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Shearman & Sterling adds to European arbitration team

Under Turkish competition law, the relevant legislation governing mergers and acquisitions is Law No. 4054 and the Communiqué on the Mergers and Acquisitions Requiring the Permission of the Competition Board (Communiqué). Under the Communiqué, a merger or an acquisition will be subject to the permission of the Turkish Competition Board if it exceeds the market share and turnover thresholds determined by the provisions of the Communiqué.

The Athens Stock Exchange launched a new market for high-tech, high-growth companies in April, looking to capitalize on the same opportunities as exchanges like the Neuer Markt. Yannis Avgerinos, of the British Institute of International & Comparative Law, looks at the rules for companies listing on the new exchange

On December 15 2000, Poland's parliament adopted the law on the Protection of Competition and Consumers Act (Journal of Laws No 122, item 1319), which came into force as of April 1 2001.

News round-up In a move described by Mannheimer Swartling as a "friendly separation", five senior lawyers at the legal arm of Enskilda Securities, Enskilda Law took partnerships with the Stockholm-based firm.

News round-up Following the example of their neighbours across the water in Denmark, medium-sized Norwegian firms have started the year with a rash of mergers that has seen local market distribution shrink and conflict of interest problems grow.

"A cocktail of Kafkaesque inefficiency"

Clifford Chance and Herbert Smith have worked alongside Scottish firm Tods Murray to structure a £1.5 billion ($2.2 billion) collateralized loan obligation (CLO) for Bank of Scotland, the first securitization of corporate loans under Scottish law. The deal, which uses a vehicle called Melrose Financing No 1 registered in England, is a true-sale cash flow CLO backed by Bank of Scotland loans to medium-sized UK corporates. The size of the individual loans securitized distinguishes Melrose from HSBC Bank's pioneering Clover Funding No 1 deal last year, in which a large corporate loan portfolio was securitized. Melrose sold two tranches of notes in dollars, sterling and euros and the structure enables further issuance.

Even though the existence of electronic money can be traced back to 1918, when the federal reserve banks of the USA first moved currency via telegraphic means, electronic money is still a relatively new product. In general, two distinct types of electronic money can be distinguished: identified e-money and anonymous e-money (also known as digital cash). Identified electronic money contains information revealing the identity of the person who originally withdrew the money from the bank. Also, in much the same manner as credit cards, identified electronic money enables the bank to track the money as it moves through the economy. Anonymous electronic money works just like real paper cash. Once anonymous electronic money is withdrawn from an account, it can be spent or given away without leaving a transaction trail.

On February 22 2001, Brazil's National Monetary Council approved Resolution No 2817, establishing the rules regarding the opening of new current accounts by electronic means.