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New benchmarks in corporate loan securitization (collateralized loan obligations, or CLO) technology were set when the Structured Finance Group at the London branch of The Sumitomo Bank completed their Aurora CLO on April 8 1998. The £1.395 billion (US$ 2.3 billion) issue of floating rate notes by Aurora Funding was supported by a structure which:

Clifford Chance has scored a major coup by poaching US lawyer Bruce Bean from the Moscow office of Coudert Brothers where he was managing partner. A New York and California qualified corporate lawyer, Bean joins Clifford Chance as a partner in the firm's Moscow office, which is staffed by 57 lawyers, including five partners. With experience of advising multinationals on inward investment, advising investment banks on securities issues by Russian corporates and international oil and gas companies on their activities in the country, he will be in charge of developing the office's corporate and US multinational practices.

Potential moratoria on payments of foreign currency to overseas persons need not necessarily worry exporters. They can structure to protect their interests. By Andrew O’Keeffe of Simmons & Simmons, London

The problems in the Indonesian economy have drawn attention to the question of how to enforce bills of exchange and commercial paper. This article provides a guide. By PDD Dermawan of Dermawan & Co, Jakarta

Two firms are leaving the Pünder Group, the alliance of European law firms headed by German firm Pünder Volhard Weber & Axster, after disagreements about the group's future. The two firms are Coppens Van Ommeslaghe Faurès, in Belgium, and Swiss member Stoffel & Partner. Jean-Michel Détry, corporate finance partner at Coppens, says: "We were looking for increased financial integration within the group. In particular, we wanted all the EU work to be merged and shared out among the firms, but this was resisted by the German and Dutch firms." One firm has already left the group earlier this year: Netherlands member Buruma Maris left in order to merge with Benelux firm Loeff Claeys Verbeke, although the merger talks proved abortive. Détry says: "At this point it became obvious that the group needed financial integration. Essentially, there are discussions in various directions but the bottom line is that we will leave the Pünder group."

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London

Quebec’s new Bill 181 amends the Civil Code to require registration of secured transactions. It has important implications for securitization. By Sterling Dietze of Stikeman, Elliott, Montreal

The demand for infrastructure improvement in South Africa exceeds the scope of the public sector. The opportunities for private sector finance are considerable. By Jabulani Mtshali of Deneys Reitz, Johannesburg

Emmanuel Guillaume, group executive vice president and general counsel at France Telecom, talks to Barbara Galli

As the securities market increasingly adopts the Internet, the SEC has issued guidelines to help foreign securities companies avoid US registration. By Winthrop Brown of Shaw Pittman Potts & Trowbridge, Washington DC