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PricewaterhouseCoopers Legal has launched a practice to help businesses manage weather-related risk using weather derivatives, claiming the new global service is the first of its kind.

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.

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.

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.

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.

The European Company Statute (ECS) continues its tortuous progress towards implementation. On December 20 2000, political agreement was reached by the EU's Council of Ministers to establish the Statute, and on the related Directive concerning worker involvement in European companies. However, the question remains as to whether the compromise reached, which is still to be endorsed by the European Parliament, will in practice be palatable to countries such as the UK with less of a tradition of worker involvement, than other countries.

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.

Paris lawyers have reacted calmly to new rules govering initial public offerings (IPOs) published by the regulator of the Paris Stock Exchange, the Commissions Opérations des Bourses (COB). Responding to growing pressure following the collapse of technology share values and fears that venture capitalists and dot.com founders were able to exploit existing rules at the expense of public investors, the COB last month issued a statement which local lawyers say simply clarifies existing guidelines.

Allen & Overy is advising Credit Suisse First Boston (CSFB) and Goldman Sachs International on the second largest initial public offering (IPO) in the UK this year. UK firm Herbert Smith is also working on the $1.25 billion London listing of UK recruitment consultant Michael Page International. Allen & Overy is advising CSFB, which is joint lead manager with Goldman Sachs International, as sponsor, global co-ordinator, sole book runner and underwriters on the UK company's IPO. Other banks involved in the offering are Deutsche Bank, Schroder Salomon Smith Barney, HSBC and West LB Panmure.

Providing heartening news for Latin America's technology sector, Chile's Certifica.com this March became one of the first internet companies on the continent to attract venture capital since US tech-stocks crashed last year. Advised by Cleary, Gottlieb, Steen & Hamilton, Certifica completed its first round of financing early in March, raising $3.3 million. Compared to Silicon Valley financings the numbers are small, but according to one investor completion of the deal is a key step in developing Latin America's web economy.