Magazine - June 2000

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • Regulation FD: fair disclosure for a fairer market?

    The SEC’s proposals on fair disclosure have fuelled discussions over the future relations between companies and the market. This month IFLR brings together leading voices in the debate to ask if Regulation FD really is fair

  • ABA voices concerns over Regulation FD

    IFLR presents a condensed version of the ABA committee’s letter to the SEC, in which it presents its concerns over Regulation FD and suggests an alternative approach to rule making

Features

  • FSA takes over LSE responsibility as UK Listing Authority

    As companies receive the new Purple Book from the FSA, Andrew Rosling of Theodore Goddard, London looks at the new regime for securities listing in the UK and assesses its likely implications

  • Getting to grips with self-regulation in the new e-markets

    Philip McBride Johnson of Skadden, Arps, Slate, Meagher & Flom looks at themove of the US futures markets towards electronic trading and argues that the implications for self-regulation are wider than have been recognized so far

  • The bureaucratic phenomenon in cyberspace

    India’s Information Technology Bill is its first attempt to regulate e-commerce. Aparna Viswanathan of Viswanathan & Co, Advocates, asks whether the Bill eases the transition from a paper-based system to electronic commerce

  • Overworked and under-staffed: lawyers battle to overcome the numbers game

    Japan’s lawyers have never had it so good. The market for their services is booming as overseas investors pump money into the country and Japanese companies look to the international markets for funds. But there aren’t enough lawyers to do the job. And foreign practitioners say they can’t offer the service their clients want. Things need to change. Ralph Cunningham reports from Tokyo

  • UK and Hong Kong propose new rules for company reserves

    Joe Bannister of Lovells Hong Kong highlights some interesting parallels in the insolvency reforms intended for Hong Kong and the UK

  • Comment

    What’s wrong with Mesdaq? Adeline Wong of Wong & Partners, Kuala Lumpur

  • Italian firms face growing pains in maturing market

    Internet IPOs, privatizations, and the delights of the hostile takeover made 1999 a year to remember for Italian law firms. But managing partners are facing some difficult decisions, and a wrong move could lead to their firms being shut out of booming markets. Rufus Jones reports from Rome and Milan

  • Overworked and under-staffed: lawyers battle to overcome the numbers game

    Japan’s lawyers have never had it so good. The market for their services is booming as overseas investors pump money into the country and Japanese companies look to the international markets for funds. But there aren’t enough lawyers to do the job. And foreign practitioners say they can’t offer the service their clients want. Things need to change. Ralph Cunningham reports from Tokyo

News analysis

  • Allen takes up the challenge at second US firm

    The London office of White & Case has secured the services of Maurice Allen, the founder of Weil, Gotshal & Manges’ London practice. Allen arrives with another three partners from Weil Gotshal: Martin Hughes, Rachel Hatfield and Mark Western.

  • CMS expands into Switzerland

    CMS Cameron McKenna has announced that it is to include a Swiss firm in its European alliance. Von Erlach Klainguti Stettler Wille is to join the group in June and will adopt the CMS moniker.

  • New accounting standards for cross-border offerings

    The International Organization of Securities Commissions (IOSCO) has set out 30 accounting standards issued by the International Accounting Standards Committee which its Presidents Committee approved for adoption by IOSCO members at the annual conference in Sydney.

  • Garrigues heads Spanish league as MDPs come under SEC fire

    Garrigues & Andersen has emerged as the firm with the highest revenues in Spain for the second year in succession, according to a report in Spanish newspaper Expansión. The result underlines Garrigues' position as the flagship of the Andersen Legal network and will fuel the intense debate over the future for multi-disciplinary practices (MDPs).

  • Howard Davies welcomes FSA’s new role as UK listing authority

    Howard Davies, chairman of the Financial Services Authority, explained the rationale behind the changes to the UK listing authority during a speech at this month's annual IOSCO conference in Sydney (for a more detailed conference commentary see page 6).

