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The new regulations on securitization in Italy allow for more flexible structuring of deals. Raffaele Rizzi of Baker & McKenzie, London explains how to match the right structure to the securitized assets

On April 29 1999, the Securities and Exchange Commission (SEC) proposed once again rule amendments and a new proposed rule governing the custody of mutual fund assets outside the US. At the same time, it extended the date for complying with the amendments to the foreign custody rules until May 1 2000. The proposed new rule would govern the use of foreign securities depositories and in recognition that the previous standard of care was unworkable, the proposal drops the requirement that a fund’s board, adviser or domestic custodian find that fund assets will be subject to reasonable care if held by a foreign depository.

Latin America-Development plan approved by Congress

Europe-Increasing control on concentrations

Italy enacts new law on securitization

Swiss pharmaceuticals company Novartis is selling its Wasa crispbread unit to Italy’s Barilla Alimentare. The Italian food company is paying Sfr475 million ($315 million) including debt. The deal is part of Novartis’s move to refocus its consumer health division.

Europe-Polish Zloty (PLN) to be fully convertible by the year 2000

US firm Simpson Thacher & Bartlett advised Lehman Brothers and Morgan Stanley on Sweden’s first ever high-yield bond issue.

The Pepsi Bottling Group has issued 100 million common stock shares in an initial public offering worth $2.2 billion. The New York-based group manufactures and distributes Pepsi-Cola drinks.

The demutualization of Mutual Life of Canada, the first by a Canadian life insurance company, is likely to give the company an initial value of between C$1.9 billion and C$2.9 billion ($1.2 billion to $1.9 billion). Mutual’s 900,000 members vote on the plans to demutualize on June 10. Their windfalls will be in the form of either cash or shares. Any bonuses are contingent on two-thirds of members voting in favour of the plans.