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Chilean Securities Act

Allen & Overy has poached the senior partners of two US law firms in a bid to boost the firm's ability to offer transatlantic advice on US law for European and US clients.

2000 was a bumper year for lawyers in Paris working at the high-end of capital markets and M&A – and not just those at the international firms. Now, as Thomas Williams reports from Paris, it is up to the regulators to make sure restrictive regulations do not stifle the boom

The Ontario government’s rejection of the Securities Commission proposals for derivatives regulation threatens to destroy five years of work. Margaret Grottenthaler of Stikeman Elliott, Toronto, reflects on the government’s negative response and asks where the market can go from here

For the first time in five years Linklaters & Alliance has been toppled from its top spot on stand alone bond work. Its successor is the firm who has played the bridesmaid for so long – Allen & Overy. Ben Maiden reports on the surprise results of this year’s IFLR international bond survey

The federal government recently passed the Financial Sector Legislation Amendment (No.1) Act (FSLA) which continues the government's financial sector reform agenda. It builds on the financial sector legislation already implemented by the government in response to the recommendations of the 1997 Financial System Inquiry.

Strategic Defence Take-over Insurance (SDTI) was recently launched by Lloyd's in the US, offering companies coverage in the event of hostile bids and proxy contests. Companies purchase an option which guarantees the right to secure an insurance policy, in the event that a hostile bid is received by a target company. Insured companies are reimbursed for direct costs associated with a hostile bid. The costs include expenditures on investment bankers, public relations/ advertising firms, legal advisers, proxy solicitation costs, and printing and mailing costs.

After High Court decision No. 14899/2000, the Italian Council of Ministers issued, on December 29 2000, Law Decree No. 394, on the subject of usurious loans. It aims to avoid the negative consequences that the Bank of Italy and the Italian Banking Association had anticipated would be produced by the Court's decision on the stability of the entire credit system.

In December last year, the European Parliament approved several amendments to the 13th Directive on Company Law concerning Takeover Bids. The amendments include allowing the board to increase the share capital of the company during the period of acceptance, as long as shareholder authorization was received at a general meeting held not earlier than 18 months before the acceptance period began, and extending the duties of the directors to consider employment when giving their opinion on a bid. It is unlikely that either the European Commission or EU governments generally will accept these amendments. At present, the European Council has until April 2001 to finish its second reading of the Takeover Directive. If the amendments are not approved, the process of conciliation will begin, by which the Commission will attempt to broker a compromise. If no compromise is reached, the European Commission will have to start the process again with a new draft.

Securitization is an expanding market in Portugal, involving a variety of assets as well as various types of originator.