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Ben Maiden reports from New York

Mergers and acquisitions lawyers have reacted cautiously to suggestions by New York attorney-general Eliot Spitzer that regulators should look into fairness opinions offered by investment banks.

Foreign investors are hoping that two recent distressed asset deals in China are a sign of how the government wants the market to develop. William E Bryson, Mitch Dudek and Beth A Bunnell of Jones Day examine the lessons that China's regulators might learn from Taiwan, where the NFL market has taken off

On January 8 2003 the Parliament of the Republic of Kazakhstan passed the Law On Investments (No 375-II). The new law represents an effort to consolidate separate past legislation governing foreign and direct investment and to level the playing field for domestic and foreign investors.

Pursuant to the Competition Act, one or more undertakings acquiring direct or indirect control over another undertaking or other undertakings qualifies as a concentration and, if certain thresholds are met, is subject to the Competition Office's approval. However, the acquisition of temporary control does not qualify as a concentration and, thus, the Competition Office's approval is not required. This special rule was applied and further interpreted in a recent decision when FOTEX, a holding company acquired interest in FTC, a Hungarian football club.

In turbulent times banks must trust material adverse change clauses to protect them from unforeseen risk. Richard Gray, Patrick Holmes and Kevin Muzilla of Milbank Tweed Hadley & McCloy examine the relative merits of these different arrangements

Hengeler Mueller and Cleary Gottlieb Steen and Hamilton have advised on Deutsche Telekom's mandatory convertible bond, only the second to be issued in Germany.

The signing of a $3.4 billion deal for Sinopec and BASF to build an integrated petrochemical site in Nanjing, eastern China, represents another landmark financing in the mainland.

The US Securities and Exchange Commission is preparing to rule on whether non-US financial institutions should be exempt from a ban on making loans to directors.

The Belgian, Dutch, French, Portuguese and UK authorities have signed an agreement to cooperate in regulating Euronext's derivatives markets.