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David Spencer argues that the OECD must do more to abolish banking secrecy rules to prevent capital flight from exacerbating sovereign financial crises

Stephen Roith (Clifford Chance), Agnes Nardi (3HK) Clifford Chance's performance in Asia last year was impressive. Many clients, competitors and other market players that IFLR spoke to praised the quality and efficiency of the firm's work in particular. Some of the firm's most innovative deals came in greater China, as the lawyers created landmarks in the PRC in distressed assets (Silver Grant and Great Wall No 1) and M&A (Lenovo-IBM's personal computing division), structured a series of securitization and debt capital markets firsts in Hong Kong (the SAR government's debut global bond offering and Hong Kong Link), and set a debt financing benchmark in Macau (Wynn Resorts). The firm's equity lawyers were also busy, acting on the IPOs of Thai Oil, AirAsia and Yellow Pages in south-east Asia. Korea, Malaysia, Thailand, the Philippines and Indonesia were also jurisdictions in which the firm added to its capital markets, restructuring, and project and structured finance achievements.

James Cole, Jeremy Dickens and Ellen Odoner look at what UK companies should learn from US disclosure to help prepare the new Operating and Financial Review

The ownership battle over Nippon Broadcasting System Inc (NBS) has ignited discussions about Japanese M&A rules.

The Finnish prospectus rules are being amended to implement the EU Prospectus Directive, which regulates the publishing of prospectuses when securities are offered to the public or admitted to trading. The Finnish Ministry of Finance has appointed a working group to prepare a proposal for a government Bill to implement the Prospectus Directive and amend the Finnish provisions on liability for the contents of a prospectus. The deadline for implementation as set out in the Directive is July 1 2005.

Robert Mullen, Milbank Tweed Hadley & McCloy Cleary Gottlieb Steen & Hamilton and Milbank Tweed Hadley & McCloy advised on one of the most high-profile initial public offerings (IPOs) of the year - the $207 million flotation of International Securities Exchange (ISE) on the New York Stock Exchange. The deal was the first time a US options exchange listed on a stock market and also saw the biggest first-day climb in share price of any IPO since 2001. Milbank Tweed advised ISE on the deal, having worked with the exchange since its inception in 1999. Robert Mullen and James Ball were the firm's lead partners. Cleary Gottlieb acted for the underwriters, Bear Stearns and Morgan Stanley, through partners Leslie Silverman and Sung Kang.

EU stock exchanges are taking action to stop issuers deserting them over cost hikes caused by the incoming Prospectus Directive. Michael Evans reports

Terri Mottershead, Lex Mundi Charles Doyle, Clifford Chance Lex Mundi appointed Terri Mottershead to the new post of director of professional development. Mottershead will develop best practice documentation, advise on training initiatives and set writing standards for Lex Mundi's member firms. Mottershead was director of training at Hong Kong law firm Johnson Stokes & Master.

Ben Maiden reports on how lawsuits have failed to derail the Argentina debt exchange

Andrew Carmichael (Linklaters), Leonard Birmingham (Harneys),