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The Argentine government recently announced a $29.48 billion debt swap of short term bonds for securities with longer-term maturities, deferring debt service costs by approximately $17 billion through the end of 2005. The "mega" exchange reduces financial needs at a time when it is crucial to make room to restore growth and ease fears of a default. The transaction was approved by Decree No. 648 dated May 16 2001.

Companies around the world have cut back on consolidation this year, according to a survey by international accountancy firm KPMG. In what is a worrying report for international mergers and acquisitions (M&A) lawyers, the accountancy firm's corporate finance group reported that the number of deals in the first half of 2001 were down 32% on the same period in 2000 marking a 54% drop in activity.

The European Securitization Forum (ESF) has outlined the need for regulatory harmonization to bring greater efficiency to the market. Speaking at the annual meeting of the International Council of Securities Associations, Tamara Adler, chair of the ESF, highlighted the goals of the group's proposed Framework for European Securitization.

Norton Rose is preparing to increase its Chinese practice in 2002. The UK firm has just applied to the Chinese ministry of justice for a licence to practice in Beijing and also plans to return to Hong Kong next year, after its three-year exile comes to an end.

To prevent interference in the capital markets by US lawmakers, a Wall Street trade body has proposed new voluntary codes to govern the activities of financial analysts. The Securities Industry Association (SIA) released the guidelines in June. The move is being seen as an effort to pre-empt the outcome of an investigation by the House Financial Services subcommittee into analysts' work.

The House of Representatives has approved legislation that will save investors and companies nearly $8 billion in fees over the next five years. The bill, which was passed overwhelmingly last month, reduces the rates that the US Securities and Exchange Commission (SEC) charges on equity transactions, securities registrations, public offerings and mergers and acquisitions (M&A) deals. The cut follows pressure from industry trade groups, including the Security Traders Association, which said the SEC was collecting much more than it needed to cover its activities.

Restructurings that involve either Chinese assets or Chinese joint venture partners can pose real problems for foreign creditors. Raymond Lau, Joe Bannister and John Banks of Lovells, Hong Kong, examine the options available, together with the various cross-border issues that will arise when trying to recover assets from China

Ofta wants tighter control of telecoms M&A in Hong Kong. In June, the Hong Kong government closed the consultation period on proposals to tighten the regulatory regime for M&A in the telecoms industry. Katie Elias of Simmons & Simmons, Hong Kong, reviews the proposals

Many shareholders in US companies face obstacles in reaping the benefits of transactions such as mergers which increase the value of their stock. Mark Bergman, head of the securities group at Paul, Weiss, Rifkind, Wharton & Garrison, examines the implications of the often restrictive US securities laws

The Argentine government has passed major legislation that it hopes will increase successful capital markets activity by offering greater investor protection and transparency. Javier Errecondo and Diego Salaverri of Bruchou, Fernández Madero, Lombardi & Mitrani, Buenos Aires, examine the new regime