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By means of the Circular Letter No 10 of August 6 2001, the Superintendency of Industry and Trade (Colombian Competition Authority) stated new terms and conditions for the approval of integrations, mergers and acquisitions.

National Monetary Council Resolution No 2,878, recently issued by the Brazilian Central Bank, rules on relations between banks and their clients with regard to the services and products offered to the latter.

Bank clients desiring to transfer their bank assets in the event of death to certain persons outside of regular inheritance proceedings often approach their bank with the idea of granting a power over their assets that will become effective only on the death of the grantor. Swiss banks refuse to accept such powers because, under Swiss law, this would be considered a matter of inheritance laws requiring the mandatory form of a testament. On the other hand, Swiss law recognizes a power of attorney granted with immediate effect and remaining in effect after the death of the grantor (post mortem power). Such a power does not require a testamentary form. This type of power has until now frequently been used as a means of estate planning, although its obvious disadvantage is that the beneficiary of the power can dispose of the assets already during the life time of the grantor.

The new regime under the Financial Services and Markets Act 2000 will come into force at midnight on November 30 2001 (N2). With this in mind, authorized firms and individuals will need to be familiar and prepare for the grandfathering and transitional provisions that will be effective as of that date.

Since the beginning of 2001, the diverse nature of the structured finance transactions carried out both in and through Ireland has increased dramatically. Many of these transactions are notable for the cutting edge nature of the structures implemented.

RWE chooses Cravath for $7.6 billion US deal

At a time when the UK economy needs every trick in the book to stay healthy, a weakened securitization market would be a serious blow. In this month’s IFLR, Ian Field and Jennifer Marshall of Allen & Overy, London, argue that just such a blow could be about to land. The proposed UK law on insolvency will, they say, create confusion over the right of secured creditors in structured finance issues to appoint a receiver. Without this, such deals would become almost impossible

Baker Botts has advised Dominion on the $2.3 billion cash, stock and assumed debt acquisition of Louis Dreyfus Natural Gas.

Linklaters advised Guoco Group on a general offer to repurchase 10% to 25% of its share capital by way of a modified Dutch auction. The deal was announced on September 10 and is scheduled for completion by the end of November. The value could be as much as HK$5.46 billion ($700 million). The deal is the largest general offer to repurchase shares (in terms of value) ever announced in Hong Kong. It followed the structure that Linklaters had earlier established for the HK$4.12 billion share repurchase by The Hong Kong and China Gas Company in June 2001.

Davis Polk & Wardwell has advised Deutsche Telekom on US aspects of the company's sale of six regional cable television companies in Germany to Liberty Media Corporation. The transaction is valued at approximately euro 5.5 billion ($4.9 billion).