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As EU member states discussed the Prospectus Directive for the first time recently, deep divisions remained. Ecofin, the EU council of finance ministers, had preliminary discussions and set out a general strategy for reaching an agreement, but conceded that the permanent representations would have to compromise before an agreement could be thrashed out.

Allen & Overy, Clifford Chance and Linklaters have become the first foreign firms to win approval to open second offices in China. Although all three firms had already acquired second offices through European mergers, none of them had licences in their own names. In line with China's World Trade Organization (WTO) commitments, the Ministry of Justice had promised to relax its geographic restrictions on law firm offices. Before signing up to the WTO, China issued licences to foreign firms on a quota basis, good for five years in most cases. Even with a licence, firms could open only one office, forcing most into a decision between Shanghai and Beijing. Others, including Deacons and Stephenson Harwood & Lo, opened in Guangzhou, just across the border from Hong Kong, in Guangdong province.

By Ben Maiden, New York

New rules in China will encourage foreign investment in the manufacturing of 29 different types of electronic equipment. The prospects for technology companies are much improved, says Nancy Leigh of Baker & McKenzie

By Stephen Hoare

Hong Kong's securities and futures industry will soon be regulated by a single piece of legislation, designed to level the playing field between financial institutions. Simon Berry and Jill Wong of Allen & Overy report

Companies contemplating a German acquisition with US shareholders could face conflicts between German and US tender offer rules. By Christian Nahr of Fried Frank Harris Shriver & Jacobson

Robin Griffith and Michail Papadakis of Clifford Chance consider Europe's recent compromise on German state aid and its effect on the credit risk of special institutions

National governments have long held special rights allowing them to block takeovers of state-favoured companies. But new rulings from the European Court of Justice could make such holdings illegal. By Vincent Brophy of Linklaters

Payment-in-kind notes have been popular in the US for some time. Now bankers in Europe are keen to add these instruments to their deals. Clifford Atkins and Philippa Dodd of Shearman & Sterling show how