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The wave of consolidation that has engulfed the US financial services industry this year continued in July with two new mergers. Four US law firms were among those to reap the rewards.

Governments across Asia are merging their financial watchdogs amid mounting pressure to improve the quality of regulation.

Listing non-equity securities on a continuous or repeated basis under a euro medium-term note (EMTN) programme on the Vienna Stock Exchange (VSE) will be expressly permitted from October 12 2004.

The Securities and Exchange Commission voted in July to put forward a new rule that would force most hedge fund advisers to register with the regulator.

On June 28 2004, amendments to Ontario Securities Commission (OSC) Rule 61-501 - Insider Bids, Issuer Bids, Business Combinations and Related Party Transactions came into force. The Rule protects the interests of minority security holders of issuers by providing (i) greater disclosure regarding, (ii) an independent valuation of, and (iii) an effective veto over, certain transactions with perceived inherent conflicts of interest. It is expected that similar amendments will be made to Quebec Policy Statement Q-27, the only other Canadian jurisdiction to maintain equivalent rules.

Biotech is back in Germany Latham & Watkins and Hengeler Mueller advised on Germany's first initial public offering for a biotech company since 2001 and only the fourth IPO in the country this year. Latham advised the company, Epigenomics, on the €41.6 million deal. Hengeler Mueller acted for lead manager Morgan Stanley.

Jeanette K Chan and Marcia Ellis of Paul Weiss Rifkind Wharton & Garrison LLP evaluate the ways to structure foreign investment in China’s telecoms companies under new M&A regulations

Patrick Lines, Thomas E Jones and Susan Finder of Freshfields Bruckhaus Deringer explain China's new financial derivatives regulations and the opportunities they provide for institutions allowed to trade in these products for the first time

If China wants to make the most of mortgage-backed securitization, it will have to rethink its legal system, say Anthony Qiao and Zeng Xianwu of Zhong Lun Law Offices

Changes to the construction and design regimes are needed if China wants to attract more foreign investment into the industry and increase its own standing in the global market. By John Cole, Philip Nunn and Michael Hickman of Simmons & Simmons