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Lovells picked Crispin Rapinet as managing partner for the Asia region. Commercial litigation specialist Rapinet will have overall responsibility for the firm's offices in Hong Kong, Beijing, Shanghai, Tokyo, Singapore, and Ho Chi Minh City.

Disclosure of equity swaps has become the subject of a court battle in Australia. By Michael Parshall and Jonathan Swain

Christopher Cox took office as the 28th chairman of the SEC. His arrival followed the resignation of William Donaldson, who left the Commission on June 30. Cox's appointment was confirmed following a Senate hearing in which he pledged to uphold and build on the major reforms undertaken during his predecessor's tenure.

The Frankfurt office of Skadden Arps Slate Meagher & Flom is representing Apax Partners in the sale of German fish restaurant chain Nordee to Heiner Kamps and Nomura Holdings. Partners Walter Henle and Matthias Jaletzke led the Skadden team, with assistance from counsel Christina Erfurth. Graham Nicholson, in London, and Michael Cziesla, in Frankfurt, led the SJ Berwin team advising Heiner Kamps and Nomura Group. Baker & McKenzie partners Dirk Oberbracht and Henrik Bauwens advised Apax on its due diligence.

Pressure is growing on investment banks to ensure the accuracy of financial disclosure in securities offerings, but independent accountants are trying to cut back their involvement in the offering process. Is a new financial disclosure crisis looming? If so, regulators must intervene to protect investors. By Richard Baumann

Following is an overview of the provisions of the law that might impact on the terms of a franchise agreement.

A pilot scheme in China attempts to increase liquidity in China's equity markets by making more shares tradeable, but faces the challenge of compensating domestic investors without displeasing international investors. By Filip Moerman and Niping Wu

The government has introduced a new draft law to harmonize the existing anti-money-laundering legislation with Directive 2001/97/EC (on prevention of the use of the financial system for the purpose of money laundering) (the Directive). The bill is awaiting parliamentary vote.

A new Financial Conglomerate Law of 2005 and respective amendments to the Credit Institution Law of 1995 have been passed to specify the regulations for Latvian banks now that the country has joined the EU.

Earlier this year, Korea introduced new laws and regulations relating to private equity funds (PEF) in an effort to foster Korea-based funds large enough to compete with international funds in the M&A market. The new laws and regulations were legislated based on principles that: (i) the investment purpose must be to participate in management control; and (ii) any investment that can be characterized as a loan is prohibited. Recently, certain investors in PEF have entered into option contracts guaranteeing the principal and agreed profit margin for such investors. Whether these arrangements are consistent with the legislative intent of the new laws and regulations has been the subject of intense debate.