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Protectionist business interests risk derailing Japan's merger reforms to allow foreign companies to make non-hostile acquisitions in the country. M&A adviser Nicholas Benes argues that meaningful change is essential if Japan is to raise its woeful levels of foreign investment

In the financial sector the European Commission has been relatively quiet in 2005, perhaps taking a breather after the legislative frenzy that characterized the past four years. Now the Commission is ready for action once more and looks set to tackle shareholder discrimination. But any proposals will face fierce resistance.

By Sandro Castañeda Ricci and Martha Elizabeth Altamirano Ortíz of PricewaterhouseCoopers

Mayer Brown Rowe & Maw and Cravath Swaine & Moore were counsel on the $207 million initial public offering (IPO) of TAL International. The company, which sells freight containers, listed its shares on the New York Stock Exchange (NYSE). Philip Brandes of Mayer Brown represented the issuer, William Whelan of Cravath advised the underwriters, which were led by Credit Suisse First Boston.

Lee Dunst explains why companies that cooperate with US government investigations are falling foul of discovery rules

By Rodrigo Conesa and Ricardo Calderón of Ritch Mueller

Deeply subordinated debt is no longer only a fundraising tool for French banks. The law has now made it easier for corporate issuers and insurers to use this financing technique. By James Leavy and Frederic Nizard

By Francisco Forastieri Muñoz, Cecilia Quintanilla and John E Rogers of Strasburger & Forastieri SC

Can Martin Wheatley, the new head of Hong Kong's securities regulator, help the local market secure its future? Andrew Crooke outlines some of the pressing issues

In 2002, the UK enacted the Proceeds of Crime Act, implementing the EU directives on money laundering. Pursuant to Section 328 of the Act, it is an offence to "enter into or become concerned in an arrangement which [the perpetrator] knows or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property by or on behalf of another person." This provision is extremely far-reaching, as the Act defines "criminal property" as "a person's benefit from criminal conduct" and "criminal conduct" as any conduct that constitutes an offence in the UK or would constitute an offence in the UK if it had occurred there.