The group handles a range of transactional banking work including project finance and PFI transactions. It was the principal law firm involved in the financing of a major theme park project in Osaka−a transaction that won the Euromoney award for Asian Real Estate Deal of the Year. Since then, the group has been actively involved in the developing project finance market in Japan, acting for both the banks and the sponsors in a range of projects including wind power, waste incineration and other energy related transactions. Recently, we have been actively involved in the Japanese PFI market, acting for the National government, local governments, sponsor companies and banks. The work has included diverse projects relating to waste incineration, art galleries, public swimming pools, schools and wind power plants. We have also represented a number of Japanese and international banks as well as other financial institutions in relation to cross border project and structured finance transactions that have been arranged in Japan. The group has particular experience in relation to transactions that are supported by the Japanese government through JBIC and NEXI. The group has also acted on a number of structured lease transactions with respect to manufacturing equipment in Japan. The group acts as counsel for a number of foreign financial institutions in Japan. These institutions include banks, trust banks, foreign securities companies, investment trusts, fund managers and insurance companies. This work involves both the establishment of these institutions in Japan and ensuring that they continue to comply with the complex Japanese and international regulatory environment. This work requires a detailed knowledge of the markets in which these institutions operate, as well as the Japanese legal and regulatory systems. Close communication with the regulatory authorities is also necessary. We have also been involved in the development of a number of new financial products for the Japanese markets including cross border repo transactions, bond and stock lending, REIT structures, convertible bonds and warrants. We are actively involved in the development of new derivative products for the Japanese markets including derivatives relating to weather, earthquakes and other natural phenomena as well as credit, equity and other traditional derivative products. Partners of the group are members of a number of the ISDA sub-committees in Japan. Recently the group has become involved in various e-finance projects including electronic payment and finance mechanisms, electronic fund transfers, digital signature laws, internet banking and securities markets. Since the start of 1997, we have been actively involved in the distressed debt markets. This work initially involved acting for foreign investment banks and funds in relation to the purchase of portfolios of distressed debt from Japanese banks. Recently, the focus has shifted to the restructuring of debt, and the need to develop creative plans to assist with the rehabilitation of Japanese companies. Although we have been actively involved in the asset management practice for a number of years, the group's capacity was significantly enhanced in April 2002 when Mr. Yusaku Ono, a senior fund management lawyer, joined the group. The asset management practice is divided into two areas. The first area involves the establishment of offshore investment funds and the offer and sale of interests in these funds in the Japanese market by public offering and by private placement. The second area involves providing regulatory advice and assistance to clients conducting or wishing to conduct an investment management or advisory business in Japan. The group handles a range of asset-backed financing and has represented originators, arrangers, agents and lenders of debt, together with managers of asset backed notes and investors. Transactions on which the group has worked include the issue of specified notes (tokutei-shasai) by a special purpose company, the sale of beneficial interests under a trust agreement and non-recourse loans. The group deals with various assets including auto loan receivables, commercial loans, lease credit receivables, consumer loan receivables, housing loan receivables, office buildings and condominiums. List of Partners Eguchi, Naoaki Hiraishi, Tsutomu Hosokawa, Akiko Ikeda, Seishi Kawamura, Akimoto Kitamura, Shinichiro Mizuochi, Kazutaka Muto, Yoshiaki Pitts, Jeremy D. Raftery, Gavin Suzuki, Kaoruko Yamanaka, Masato