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In a recent decision, the Ontario Securities Commission(OSC) "killed the pill" put in place by coffee shop chain Second Cup to block the hostile takeover bid by Cara Operations.

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.

A provision of the Bank of Italy dated November 31 2002 has finally set out rules for authorization to trade in units of common investment funds not established pursuant to the relevant EU regulation (including Directive 85/611/EEC relating to undertakings for collective investment in transferable securities, the so-called UCITS Directive). These are referred to as non-harmonized funds.

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.

Shares of companies listed on the Athens Stock Exchange are held with the Central Securities Depository (CSD) in book entry form. At the same time a direct registration system is in effect, according to which shares are recorded in the ultimate investor's name. No provisions or market practice exist to allow for omnibus accounts and settlement occurs at the final investor level. Transfers between investors are possible only through a market transaction, as off-exchange transfers are subject to various restrictions. This situation is creating problems with international broker-dealers effecting transactions on behalf of their clients, in the event of mistakes in the allocation of shares bought or other situations when a change is necessary in the way stock holdings have been recorded.

European capital markets team of the year: Linklaters & Alliance Project finance team of the year: Allen & Overy Cross-border M&A team of the year: Shearman & Sterling Structured finance team of the year: Clifford Chance Capital markets team of the year - France: Cleary, Gottlieb, Steen & Hamilton Capital markets team of the year - Italy: Grimaldi Clifford Chance Capital markets team of the year - Germany: Hengeler Mueller Capital markets team of the year - Spain: Uría & Menéndez Capital markets team of the year - UK: Allen & Overy Central and eastern European team of the year: Linklaters & Alliance Equity deal of the year: Orange

"If you don't maximize due diligence regardless of what is going on in the market, you haven't been doing your job properly"

The chairman of the UK Financial Services Authority (FSA) has called for increased due diligence on credit derivatives deals to prevent litigation over possible legal flaws.

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

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.