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  • Public offerings in PortugalF Castelo Branco, P. Rebelo de Sousa & Associados, Lisbon
  • In May, the Brazilian government notified the IMF of its commitment, under the Bretton Woods Agreement of 1944, to lift exchange control regulations and to refrain from imposing restrictions on the flow of capital. The commitment is yet to be implemented, but certain previous procedures are already being simplified:
  • Liberalization of the Uruguayan telecommunications marketEstudio Bernstein, Montevideo
  • Lease regulations introduced into Polish civil codeWierzbowski & Szubielska, Warsaw
  • New guidelines on the role of the servicer in securitizationsStudio Legale Beltramo, Rome
  • Regulation on warrants to be introducedRoschier-Holmberg & Waselius, Helsinki
  • New resolution issued by Water Regulation CommissionGomez Pinzon & Associados, Bogota
  • The Securities and Exchange Commission has finally adopted the much-discussed Regulation FD – but not in its entirety. Paul Bird and Paul Brusiloff of Debevoise & Plimpton examine the new regulation and how it has been modified to reflect market criticisms
  • The Punch Group has refinanced its UK pub estate with a £1.48 billion ($2.2 billion) asset-backed securitization. James Harbach (global securities) and Mark Burgess-Smith (real estate) at Linklaters & Alliance advised Ambac Assurance UK, guaranteeing £630 million of senior fixed and floating rate notes.
  • Clifford Chance has advised Société Générale on a floor plan securitization for Hyundai Motor Finance. Hyundai was advised by Latham & Watkins.