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Daniel Andrews reports on problems with the EU's plans to have a sole regulator responsible for each bank operating in the EU

The leading legal advisers on global project finance deals The top three firms remain unchanged since last year. Allen & Overy tops the table in terms of total value and volume of deals, with Clifford Chance and Latham & Watkins close behind. Skadden Arps Slate Meagher & Flom has the highest value per deal of the top 10 firms, while Slaughter and May is the big climber, up 31 places in the rankings since 2004.

Norman Green, Herbert Smith David Mayhew, Herbert Smith Herbert Smith appointed Norman Green as chief operating officer. Green has been vice president and UK, Ireland and South Africa finance director at Oracle since 1998. In his new role, Green will have responsibility for Herbert Smith's support functions worldwide in conjunction with the executive committee, the group responsible for managing the firm's business. He will work closely with practice area heads on resource, utilization, planning and improving working practices.

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

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.

Article 129 of Legislative Decree No. 385 of September 1 1993 (the Italian Banking Act), as subsequently amended, requires the issuers or offerors of securities in Italy to notify the Bank of Italy in order to be allowed to place the securities in Italy.

Under Romanian law no. 58/1998 on banking activity, the bank managers (conducatori) are those individuals who, according to the byelaws and the statutory bodies of the bank, are empowered to manage and coordinate the bank's daily activities. The conducatori have the right to legally bind the bank.

Creditors in Indonesia can choose from several ways to secure their loans, including fiduciary security, mortgages over land, pledge over movable goods and hypothec over a ship. This latter option allows a creditor to secure his receivables against a vessel. Hypothec remains in place even if that ship then changes ownership.

George Lillikas, the minister of commerce, industry and tourism in Cyprus, has announced the Cypriot government's long-awaited plan to encourage foreign direct investment. The plan aims to make Cyprus the largest provider of business services in the eastern Mediterranean, linking the EU and the Middle East.

The heads of China's financial services regulation are all embarked on a unified and ambitious program to modernize the depository institutions, insurers, and securities and commodities exchanges of China. They are able to draw from the experience of other countries that have gone through this process, resulting in a flurry of new and amended laws, rules and regulations to codify this modernization.