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On November 29 2001, the National Monetary Council approved Resolution 2.907, authorizing investment funds in receivables and investment funds in shares of the funds in receivables.

With liberalization in a state of paralysis, India’s legal market remains closed to outsiders. Many observers are concerned that this is hampering both the development of local law firms and the economy as a whole. Nick Ferguson reports

Blake, Cassels & Graydon LLP Box 25

Canadian firms may be coping well with in the present economic climate but many in the legal market are still struggling to decide on a strategy. Tom Nicholson reports

The Commission des opération de bourse (COB) will soon complete its radical shake-up of securities regulation for the French markets. The reforms were inspired and influenced by the globalization of markets and increased volatility of share prices. The COB has to an extent been forced to follow both the markets and SEC’s lead. However, as Edward Kamman of Skadden, Arps, Slate, Meagher & Flom in Paris explains, the French reforms have much to teach other regulators in the fields of present disclosure and communications restrictions during offerings

Allen & Overy has advised J P Morgan Securities on a euro 300 million ($260 million) synthetic issue of collateralized debt obligations (CDOs) by Robeco CSO III.

Lawyers at firms throughout Asia are advising on a 17,000km submarine cable that will connect bandwidth technology between China, Hong Kong, Japan, Korea, Singapore, Taiwan and the Philippines. On completion the cable will be able to carry 90 million voice conversations simultaneously.

Italian blue-chip energy group Eni has kick-started European capital markets for the new year with the largest non-privatization initial public offering in Italy to date. The group's listing of Snam Rete Gas, the Italian gas transportation company it partially owns, raised almost euro 3 billion ($2.6 billion) and was the first initial public offering to raise more than euro 30 million since the mid-July listing of De'Longhi ($114 million).

Clifford Chance and Simmons & Simmons have closed the second whole-business securitization of a shopping centre in Europe. The Meadowhall Shopping Centre near Sheffield, UK, which has around 132, 000 square metres of space including 230 shops and kiosks and 27 restaurants to let, has raised £875 million ($1.3 billion) against rent receipts. The deal is larger than Europe's first shopping centre deal, the £610 million securitization of the Trafford Centre in Manchester last year.

Shearman & Sterling's Singapore association with Stamford is proving fruitful once again. The joint venture advised advised Goldman Sachs and Citicorp as joint global co-coordinators, and Salomon Smith Barney, on SingTels' successful $2.29 billion global bond issue. The deal is the largest straight corporate bond issue out of Asia. The bonds are denominated in US dollars and euros with maturities of 10 years and 30 years.