's largest initial public offering. The $800 million deal for Maxis Communications, sold into the US under Rule 144A, represents a huge step forward for the Malaysian market. Maxis ran a beauty contest to select its legal representation, choosing Clifford Chance for its strong telecoms practice and its US-law team, headed by Crawford Brickley in Singapore. Brickley was also lead partner for this deal, which involved giving a 10b-5 opinion to the US SEC.

David Bernstein's departure from the role of chief counsel at the European Bank for Reconstruction and Development (EBRD) has left the way open for Michel Nussbaumer to take charge of a restructured team. Nussbaumer has been promoted to senior counsel and team leader of the bank's new Legal Transition and Knowledge Management Team. The initiative will involve an expanded team of lawyers and specialists, which will use the experiences gained through working in the EBRD's 27 countries of operation to sustain a transparent and predictable legal environment.

The Ontario Superior Court of Justice has released its judgment in a case involving the triggering provisions in change-of-control agreements between a company and its senior executives – commonly known as golden parachutes.