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An uncertainty about the enforceability of arbitration clauses in state contracts was finally settled with the publication on April 29 2002 of the new Arbitration Act, BE 2545 (2002). The effective date of this Act was April 30 2002.

The first German public to private leveraged buyout under the country's new takeover laws has been structured, testing the new regime. Allen & Overy, Freshfields Bruckhaus Deringer, Hengeler Mueller and Shearman & Sterling have each been involved in the legal work on the deal, in which CIBC World Markets helped finance the acquisition of Gardena Holding by Green Holding, a new company established by Industri Kapital 2000 Limited.

China has announced its intention to relax the strict rules governing the operation of foreign law firms. In its latest round of licences, issued to five Hong Kong firms, Deacons has become the first partnership to be awarded a licence to open a second office in mainland China. The Ministry of Justice has given Deacons the go-ahead to set up in Beijing, eight years after the firm opened its first office in Guangzhou. It is expected that the next round of licences will extend the opportunity to open second offices to foreign firms, many of which had previously been forced to make a difficult choice between opening in Shanghai or Beijing.

The Japanese government is calling for new securitization laws that will encourage banks to offer cheaper mortgages to low earners. The Ministry of Land, Infrastructure and Transport has submitted a plan to the Diet to amend the Housing Loan Corporation Law, changing the Corporation's role to that of a clearing-house for residential property securitization.

Investment banks are preparing for tighter regulation of the activities of analysts after financial watchdogs on both sides of the Atlantic moved to boost investors' confidence in the impartiality of banks' advice. Mounting concern in Europe and the US about researchers advising clients to buy stocks only because investment banking colleagues stand to win business from the companies in question has led regulators in Germany and France to issue new rules governing the conduct of stock-rating specialists.

In this final article in a series of three, Philip Gilligan and Alastair Timblick of Lovells consider the routes a distressed bank may take to survive

In line with its commitments to the World Trade Organization, China is opening more businesses to foreign investment. Andreas Lauffs and Andrew Tan of Baker & McKenzie look at the new regime

With a firm commitment to renovation, Vietnam is set to strengthen its banking industry. Tony Foster, of Freshfields Bruckhaus Deringer, Hanoi, explains the latest changes

A recent ruling clarified the extent to which selling shareholders are liable under US securities law. By Christian Droop and Sarah Casey Otte of Milbank, Tweed, Hadley & McCloy LLP

Germany's latest financial reforms will affect everything from listing shares to trading derivatives to storing information about bank customers. Gabriele Apfelbacher of Cleary, Gottlieb, Steen & Hamilton summarizes the most important changes