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Financial institutions have called on the Securities and Exchange Commission (SEC) to clarify its new disclosure rule.

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 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

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.

Allen & Overy and Clearly, Gottlieb, Steen & Hamilton have advised UK telecommunications company Cable & Wireless on the issue of a $1.5 billion bond exchangeable into ordinary shares of the Hong Hong internet company Pacific Century CyberWorks (PCCW). The bonds may be exchanged into Cable and Wireless' 14.7% stake in PCCW or held until their redemption date in June 2003. Allen & Overy's partner Roger Wedderburn-Day led the firms' team, which included tax partners John Baldry and Crystal Beal, international capital markets partners Simon Hill and David Benton, and corporate partner Stanley Chow, who advised on the Hong Kong aspects of the transaction. Clearly, Gottlieb, Steen & Hamilton partner Ashar Qureshi advised Cable & Wireless on US law.

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

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 Financial Services Authority (FSA) is pioneering financial regulation in the UK by becoming its sole governing power, and is closely linked to the debate over European regulation. With the Authority fully assuming its powers in November this year, Sara Ver-Bruggen talks to Andrew Whittaker about the challenges it faces