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The Ontario Securities Commission (OSC) has republished proposed Rule 45-501 (the "proposed rule") on exempt distributions. The proposed rule has been revised as a result of comments received on the version of the proposed rule originally published for comment in September 2000 (the "original version").

Annelies van der Pauw Davis, Polk & Wardwell and Allen & Overy have advised on an issue of ordinary shares for the Dutch insurer AEGON. The issue of shares by private placement to investors in The Netherlands and offering to institutional investors outside of the country, was made to finance the acquisition of the direct marketing services of US retail chain JC Penney Company. Allen & Overy partners Annelies van der Pauw and Thomas Werlen advised AEGON on the $1.5 billion while Davis, Polk & Wardwell partner Jeffrey Oakes advised joint book runners and lead managers Credit Suisse First Boston and Morgan Stanley Dean Witter.

White & Case and Latham & Watkins have advised on the $2.2 billion financing of the two largest independent power projects in the US. Arthur Scavone, co-head of White & Case's worldwide energy, infrastructure and project finance practice, closed the $2.2 billion Teco/Panda power deal in June, following the firm's work for the joint venture of Panda Energy International and Teco Energy.

"It's one thing to put a nice pretty code of standards together and put it on the shelf. I'm more interested in whether it's being applied in the market"

The Central Bank of Brazil established, in its Circular No. 3.039 of June 8 2001, the 2001 Census of Foreign Capital in Brazil. This was due to the increase of foreign capital which has been invested in the country over the last five years.

Companies around the world have cut back on consolidation this year, according to a survey by international accountancy firm KPMG. In what is a worrying report for international mergers and acquisitions (M&A) lawyers, the accountancy firm's corporate finance group reported that the number of deals in the first half of 2001 were down 32% on the same period in 2000 marking a 54% drop in activity.

Norton Rose is preparing to increase its Chinese practice in 2002. The UK firm has just applied to the Chinese ministry of justice for a licence to practice in Beijing and also plans to return to Hong Kong next year, after its three-year exile comes to an end.

The European Securitization Forum (ESF) has outlined the need for regulatory harmonization to bring greater efficiency to the market. Speaking at the annual meeting of the International Council of Securities Associations, Tamara Adler, chair of the ESF, highlighted the goals of the group's proposed Framework for European Securitization.

Citigroup’s latest buy signals closer integration between the US and Mexico. With a new ruling party and a raft of pro-business reform measures in the pipeline, Mexico is attracting attention from growth-minded international corporations. Yet the legal market remains dominated by domestic firms. For now. Tom Nicholson reports

Hendrik Haag of Hengeler Mueller, Frankfurt, and David Brownwood of Cravath, Swaine & Moore, London, explain the structure of Deutsche Börse’s marketing leading IPO