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In alleged response to an insider bid by 30% shareholder CAIH in the recent contest for control of Hurricane Hydrocarbons, the Hurricane board declared a special dividend payable by way of senior unsecured notes. A controversy arose because the notes contained a change-of-control provision that would be triggered by the acquisition of more than 50% of the Hurricane shares. Upon a change-of-control, the holders of the notes could elect to have the notes redeemed. The net effect was a potential cash depletion of $200 million from Hurricane's cash flow.

The New Zealand government has recently tabled the Securities Markets and Institutions Bill, in the first major revamp of New Zealand's securities and markets legislation since 1988. The Bill aims to increase both domestic and international confidence in New Zealand's securities markets and institutions by strengthening monitoring and the enforcement of securities law, requiring greater disclosure and providing for more effective enforcement of breaches. It will also bring New Zealand law into line with Australia, particularly in the areas of continuous disclosure and the enforcement of insider trading.

Since legislation was first introduced in 1995, the Brazilian tax authorities have been developing their legislation in relation to the taxation of profits earned by Brazilian subsidiaries and associated companies abroad.

The Competition Bill 2001, which seeks to repeal the Monopolistic and Restrictive Trade Practices Act 1969, was introduced during the monsoon session of parliament and may be passed during its winter session, starting November 21 2001. The Bill applies to all enterprises, including companies, firms, sole proprietorships, societies, trusts and any body corporate/associations of persons, whether incorporated or not in India, which carries on a business or commercial activity. The Bill seeks to prohibit or regulate: (i) anti-competitive agreements; (ii) abuse of dominant position; and (iii) combinations.

The promulgation of a new Trust Law, effective October 1 2001, represents an important step forward for China and its legal development. The Trust Law will have implications for many aspects of structuring investments and financings (including the taking of security) within China. The new law applies to civil, business and charitable trusts and is intended to pave the way for a new investment funds law to further stimulate the Chinese economy.

Like the International Swaps and Derivatives Association (ISDA), the European Federation of Energy Traders (EFET; www.efet.org) has set up a standard master agreement for the delivery and acceptance of electricity (the General Agreement). As in the schedule to the ISDA Master Agreements, the parties may choose between alternative concepts and may also fine tune the General Agreement to their liking in the election sheet.

The development of cross-border securitization deals with new asset streams offers the prospect of rich pickings. Sara Ver-Bruggen reports from Seoul on some of the latest transactions and the prospects for the liberalization in the legal market

A tough year for capital markets lawyers in Belgium and The Netherlands, and the effects of disasters such as Sabena’s bankruptcy, have overshadowed the Euronext merger. With firms taking a hard look at their practices, what are the prospects for lawyers? Thomas Williams reports from Amsterdam and Brussels

Coudert Brothers LLP

While the US and its allies send armed forces to Afghanistan in a bid to win the so-called “war on terrorism”, governments and international bodies such as the IMF and OECD are developing plans for a less visible but equally important war on terrorist funding. Herbert Morais of Dewey Ballantine’s Washington, DC office, who attended the OECD’s Financial Action Task Force emergency meeting last month, reveals the Task Force’s tactics and the challenges ahead for governments and financial institutions