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Under Law No19,601 enacted on January 18 1999, a public offering of offshore securities or securities deposit receipts (SDRs) can only take place in Chile if they have been previously registered in the Special Registry of Offshore Securities (ROS) kept by the Superintendency of Securities and Insurance (the SVS).

The sharp contraction in US consumer spending has had a nasty knock-on effect in developing economies, leaving many companies needing to restructure their debt to survive. Neil Whoriskey of Cleary, Gottlieb, Steen & Hamilton, Hong Kong, gives an invaluable guide to successful restructuring and avoiding the many pitfalls it poses to companies

Clifford Chance and Allen & Overy have acted on the SFr 580 million ($342 million) management buy-out of the Swiss airport company Swissport International. European buy-out specialist Candover has bought the company from the bankrupt Swiss airline SwissAir. Clifford Chance partners David Pearson and Ian Bagshaw led the team advising Candover, while Allen & Overy banking partner Jacqueline Evans and corporate partner Jeremy Hunt advised Royal Bank of Scotland, the leader of a syndicate of five banks including ING, West LB, HypoVereinsbank and HBOS.

Cleary, Gottlieb, Steen & Hamilton has acted as US and Russian counsel on a $227 million offering for Russian dairy products and juice company Wimm-Bill-Dann.

Hong Kong's securities regulators plan to allow investment banks to support the share price of newly-listed companies.

Mario Fernandez Pelaz will join Uría & Menéndez after leaving his role as general counsel and a member of the executive committee of the Banco Bilbao Vizcaya Argentaria (BBVA) group, one of Spain's leading banks.

With the new Basle capital accord due by the end of the year, the committee has turned its attention to securitization and issued a working paper discussing risk sensitive and ratings-based approaches. Mark Nicolaides and Emma Dmitriev of Mayer Brown Rowe and Maw, London, review the implications

The Superintendency of Securities has issued resolution 0933 dated December 21 2001, which provides the new applicable framework for the public offering of securities in Colombia issued by multilateral credit entities. Before the enactment of this resolution, offerings undertaken by multilateral credit entities had the same applicable regime as ordinary foreign entities (ie foreign corporations and financial institutions). In accordance with the new regulation, this type of offering has much simpler requirements. An automatic approval process has been established, provided that the multilateral credit entity complies with the general requirements established below.

Corporate governance has become a fashionable term in Switzerland in recent times. Nonetheless, there is no legal definition of the term under Swiss law. Corporate governance rules are increasingly found in various enactments, such as the Swiss Federal Code of Obligations (company law) or the Federal Law on Stock Exchanges and Securities Trading and the listing rules based thereon.

The New Zealand government has announced its intention to reform consumer credit law by introducing a new Consumer Credit Bill. The Bill will replace both the Credit Contracts Act 1981 and the Hire Purchase Act 1971. It aims to reduce the imbalance between lenders and consumers by implementing a stricter disclosure regime, increasing penalties and giving the Commerce Commission the power enforce the law and obtain redress on behalf of consumers. It is hoped that these measures will protect consumers and enable them to make more informed credit decisions.