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Linklaters is working on a euro 8.5 billion ($7.4 billion) takeover that could change the balance of power in the UK's energy sector.

Jersey off tax haven list

Clifford Chance will boost the Japanese-law capacity of its Tokyo office when five lawyers join the UK firm's joint venture partner. The lawyers will join the Clifford Chance joint venture firm — Tanaka & Akita — from Nakagawa & Takashina, bringing the number of bengoshi in the joint venture to 17.

"There has been something of a cultural change, with Japan being more welcoming of foreign investment"

Bond market participants are calling for European securities regulators to drop plans for electronic trading systems regulation. In a detailed response to revised proposals published for consultation by the Committee of European Securities Regulators (CESR), the Bond Market Association (TBMA) said that moves to regulate the e-trading of bonds are ill-timed and "raise specific and general concerns". TBMA's letter to the secretary general of CESR comes seven months after the group attacked proposals in the initial consultative document, "Proposed standards for alternative trading systems", as "inappropriate and unduly burdensome". In response to these and other criticisms, CESR produced an updated document in January for a further period of consultation that closed on March 14. Speaking for CESR in January, Financial Services Authority chairman Howard Davies said that the committee had taken these comments into account and that significant changes had been made to the definition of alternative trading systems (ATS) and to the proposed standards.

Shearman & Sterling is to launch a commercial arbitration practice from its Singapore office to focus on the Asian market. Paris-based arbitration partner John Savage, who will head-up the new team, arrived in Singapore last week month packing up his desk in Europe. Savage will work with two Singapore-qualified junior lawyers initially, but is already looking to boost his team by appointing two senior associates specialized in construction arbitration.

The International Accounting Standards Board is examining a compromise over rules to make companies account for stock options on their balance sheets. At a meeting in Tokyo last month, the board considered US-style rules to allow companies to choose between including options in their profit and loss accounts or adding a note to the accounts dealing with them. The Board has previously suggested requiring companies to disclose share options fully.

With Euronext at the forefront of integration in European financial services, Thomas Williams talks to the exchange’s top lawyer about self-regulation and the ten best law firms in Europe

As Portugal finally introduces legislation that specifically deals with securitization, William Smithson and Alexandra Maia de Loureiro of P Rebelo de Sousa, Simmons & Simmons in Lisbon discuss its likely impact

As a further sign of increasing awareness of the need to have tight controls over the operation of banks and other financial institutions, in November 2001 the State Council promulgated the "Regulations on dissolution of financial institutions", which contained 38 articles in all.