  • Conference report: 25th Annual Conference of IOSCO

    Richard Forster reports from the 25th Annual Conference of the International Organization of Securities Commissions (IOSCO)Sydney on how regulators are rising to the challenge of a global market for capital

  • Deacons dumps Graham & James

    Deacons and Graham & James have called an end to their 10-year association. As of July 1 Deacons Graham & James will cease to exist. They are parting company after coming to a "crossroad in [their] respective strategies", said Mark Roberts, Deacons' managing partner, in a statement to the press.

  • Bang Bo signals welcome return of project financing

    Project financiers are tiptoeing back into the Asia Pacific region. And law firms in the area are chasing after their coat-tails. The open-necked polo shirts of Latham & Watkins' west coast dealmakers were clashing recently with the pinstripes of Norton Rose's City gents when the two firms sat across the table to lawyer Eastern Power & Electric's development of the 350MW Bang Bo independent power project.

  • NTT pays cash for virtual business

    It is highly unusual for internet companies to turn a profit, a fact which is only now beginning to drive down the prices of listed web businesses. It is for this reason that most mergers involving web companies are usually funded with virtual money - stock swaps.

  • US regulators’ reach extends into Singapore

    Regulators in Singapore and the US have joined forces to crack down on fraud. The SEC and the Commodity Futures Trading Commission (CFTC) will both work with the Singapore Monetary Authority (MAS) on possible violations of securities and futures rules.

  • UK firms have Singapore licences sewn up

    It is expected that UK firms will win most, if not all, of the five Singapore joint-venture licences on offer. The successful candidates will be announced on July 30.

  • Wherever.net leads the way for high-tech IPOs in a difficult month

    At a time when Nasdaq stalwarts such as Microsoft, Lycos and Novell tumbled to record lows, May was a brave month to launch high-tech IPOs. Especially for issuers in Asia's turbulent markets. But while others such as Caripac.com and ColbyNet shelved their IPOs, a handful of companies ploughed on.

  • Japan securities regulator takes action over Deutsche Bank loss deferrals

    The Japanese Securities and Exchange Surveillance Commission (SESC) revealed in May that Deutsche Bank had made illegal transactions through its Tokyo securities unit. The unit could face temporary suspension from trading bonds and bond futures.

  • Lazard sells one-month old Astra stake

    Singapore's Cycle and Carriage (C&C), which last month led a consortium to buy a $506 million stake in Indonesia's leading car-maker Astra, is now in talks to buy an additional 3.9% stake - 103 million shares - from its fellow consortium member, Lazard Fund Asia.

  • News - In brief

  • London, Frankfurt exchanges merger to shake up European capital markets

    The London Stock Exchange (LSE) and Deutsche Börse have announced plans for a merger that would create the world's second largest stock exchange, behind New York. The new company would be called iX. In addition Nasdaq and iX have signed a memorandum of understanding to create a European high growth market.

  • Norton Rose, Eversheds land BMW’s Rover sale

    It may not have the highest headline value for a deal this year, but the sale of Rover car group to the UK's Phoenix consortium for a symbolic £10 by BMW has certainly generated a great deal of publicity. The transaction was notable both for the enormous public and political pressure on participants to close a deal that would save thousands of jobs in the UK and the complexity of putting together a package that could work.

  • EBRD hints at return of confidence with Russian loan

    The European Bank for Reconstruction and Development (EBRD) has signaled that a degree of confidence in Russian industry may be returning by signing its largest loan to a Russian company since 1993. If the signals are correct, law firms will want to be well placed to take advantage of the returning work. For this transaction, White & Case and Allen & Overy have secured the mandates.

  • Advisers on Atlantic Telecom bid for First Telecom

    UK firm Ashurst Morris Crisp is acting as lead counsel to Atlantic Telecom on its proposed acquisition of First Telecom Group. The deal values the target company at £520 million ($775 million) and will be paid in new Atlantic ordinary shares.

  • Wragges advises on Preussag’s £1.8 billion bid for Thomsom

    A number of UK firms have gained the mandate to work on German travel company Preussag's recommended bid for Thomson Travel Group. The bid values Thomson at £1.8 billion ($2.7 billion) and was announced in mid-May.

  • Cutting Edge - In brief

International briefings