Update for Latin American Issuers on the European Transparency Directive

On December 29, 2006, the New York office authored an Alert Memorandum entitled, “Update for Latin American Issuers on the European Transparency Directive.” Any Latin American issuer with securities admitted to trading on a regulated market in Europe should consider the implications of the European Transparency Directive, which European Union member states are required to implement in January 2007. The attached alert memorandum provides a brief summary of the issue.