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As Portugal finally introduces legislation that specifically deals with securitization, William Smithson and Alexandra Maia de Loureiro of P Rebelo de Sousa, Simmons & Simmons in Lisbon discuss its likely impact

Late last year Pernod and Diageo overcame competition, intellectual property and financing hurdles to close their $8 billion joint acquisition of Seagrams’ wines and spirits division. Edward Nalbantian of Jones, Day, Reavis & Pogue in Paris gives the inside story on an ingenious deal

On January 15 2002, the Mexican Congress passed a new Credit Information Law (Ley para Regular las Sociedades de Información Crediticia, or CBIL). The CBIL became effective on February 14 2002, and is the most recent attempt by the Mexican government to provide greater certainty and transparency to the gathering and supply of credit history. As in other countries, bureau credit companies serve as a means to collect and provide reliable information as to the credit history of individuals and corporate entities. Before the CBIL, the activity of credit information companies was regulated by three provisions of the Law on Financial Groups (Ley para Regular las Agrupaciones Financieras) and by certain general rules regulating credit information companies. Originally envisioned to provide input to banking institutions, the scope of credit information companies (CICs) has grown rapidly and now provide services to department stores and a wide variety of commercial companies offering credit.

On February 26 2002, the House of Representatives (Câmara dos Deputados) approved the Proposal of Constitutional Amendment (PEC) which allows the opening of Brazilian broadcasting media companies to foreign capital, up to a limit of 30% of their share capital. However, the editorial functions in such companies must be executed by Brazilian-born citizens or foreigners who have been naturalized for more than 10 years.

The final report of the Department of Trade and Industry's Company Law Review contains proposals to enable companies to migrate from one jurisdiction to another, without the need for a take over or acquisition of assets by a company already registered in the chosen country.

Under listing rule changes proposed by the Australian Stock Exchange (ASX), due to be implemented in June 2002, it will be harder for foreign companies to be listed on the ASX with special relief. Foreign companies already listed by the ASX would have only a few months to adapt to the new rules.

Last month IFLR celebrated law firms' achievements of 2001 when it hosted its annual awards ceremonies in London and Hong Kong. Among the top honours, Linklaters & Alliance was crowned European capital markets law firm of the year while Freshfields Bruckhaus Deringer won international law firm for Asia. Ben Maiden and Nick Ferguson present the winners of this year's awards and look at how, with the capital markets struggling to keep up the pace of the boom years, firms have found exciting new ways to serve clients

In late March the European Parliament passed laws recognizing a pan-European prospectus, clamping down on insider trading and introducing tougher rules for bank insurance.

Under the terms of its entry to the WTO, China is committed to allowing greater access to its banking sector. Despite the slow inroads being made by foreign institutions, however, rules remain in place that will slow their progress, as Lester Ross of Paul, Weiss, Rifkind, Wharton & Garrison, Beijing, explains

In a recent decision regarding the battle for Australia’s Normandy Mining, the Takeovers Panel made its first decision on break fees and has released its reasoning. Baden Furphy and Tony Damian of Freehills’ Melbourne and Sydney offices discuss the ruling and its implications