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Lovells has pressed ahead with its European expansion plans and announced a merger with French corporate law firm Siméon & Associés. 12-partner Siméon will merge with the UK firm on November 1, boosting Lovells in Paris to 25 partners working with 80 other lawyers. The merger will almost double the UK firm's corporate and tax department just as evidence emerges that many European clients have made severe cuts in their mergers and acquisitions (M&A) and capital markets activities. Six M&A specialists will join Lovells from the French firm, bringing the strength of its Paris office to 13.

Allen & Overy has returned to Orrick Herrington & Sutcliffe's Singapore office to collect what it left behind the first time, namely Hooman Sabeti-Rahmati. Allen & Overy hired Ken Aboud from the New York firm in November and is now reuniting him with former colleague Sabeti-Rahmati, an associate who will work alongside Aboud in the firm's securitization practice.

Europe's lawmakers and regulators stepped away from the harmonization of financial legislation last month after German, Spanish and Italian politicians sunk a last-ditch compromise on pan-European takeover legislation. Corporate lawyers are dismayed at the European Parliament's failure to ratify the deal, hammered out in June after last-minute German objections to the restriction of defensive measures.

Despite having one of the most securitization-friendly legal regimes in Asia, Hong Kong’s originators have not yet embraced the technique. Patrick Lines of Freshfields Bruckhaus Deringer in Hong Kong reviews the development of the market and the possibilities for growth

On July 18 2001 Hong Kong’s telecoms regulator published the information memorandum and auction rules that will govern the auction of four 3G licences. Applications to participate in the auction must be submitted on September 17 or 18 2001. Vivianne Jabbour, Gabriela Kennedy and John Hartley, of Lovells’ Hong Kong office, consider some of the most important issues raised by the rules

In the wake of the collapse in dot.com shares, regulators in the US are attempting to promote increased independence among analysts and greater openness about their interests. Diane Mage Roberts of O’Melveny & Myers, London, looks at the new guidelines and argues that it is time for analysts to assert their neutrality or lose relevance in the market

Following a series of crises in the country’s banking sector, and various attempts at reform, the Turkish government has at last made significant amendments to its banking law. Mehmet Irmak Canevi and Halide Çetinkaya of Derman Ortak Avukat Bürosu, Istanbul, examine the changes and ask if the government has finally got things right?

Freshfields Bruckhaus Deringer has acted for Deutsche Bank as arranger on the first French whole-business securitization to use a domestic special purpose vehicle (SPV). The euro 700 million ($590 million) Powerhouse Finance transaction is the first whole-business deal to use a domestic Fonds Commun de Créances (FCC). Previous securitization deals in France have used vehicles based in offshore jurisdictions such as Jersey or Ireland.

Latham & Watkins and Davis Polk & Wardwell have structured the $1.1 billion limited recourse financing for the Hamaca heavy oil production and upgrading project in Venezuela. The deal is the first heavy oil project since the Sincor-sponsored transaction in mid-1998, and marks renewed interest and confidence in the country.

Herbert Smith advised lead manager Royal Bank of Scotland and trustee Citicorp on the £251 million ($351 million) mixed asset securitization for UK retail lender and insurer Paragon. The securitization involved combing loan and second mortgage principal and income payments into a single issue. Finance partner Jane Borrows led the Herbert Smith team, which also included derivatives specialist Dina Abagli, tax specialist Bradley Phillips and property partner James Barnes. Slaughter and May partner Chris Smith advised Paragon with Scottish firm Tods Murray and Northern Ireland firm L'Estrange & Brett advising on Scottish and Northern Irish law respectively.