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Many senior Canadian issuers access the Canadian capital markets through the shelf prospectus system, which allows an issuer which meets certain criteria to issue securities over a two-year period. A shelf prospectus is filed qualifying the total amount of securities which the issuer expects to issue over a two-year period and the issuer then issues securities in tranches depending on market conditions and its needs.

Tender offers have been coming to the attention of the public more and more due to the increase in mergers and acquisitions of publicly-owned companies. The Communiqué Serial IV, No 8 issued by Turkey's Capital Markets Board sets forth the principles relating to tender offers. According to the Communiqué, tender offers fall into two categories: voluntary and mandatory tender offers.

Law No. 724 of October 29 1984 introduced the regime of the Tesoreria Unica with respect to regions and other public entities. According to this regime, and prior to the coming into force of the recent amendments, regions, which were included in Table B of Law No. 724, had to deposit the majority of their available funds and revenues with the Central State Treasury.

The law in New Zealand governing security over personal property is soon to undergo significant reform with the implementation of the Personal Property Securities Act 1999 (PPSA). As previously reported (IFLR, December 1999) the PPSA, which was passed by parliament in October 1999, will introduce a regulatory regime for all security interests taken in personal property (which covers property including goods, motor vehicles, livestock and shares and other investment products, but not land and buildings). Holders of security interests in personal property will need to register prescribed details of their interests on the Personal Property Securities Register (PPSR) to perfect those interests. Registration will usually ensure priority for a security over another security that is not registered.

In March IFLR held ceremonies in London and Hong Kong to celebrate the achievements of the international legal market’s top firms. In this issue we present the winners and runners up in this year’s awards, with analysis of what it took to win the deal and team awards. Leading the pack were Sullivan & Cromwell who won IFLR Team of the Year, and Linklaters & Alliance who won International Law Firm of the Year for Asia

A poor year for capital markets work and the prospect of a slowing economy are adding to the pressures on Portuguese law firms to define their strategies. Thomas Williams reports from Lisbon on what firms are looking to do next

"We know what the weather market wants"

Simmons names new senior partner

Once completed, the planned shake up of Turkey’s electricity industry should provide a wealth of opportunties for foreign investors. In the meantime, however, there is likely to be a degree of uncertainty. Kristin Meikle, Chadbourne & Parke, and Begum Durukan with the Birsel Law Offices, look at the prospects for the next few years

The Polish government, when implementing the "Principles of Operation of the Energy Market in Poland in 2000 and Subsequent Years", which determes the agenda of actions to be taken towards liberalizing and privatizing Poland's energy sector, organized the creation of the Polish Power Exchange. Its founding act was signed in November 1999 and the first market transactions were concluded in June 2000.