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Chang Joo Kim has left Skadden Arps Slate Meagher & Flom to join Dorsey & Whitney as a corporate partner in its New York office. From there he will lead the firm's Korea practice group, which focuses on restructurings, corporate financings, and mergers and acquisitions.

When Hong Kong released its first Code on Real Estate Investment Trusts (Reits) on July 30, Cheung Kong (Holdings) Limited had already launched the first ever Reit transaction involving Hong Kong properties. It chose Singapore as the listing venue.

The Brazilian Securities Commission (Comissão de Valores Mobiliários or CVM) has adopted regulations that give investment firms greater flexibility in establishing the investment policies and corporate governance arrangements of private equity funds. The new rules, adopted on July 16 2003, address the need for an enabling regulatory framework that could accommodate certain typical features of a private equity or mezzanine fund.

Allen & Overy has taken a big step towards increasing its share of distressed debt work across Asia by hiring Ian Johnson from Milbank Tweed Hadley & McCloy in Hong Kong.

In 2002 the Cayman Islands government proposed legislation to regulate investment business carried out in or from the Cayman Islands. The Securities Investment Business Law (2003 Revision) became fully effective on July 29 2003. Any person in the Cayman Islands conducting securities investment business as defined in the new law must now be licensed by the Cayman Islands Monetary Authority (Monetary Authority), unless that person is exempt. Those persons conducting investment business covered by the legislation have a period of six months to apply to the Monetary Authority for a licence, or file for an exemption from licensing.

The French government has promised to reform the country's outmoded bankruptcy laws after claiming the international banking community left French engineering group Alstom to sink because the laws make lenders liable for all debts if they fund a non-viable company.

John Woodhall, head of international securitization at Clifford Chance, is leaving to build a practice for a rival firm.

The American Bar Association (ABA) has voted to give lawyers more freedom to hand over privileged information if their corporate clients break the law.

Foreign insurers are increasingly making strategic investments in China. W Seung Chong of Freshfields Bruckhaus Deringer and Satoshi Naganuma of Millea Asia discuss the key issues to consider

France has changed its consumer code to ensure usury law does not apply to high-yield bonds, resolving legal uncertainty.