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Hong Kong and China counsel disagree over whether the PRC government should introduce its onshore reforms with more caution

The only real mover in Asia in December was Minter Ellison which took the opportunity to hire a three strong team from Jones Day in Hong Kong. Barbara Mok, Anne Ko and Katherine U all join the Australian outfit.

The EC's bail-in plans may be bold, but like many of its proposals in the past 12 months, they raise more questions than they answer.

Europe Since the euro crisis broke out last year, hardly a day has gone by without press speculation about the departure of one or more euro area members. But reports of the euro's death (or fragmentation) are greatly exaggerated.

Lack of a restructuring mechanism and in-built disincentives are hampering restructuring of European CMBS

While there are differences in their approach, the proposed US and EU reforms will have a heavy impact on the securitisation market

We'll know for sure in January. The Securities and Exchange Commission (SEC) is required to report to Congress concerning its view of the efficacy of existing legal and regulatory standards of care for brokers, dealers and investment advisers and associated persons who provide personalised investment advice to, and make recommendations about securities to, retail customers. The Dodd-Frank Act requires that this report be submitted within six months' time.

Mafalda Monteiro At the end of December 2010, the Portuguese Government enacted Decree-Law 140-A/2010 (with immediate effect on December 31), which transposed three European Union Directives on financial matters and amended the respective Portuguese financial legislation.

Wolfgang Freund The Austrian stamp duty is a tax levied on various legal transactions concluded in written form. In general, the written instrument executed to document such transaction is the triggering event. The types of legal transactions which are subject to tax are enumerated in the Austrian Stamp Duty Act (Gebührengesetz, or the Act) and inter alia encompass loans, leases, guarantees, mortgages, bills of exchange, out of court settlements and assignment agreements for receivables or other rights against consideration.

The financial crisis has enhanced the precautions taken by risk committees at financial institutions in Spain, as elsewhere in the world, when approving new financing, particularly for certain projects and sectors.