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Clifford Chance Rogers & Wells has grabbed a fourth bankruptcy lawyer from Morgan, Lewis & Bockius' New York office. Scott Talmadge joined this April, reuniting with former colleagues Margot Schonholtz, Mark Liscio and Jill Kurtzman, who were recruited by Clifford Chance a year ago to develop the financial restructuring practice group.

David Webb has long been a crusader against Hong Kong’s crony capitalism, but now he has upped the ante and is challenging the government to debate the issue of corporate governance openly. Nick Ferguson reports

The Hong Kong and English courts of appeal have been trying to disentangle their respective company laws to identity classes of creditors for schemes of arrangement. Joe Bannister of Lovells, Hong Kong looks at two recent judgments and asks if progress has been made

Rafael Maradei of Barbosa, Müssnich & Aragão Advogados, São Paulo, reviews the Brazilian government’s new attempt to reform clearing and settlement systems

Despite heavy criticism from various commercial associations, the Swiss government intends to go ahead with a revision of the Act on Cartels of October 6 1995. As the Swiss Federal Council declared on April 4 2001, the government is determined to win parliamentary support at least for the core issue of the revision, which involves the tightening of sanctions.

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.

On February 21 2001, Uruguay enacted Law No. 17,296 which, among other things, puts an end to the state monopoly over telecommunications services and creates a regulatory entity over telecommunications operations. A summary of the main aspects of the Act follows below.

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.

Weil, Gotshal & Manges and Clifford Chance have advised on the first securitization of royalty payments for a multi-jurisdictional music publishing catalogue. The deal, for Chrysalis Group, is the world's largest transaction backed by music rights and the first for an international music publisher. Jacky Kelly led the Weil Gotshal team acting for arranger The Royal Bank of Scotland, which is securitizing the publisher's share of royalties for the next 15 years. John Woodhall at Clifford Chance led the team advising Chrysalis.