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Financial institutions have called on the Securities and Exchange Commission (SEC) to clarify its new disclosure rule.

A year ago Nordic law firms were reaping the benefits of booming capital markets work for high-tech companies. The collapse in equity values may have frozen the flow of deals but, as Thomas Williams reports, lawyers are finding they can help clients in bad times as well as good

News round-up Bech-Bruun Dragsted

There may be no such thing as a 100% risk-free project financing, particularly in emerging markets, but excess risk is still a deterrent to investors. In the first of a two-part series, Ellen Hayes and Amy Cummings of Freshfields Bruckhaus Deringer, Washington, DC, look at what steps being taken to mitigate the problems of corruption, legislation reform and arbitration procedures

Most of New Zealand's insider trading laws have been in force for over 10 years, although during that time no one has ever been found guilty of insider trading. In March 2001 the government announced changes to improve New Zealand's insider trading regime. This followed the release of a discussion document on the subject in September 2000, and the resulting submissions, on which the government has decided to act.

Effective April 19 2001, the Central Bank of Chile decided to remove the restrictions imposed on foreign exchange transactions. To many economists this decision represents the last step of a gradual deregulation process started by the Central Bank in 1998.

Allen & Overy and Clearly, Gottlieb, Steen & Hamilton have advised UK telecommunications company Cable & Wireless on the issue of a $1.5 billion bond exchangeable into ordinary shares of the Hong Hong internet company Pacific Century CyberWorks (PCCW). The bonds may be exchanged into Cable and Wireless' 14.7% stake in PCCW or held until their redemption date in June 2003. Allen & Overy's partner Roger Wedderburn-Day led the firms' team, which included tax partners John Baldry and Crystal Beal, international capital markets partners Simon Hill and David Benton, and corporate partner Stanley Chow, who advised on the Hong Kong aspects of the transaction. Clearly, Gottlieb, Steen & Hamilton partner Ashar Qureshi advised Cable & Wireless on US law.

Auna IPO work up for grabs

Shearman & Sterling adds to European arbitration team

Under Turkish competition law, the relevant legislation governing mergers and acquisitions is Law No. 4054 and the Communiqué on the Mergers and Acquisitions Requiring the Permission of the Competition Board (Communiqué). Under the Communiqué, a merger or an acquisition will be subject to the permission of the Turkish Competition Board if it exceeds the market share and turnover thresholds determined by the provisions of the Communiqué.