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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

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

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

French regulators aim to increase the liability of banks in tender offers. But new rules leave questions unanswered. By Eric Cafritz and Omer Tene of Fried Frank Harris Shriver & Jacobson

Jennifer Marshall of Allen & Overy explains what Europe's new rules mean for companies and investors

When KPNQwest bought parts of troubled Global TeleSystems the companies agreed bankruptcy terms with creditors before the deal closed. Steven C Planchard of Cleary Gottlieb Steen & Hamilton explains how

On April 3 2002, it was announced that the government of the British Virgin Islands (BVI) has reached an agreement with the Organization of Economic Corporation and Development (OECD) concerning the OECD's initiative on Harmful Tax Competition and Tax Havens.

On March 15 2002, The Bahamas formally replied to the OECD Forum on harmful tax practices and issued a commitment to cooperate with the OECD in its harmful tax practices initiative. This initiative seeks transparency and exchange of information, on request, for tax purposes. The OECD proposes mechanisms and deadlines for achievement of these objectives, including a mechanism for the exchange of information relating to criminal tax offences by 2004, and civil tax defaults by 2006.

Along with banking and securities trading, investment fund business is the core area of regulatory protection for investors in the Swiss financial markets. Investors in an investment fund as consumers of financial products have the right to demand a transparent structure of the fund, the use of readable and understandable prospectuses and adequate pricing of the fund manager's services. Moreover, the fund manager should always act in the interests of the investor and take the latter's capacity and willingness to take risks into proper consideration.

A number of urgent reforms to economic and financial legislation in France were adopted on December 11 2001, when the Loi Murcef (loi portant mesures urgentes de réformes à caractère économique et financier), was passed after having been the subject of a double petition before the Conseil Constitutionnel (Constitutional Council). This Act sets out a variety of changes and is divided into five parts. Part I sets out the modifications to be made to the rules governing procurement contracts; Part II relates to the relations between banks and their clients; Part III contains measures in relation to the introduction of the Euro; Part IV addresses the management of certain specific public companies and Part V contains a number of measures dealing with a broad range of other issues.