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David Bernstein's departure from the role of chief counsel at the European Bank for Reconstruction and Development (EBRD) has left the way open for Michel Nussbaumer to take charge of a restructured team. Nussbaumer has been promoted to senior counsel and team leader of the bank's new Legal Transition and Knowledge Management Team. The initiative will involve an expanded team of lawyers and specialists, which will use the experiences gained through working in the EBRD's 27 countries of operation to sustain a transparent and predictable legal environment.

Shareholders' rights and investor protection will face more scrutiny in Hong Kong following moves to give more power and status to a group representing investor interests. The Securities and Futures Commission has formalized its Shareholders Group as a statutory standing committee, giving it more say when advising the watchdog on policymaking and matters of concern relating to public and minority shareholders in listed companies.

Freehills has ended its alliance in Singapore with Alban Tay Mahtani & de Silva. The two firms entered into a formal law alliance in September 2000, but had been closely affiliated for two years before that. Freehills said in a statement: "The two firms have benefited from the opportunity and the relationship, but agree the formal alliance is not necessary for each to pursue its goals." The termination of the alliance does not mean an end to the relationship between the firms, says a lawyer at Alban Tay. "We are still working with Freehills," he said.

The Ontario Superior Court of Justice has released its judgment in a case involving the triggering provisions in change-of-control agreements between a company and its senior executives – commonly known as golden parachutes.

The Central Bank of Colombia has replaced the previous External Regulatory Circulars (DCIN-36 of July 19 2001, DCIN-05 of January 10 2002, and DCIN-10 of February 15 2002) with a new External Regulatory Circular: DCIN-23 of May 9 2002. This will come into force on June 4 2002. The principal changes introduced by the new Circular are the following:

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.

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

A direct link (e-link) between the central securities depositories of Finland and Sweden was opened on June 3 2002. The Finnish Central Securities Depository has similar links with Germany, France and the Netherlands and a link to Switzerland through Germany.

This year, many significant amendments have been made to the Commercial Code. The latest amendments were promulgated on May 29 2002 and will take effect sometime within a year after this date. One of the amendments will allow class voting for the election of directors.