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In the wake of the Enron crisis, the Federal Banking Commission has toughened its stand on energy trading and energy traders. In particular, Swiss firms which intend to participate at the new European Energy Exchange (EEX) in Leipzig, may do so only if they have received a broker/dealer licence from the Federal Banking Commission.

When will China deliver on its promise as an industrial and financial centre of unprecedented size? Nick Ferguson talks to the lawyers hoping to profit from the country's reform

Allen & Overy and Clifford Chance are reaping the rewards of one of the largest management buy-outs in Europe this year after senior executives at Irish real-estate company Green Property were successful in taking the company private last month. Green Property managing director Stephen Vernon made the bid through the Rodinheights consortium backed by Merrill Lynch International and Bank of Scotland. Rodinheights' €1 billion ($989 million) bid was announced on July 3 beating those of rival consortia like Deutsche Bank Real Estate Private Equity and Goldman Sachs & Co's Whitehall fund. Rodinheights is offering €9.80 for each of Green Property's shares and shareholders are expected to accept the offer this month.

Europe's statistical body is the latest group to show its suspicion of structured finance, setting rules that treat sovereign securitizations differently from other types of state- guaranteed deals. Yannis Manuelides of Allen & Overy explains why Eurostat is wrong

By Rob Mannix

By Michael Evans and Thomas Williams

With many telecoms companies in trouble, much of the high-yield debt they favoured during the 1990s needs restructuring. By Mark Cannon of Latham & Watkins, London

With the US gripped by fears of corporate dishonesty and the New York Stock Exchange proposing stringent governance rules, executives must be surer than ever that their behaviour is unimpeachable. By Mark Bergman and Heather White of Paul, Weiss, Rifkind, Wharton & Garrison

Allen & Overy's Simon Gleeson rebuffs accusations that lawyers have been spreading unnecessary panic among clients following the introduction of new UK market abuse rules

The regulations applicable to finance companies in the Netherlands have changed again as of July 1 2002. The existing exemption regulation is revoked with effect from that date. This exemption was itself recently amended and stated that Dutch finance companies could be exempt from being qualified as a credit institution (kredietinstelling) within the meaning of the Act on the Supervision of Credit Institutions 1992, as a consequence of which the finance company would not fall under the scope of this Act. In addition to the new regulation, a policy guideline of the Dutch Central Bank (DCB) in respect of the terms used in the regulation has become effective.