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International Edition

Italy: The butterfly effect

In March 2008, the Bank of Italy issued a supervisory regulation regarding Italian banks' and bank holding companies' internal organisation and corporate governance. The regulation was an implementation of guidelines set in August 2004 by the minister of economic affairs on the principles banks and other financial intermediaries should follow when adopting the governance systems introduced in the 2004 corporate law reform. In fact, since 2004 Italian stock corporations have been given the option to adopt, in addition to the traditional Italian model (based on a board of directors and a board of statutory auditors with technical oversight powers), either a one-tier or two-tier governance and supervisory structure.. The regulation aims both to provide guidance to banks on how to implement the governance model and to safeguard the sound and prudent management of banks. The deadline to adopt the new principles is June 30, 2009. The level of detail and the prescriptive nature of the provisions have been criticised by commentators because of the significant restrictions imposed on the banks' ability to freely implement the governance systems provided for under Italian corporate law.
7 minute read

International Edition

Portuguese tug of war

This article seeks to address the different principles that apply to the payment of a party's legal fees depending upon the outcome of the action under the common and civil law system. It also seeks to provide a brief overview of the main rules of litigation funding and recovery of costs currently in force under the Portuguese civil procedure rules. The general rule in the English legal system is that the unsuccessful party to a court action will be ordered to pay the costs of the successful party; in other words, costs follow the event. Costs do not currently follow the event under the Portuguese civil procedure rules; however, new legislation to bring in a 'costs follow the event' rule was introduced in February 2008. The position in relation to funding and associated costs under the Portuguese legal system can be viewed from three main perspectives: firstly, the lawyer's fees; secondly, court fees; and thirdly, legal aid and litigation insurance.
8 minute read

International Edition

CMS to complete Moscow merger by year-end

CMS Cameron McKenna and its European network have begun integrating operations in Russia and are on track to operate as a fully merged firm in Moscow by the end of the year. The firms confirmed that work towards a full Moscow merger - comprising lawyers from Camerons, German ally CMS Hasche Sigle and French member CMS Bureau Francis Lefebvre - is now underway, with working groups set up to handle issue such as joint accounts and an integrated IT system.
3 minute read

International Edition

Taylor Wessing taps Lovells for Paris hire

Taylor Wessing has boosted its French transactional capability with the hire of a partner from City giant Lovells. M&A heavyweight Gilles de Poix joins Taylor Wessing as a partner in the Paris corporate department. As well as mainstream corporate, de Poix also focuses on securities and restructuring work.
2 minute read

International Edition

Beiten snaps up ex-Hogan PE heavyweight

Beiten Burkhardt has hired former Hogan & Hartson partner Uwe Steininger in a boost for the German independent's Munich office. The private equity heavyweight will join Beiten 1 July, having parted company with Hogan at the end of last month.
2 minute read

International Edition

Bakers Bologna arm to go it alone

Baker & McKenzie is parting company with its office in Bologna, with the six lawyers based in the Italian office spinning off to launch a standalone firm. Bakers acquired its Bologna office after taking over nine-lawyer arbitration and competition boutique Bernini e Associati in April 2002.
2 minute read

International Edition

Lovells boosts Madrid corporate practice with transport GC hire

Lovells has strengthened its Spanish corporate practice with the hire of the general counsel of a Spanish transport infrastructure company. Lucas Osorio joined Lovells' Madrid office as a partner on Monday (20 June) from Concesiones de Infraestructuras de Transporte (Cintra). The appointment marks his first move into private practice.
2 minute read

International Edition

Eversheds eyes Scandinavian market as it comes close to sealing Dutch alliance

Eversheds is planning to re-enter the Dutch market and is also working towards sealing alliances to take it into Norway and Finland. The plans to return to the Netherlands come after a six-year absence. Eversheds previously had an alliance with Boekel de Neree between December 1999 and May 2002. It is thought the spilt was due to a lack of referrals.
2 minute read

International Edition

Italian firm prepares for London launch

Italian firm NCTM is set to open in London, with the launch expected to be finalised by early September. The office will be run by corporate partner Anthony Perotto, assisted by four associates. NCTM launched in 2000 through a merger of two medium-sized firms and has since grown to 210 lawyers, including 36 partners. Vittorio Noseda, managing partner of the firm, said: "We think that we are now senior enough in the legal community to make this important step."
1 minute read

International Edition

French firm taps Davis Polk for partner hire

French firm Wilinski Scotto & Associes has bolstered its partnership with the hire of Jean Francois Louit from Davis Polk & Wardwell. Louit, who was an associate with Davis Polk's Paris arm, started his career with Freshfields Bruckhaus Deringer. He advises on public and private M&A as well as equity capital market transactions. The firm's M&A team currently numbers five partners and 11 associates.
1 minute read

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