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Like in many other European countries, Belgian companies have recently been setting up captive reinsurance companies in Luxembourg or Ireland to avoid or reduce taxes.

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.

Allen & Overy and Clifford Chance have closed the second securitization of income from the lease of buildings still under construction. The £1.25 billion ($1.78 billion) securitization of the rental income on four office buildings is the fifth deal the two firms have closed for the Canary Wharf Group, the developer that built London's most outstanding landmark, and follows groundbreaking work done for the client last year.

France’s powerful stock exchange regulator has taken the markets by storm over the last year targeting, among other things, underwriter liability and disclosure rules. Thomas Williams talks to COB legal director Florence Roussel about her role in a regulatory revolution

Skadden, Arps, Slate, Meagher & Flom is advising Citigroup on the $1 billion initial public offering (IPO) of wholly-owned subsidiary Travelers Property Casualty. The New York firm, Citigroup's principal outside corporate and securities counsel, is working opposite Cleary, Gottlieb, Steen & Hamilton, which is acting for the underwriters, led by Salomon Smith Barney.

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.

Ashurst Morris Crisp is refocusing its structured finance practice away from issuers and towards financial institutions.

SEC general counsel steps down

The Securities Industry Association last month released guidelines on preventing money laundering.

Authorities in Shanghai are looking at developing rules for a corporate credit-rating system, according to local lawyers.