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On February 16 2005 the Kyoto Protocol entered into force. Under the protocol, developed nations have agreed to limit their greenhouse gas emissions (taking 1990 levels into consideration), pursuant to the objectives of the 1992 Framework Convention on Climate Change. Specifically, the countries in question have committed to reducing the collective emissions of six key greenhouse gases by at least 5.2%.

When in September 2004 many Italian lawyers came back from vacation, they found themselves a little less independent, even though they may not be aware of that. What happened? The managing partner of an important Italian firm, which is advising the governmentappointed administrator in a very highprofile insolvency scandal but will not take any part in pending disputes with a number of banks, has apparently declared to the international press: "We indicated to [the administrator] that, as a resul