Austrian lawyers wait for competition to arrive For the first time, Austria's bar association rules are being called into question and competition is likely to arrive soon. Austrian firms are preparing for mergers to face that competition. By Samantha Wigham
Fed offers relief on acquisitions and nonbanking activities Glass-Steagall has not been reformed. But the Federal Reserve's proposed reforms to Regulation Y and the rules for Section 20 companies could side-step the limits. By Robert Bostrom and George Seeberger of Winston & Strawn, New York
Blue sky law reform falls short The Capital Markets Efficiency Act is a pale shadow of the originally proposed reforms to end the federal/state dual regulation of securities issues and cut litigation by large institutions. By David Bernstein of Rogers & Wells, New York
UN Commission to rule on extent of corporate claims against Iraq The UN Compensation Commission set up to investigate Gulf War claims must make sure that pre-invasion Iraqi debts are given the same importance as war damage, argue Anthony Gardner, Roger Alford and Richard Weiner, of Hogan & Hartson LLP, Brussels and Washington
Switzerland updates funds regime to compete Switzerland has amended its rules to compete with the attractive Luxembourg regime. By Filippo Beck of Wenger Mathys Plattner, Zurich and Basle, with the assistance of Christina Amgwerd-Sheaff and Jlona Caduff
Brazil puts squeeze on money-launderers A recent bill published by the Brazilian authorities is set to make money-laundering in Latin America's largest country a specific criminal offence for the first time. By Bruno Balduccini of Pinheiro Neto Advogados, São Paulo
Commission proposes EU Directive on multilateral netting Simon Firth of Linklaters & Paines, London, looks at the growth of a trend that has contributed significantly to the reduction of credit risk in the financial markets, and a proposal to boost it further
Cross-border insolvencies in search of a global remedy The lack of an international insolvency regime is a glaring anachronism in the era of global markets. While regulators are getting their act together, private initiatives offer the best alternative. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York
New York and London firms square up for global competition Comparing the growth of the main foreign offices of the New York and London firms, Richard Forster identifies strategies that work and examines the prospects for a merged, truly global law firm
Developing eastern Europe John Taylor, general counsel at the European Bank for Reconstruction and Development, London, talks to Diana Bentley
