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There may be no such thing as a 100% risk-free project financing, particularly in emerging markets, but excess risk is still a deterrent to investors. In the first of a two-part series, Ellen Hayes and Amy Cummings of Freshfields Bruckhaus Deringer, Washington, DC, look at what steps being taken to mitigate the problems of corruption, legislation reform and arbitration procedures

On March 30 2001 the Ministry of Finance introduced a new Advance Tax Rulings (ATR) system. Under the new guidelines ATRs can be obtained - as in the past - for holding companies, financial service companies (eg financing and licencing companies), hybrid financing structures and permanent establishments. The aim of the new system is to improve the fiscal climate and to avoid the criticism that was heard in the past within the EU. An ATR will take the form of an agreement and will be published in an anonymous form

Worldwide, competition policy has established itself as a major instrument of economic policy and regulation. In September 1999, the Competition Act (the Act) came into operation in South Africa. However, since it came fully into effect, practice has revealed a need for review. As a result, the legislature recently enacted the Competition Second Amendment Act 2000 (the Amendment Act), which came into effect on February 1 2001.

Allen & Gledhill has advised Singapore Telecom on its A$17.2 billion ($8.3 billion) takeover bid for Australian telecoms company Optus, using a novel share exchange structure. Lucien Wong led the Allen & Gledhill team.

Auna IPO work up for grabs

Robert Palache, the former managing partner of Clifford Chance's finance practice, has resigned from his position as co-head of securitization at Nomura International. It is unknown where he will move next.

Shearman & Sterling adds to European arbitration team

The long-awaited amendments to the provisions of Canada's provincial securities legislation governing takeover and issuer bids (sometimes referred to as the Zimmerman amendments) took effect on March 31 2001. The amendments apply to each Canadian province that has securities legislation governing takeover and issuer bids, other than Québec, where the securities regulators are awaiting legislative approvals required to implement the amendments.

Effective April 19 2001, the Central Bank of Chile decided to remove the restrictions imposed on foreign exchange transactions. To many economists this decision represents the last step of a gradual deregulation process started by the Central Bank in 1998.

UK firm Linklaters has advised on a $4.3 billion transaction to take diamond mining group De Beers private. The deal, which is the second largest transaction ever to take a publicly-quoted company private, was confirmed at the end of March and is expected to become effective under the South African Scheme of Arrangement this month. Linklaters advised DB Investments, a consortium company formed by Anglo American, Central Holdings and Debswana Diamond Company, on the financing of its take-private of De Beers group. The firm also acted alongside Maitland & Co as legal advisers to Central Holdings and acted for Anglo American. Clifford Chance advised mandated lead managers UBS Warburg and Dresdner Kleinwort Wasserstein, while Ashurst Morris Crisp advised Debswana.