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The UK's Takeover Panel is considering codifying its rules on put or shut up orders and restricting the amount of information that acquirers can include in possible offer announcements.

In March 1994 the Hong Kong government appointed Ermanno Pascutto, a former co-chair of the Securities and Futures Commission of Hong Kong and now a senior adviser of Troutman Sanders, to carry out a review of the Territory's company law. Pascutto's review culminated in a comprehensive report, recommending sweeping changes to Hong Kong law in the area of company formation and organization.

Proposed changes to the Basel Capital Accord's securitization framework leave issues unresolved, says Mark Nicolaides

The Finnish Act on Financial Collateral Arrangements (the Act), which entered into force on February 1 2004, implements Directive 2002/47/EC on financial collateral arrangements.

The Hong Kong Stock Exchange has stunned the market with a new rule on pre-deal research to curb selective disclosure. Bankers now fear for the future of analyst reports. By Andrew Crooke

Jaap Winter, De Brauw Blackstone Westbroek, former chairman of the EU High Level Group of Company Law Experts

Japan has recently revised its disclosure rules so that any material fact (juyou jijitsu) related to the affairs of a listed company will now be considered public information once it is posted on the online disclosure system hosted by the relevant Japanese stock exchange.

Simon Davies, Linklaters and Agnes Nardi, 3HK Linklaters' lawyers spent 2003 chalking up many firsts in Asia. Equity deals that stood out included those in south-east Asia for Astro All Asia Networks, Bank Mandiri, Fortune REIT, SingPost, Krung Thai Bank and Bangkok Bank, and in China for PICC. The firm's equity-linked tally included innovative work in China with Beijing Datang, in Singapore with SingTech, in Malaysia with Genting, and in India with Tata Motors. Linklaters showed the strength of its debt practice with roles on the record-breaking Hutchison Whampoa and Singapore Power offerings, and the firm was influential in Ford Motor Credit's retail offering winning approval in Hong Kong. In M&A, Linklaters acted on the Japan Telecom-Ripplewood and SingTel-Yellow Pages leveraged buyouts, and the creation of the inaugural Sino-foreign joint venture fund management company for ABN AMRO. Project finance firsts included the Pusan New Port, Guangdong LNG and Mindanao power deals.

Leading lawyers, bankers and in-house counsel from Europe and Asia gathered at IFLR's annual awards dinners in London and Hong Kong in March to celebrate their achievements during 2003

Non-banks will face an even tougher struggle to offer banking services under a bill passed by the US Congress.