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Europe Andrea Cristaudi has left Simmons & Simmons to join Pavesio e Associati in what is the first lateral hire for the Allen & Overy Turin breakaway firm. He specializes in domestic and cross-border M&A and equity capital markets transactions. Cristaudi had been mentored by managing partner Carlo Pavesio in Allen & Overy's Turin office. Having been made partner at the Milan office Cristaudi then left for Simmons & Simmons in June 2005. He will be reunited with Pavesio when the breakaway firm launches at the start of next year, by which time Pavesio intends to have made more hires. Pavesio e Associati will focus on corporate finance, regulation and litigation and will have a formal alliance with Allen & Overy despite being financially independent.

In line with the European treaty establishing the principle of free movement of capital (the Single European Act), the National Bank of Romania (the NBR) recently repealed the last of its provisions impeding this free movement. The enactment (NBR Regulation 4/2006) sets out the new status of the foreign exchange market.

Hedge fund relief in Germany and France UK hedge fund Marshall Wace is listing one of its funds, MW Tops, on Euronext Amsterdam. The offering could raise up to €1.5 billion, making it the biggest listing by a single manager fund.

Slaughter and May needed shareholder approval for the share issuance and then the sale of stakes in CITIC group, in a deal that threw up a number of complications

The New York Stock Exchange and the NASD announced yesterday that they have agreed to combine their member regulation functions in a move that is likely to come as a relief to securities firms and their compliance officers in the US

Freshfields is closing its Singapore office and transferring the staff there to Hong Kong

Rating agency Moody's has announced a review of its ratings system for hybrid bonds

CITIC Resources' acquisition of a majority interest in Kuwait Foreign Petroleum Exploration's Indonesian oil field highlights the growing number of Chinese state-owned enterprises looking to capitalize on Indonesia's power supplies

Mayer Brown Rowe & Maw will open its Hong Kong office on January 1 2007

Clifford Chance has advised Asia Timber Products, a special purpose vehicle established by CVC Asia Pacific, on its leveraged buyout of the Chinese timber product business owned by Carter Holt Harvey