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Nowadays, the bulk of commercial documentary exchanges are electronic, and thus the scope of parties' rights and obligations in connection with disclosure of so-called e-materials must be properly understood. The provisions of the Civil Procedure Rules (CPR) were recently clarified in this respect with the update of Practice Direction 31 (PD-31).

Law firm alliances are widespread, but it can be difficult to judge how good a network is for specialized financial advice. IFLR has analyzed the research used for the latest edition of its corporate finance law directory, the IFLR1000, to reveal the top networks for financial law advice. By Nigel Savage

On October 15 2005, the Securities and Futures Act of Singapore was amended to introduce changes to the securities offering regime that have clarified the position on public offers. The aim of the amendments is to make fundraising easier and less cost-prohibitive for small and medium-sized enterprises (SMEs) by dispensing with the need for a prospectus. The clarity in the definition of what amounts to an offer to the public is achieved by classifying all offers of securities (shares, debentures or units of shares and debentures) as a public offer unless the offer docks within a safe harbour.

Until the amendment of the Romanian constitution by national referendum vote in October 2003, foreign citizens were not allowed to buy property in Romania. But because of this amendment, foreign citizens will be able to acquire the right to privately own land in Romania, after its accession to the EU and pursuant to other mutual international treaties to which Romania is a party.

A specialized regime governing hedge funds or professional investor funds (PIFs) was introduced in Malta in 2000. In 2005 the number of licence applications received by the Malta Financial Services Authority (MFSA) was more than double the number of licences it had issued in the previous four years.

On December 29 2004, the National Assembly passed the Employee Retirement Income Security Act (ERISA) to introduce a more comprehensive employee retirement pension plan, including derivation of and alternatives to the current severance scheme. ERISA took effect in December 2005, and the introduction of new retirement pension plans sponsored by employers is a milestone, not only for employee benefits and welfare in Korea, but also for the Korean financial market.

The new PRC Securities Law, which becomes effective on January 1 2006, provides a long-awaited private placement exemption. Article 10 says that no public offering of securities is allowed unless approved by the China Securities Regulatory Commission (CSRC) or other ministries authorized by the State Council. The new law defines a public offering and says that any of the following acts will be considered a public offering: (i) any open issuance of securities to non-specific offerees; (ii) any issuance of securities to more than 200 specific people; (iii) any other issuance activity as stipulated by laws or administrative regulations. The new law provides that issuers that use general advertising, general solicitation, or other dissemination to the public will not have the benefit of a private placement exemption.

IT consultants LogicaCMG turned to an innovative rights issue and takeover offer in its proposed acquisition of French rival Unilog. By Michael Shaw

Allen & Overy added to its corporate presence in Shanghai by hiring Ji Zou as a consultant from Paul Hastings. Ji's experience includes foreign investments, M&A, strategic alliances, venture capital and other corporate transactions in the US and PRC. She also advises on real estate development, intellectual property and employment matters in China.

Questions persist over landmark securitization reforms in the US. By Ben Maiden