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Japanese corporate governance is in the process of undergoing major reform. As part of this, amendments in the areas of directors` liability, derivative actions and corporate auditing will take effect on May 1 2002.

The election of a new government could mean radical changes in the Portuguese financial markets. Some Lisbon lawyers think it may be too late. Thomas Williams reports

The EU's High Level Group of Company Law Experts has effectively advocated one share one vote across all types of risk bearing share capital. James Palmer of Herbert Smith explains why this will cause more harm than good to the European capital markets

In response to recent international agreements, proposed changes to Australia's anti-money-laundering laws will mean increased penalties for non-compliance and a broader range of obligations concerning reporting, investigations, property-tracking and disclosure.

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.

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.

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

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