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Albert Birkner has been with Cerha Hempel Spiegelfeld since 1995. His main areas of practice are mergers & acquisitions, in particular takeovers, and corporate restructurings. Albert Birkner has represented various national and international clients in takeover proceedings and general M&A matters before the Austrian Takeover Commission. He also advises on company law issues, in particular the transaction-related restructuring.

By Amit Kapur of J Sagar Associates

The Brazilian real keeps on falling. But a new law will enable debtors to control payments inflated by devaluation. Walter Douglas Stuber of Amaro Stuber e Advogados explains

The application of the EU's new Insolvency Directive will not be as uniform in practice as is hoped, say Raffaele Rizzi and Georgina Caldwell of Credit Suisse First Boston

In the August issue of IFLR, Simon Gleeson of Allen & Overy criticized elements of the UK market abuse regime. Here, Charles Abrams of SJ Berwin says why he believes it is perfectly safe

The US should not meddle in the organization of companies outside its jurisdicion, even if those companies access the US markets, says Ed Greene of Cleary Gottlieb Steen & Hamilton

The Superintendency of Securities has set out to unify the provisions regarding the issuance of mortgage bonds in Colombia. This comes with the issuance of Resolution 542 of 2002 which replaces Resolution 89 of 2000.

The Ministry of Foreign Trade and Economic Cooperation (Moftec) has issued a notice which permits the establishment of joint venture logistics enterprises in certain pilot cities and provinces in China. The Notice on Issues Related to the Launch of Pilot Projects for the Establishment of Foreign-Invested Logistics Enterprises was issued on June 20 2002 and came into force 30 days later. It applies in Beijing, Tianjin, Shanghai, Chongqing, Zhejiang, Jiangsu, Guangdong and the Shenzhen Special Economic Zone.

The Swedish Industry and Commerce Stock Exchange Committee (Näringslivets Börskommitté or NBK) has issued a new recommendation regarding information about the benefits for senior managers of Swedish and foreign companies whose shares or depositary receipts are listed in Sweden. Foreign companies can be granted exemption from the information requirements under the recommendation by the stock exchange or marketplace where the company's shares or depositary receipts are listed. Information under the new recommendation must be provided for the first time in the 2002 annual report. Should the benefits be amended in any material proportion by comparison with previous given information, this must be disclosed in the following interim report. Foreign companies can, in consultation with the relevant Swedish stock exchange or marketplace, give the information elsewhere than in the annual report or the interim report. The recommendations from NBK are part of the listing contract with the Stockholm Stock Exchange.

The Helsinki Exchanges have introduced amendments to their rules concerning, among other things, the listing of securities, disclosure requirements and the regulation of the surveillance list. The amended rules came into effect on September 1 2002. The amendments are largely based on practical experience and are intended to be in line with the amendments to the Securities Market Act. The amendments concerning the listing of securities and disclosure requirements were discussed in detail in an article in the International Briefings section of IFLR in June 2002. In addition to the amendments referred to above, a new "cent share" list will be introduced in December 2002.