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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

Significant legislation in Mexico sets out to protect the process of competition, through the prevention and elimination of monopolies and monopolistic practices and any other restraints of trade. It is applicable to all economic participants involved in the Mexican economy and commercial banks, financial institutions and foreign corporations should be aware that some commercial practices, formerly tolerated in Mexico, might now be illegal under these rules and regulations. The legislation was first enacted on December 24 1992 in the form of the Mexican Antitrust Act (Ley Federal de Competencia Económica, the MAA). Additional procedural regulations were published on March 1998, with the enactment of the Regulations to the Mexican Antitrust Act (Reglamento de la Ley de Competencia Económica, the RMAA).

Canada's courts have recently introduced new uncertainties to the country's mergers and acquisitions regime with decisions regarding the acquisition (by way of a plan of arrangement) of Pacifica Papers by Norske Skog Canada Limited. While almost 74% of Pacifica's shareholders voted in favour of the arrangement, the transaction was opposed by two minority shareholders (the dissident shareholders), which together held 20% of the shares.

Brazilian financial institutions can now enter into credit derivative agreements to transfer risks relating to credits to each other. These credits may be the result of loans, financing or lease contracts, securities, guarantees, credit derivatives or other financial or commercial contracts implying credit risks, negotiated on the domestic market. The financial institutions must make a commitment to keeping a technically-capable manager responsible for the credit derivatives before the Central Bank of Brazil. This comes about as a result of the Central Bank enacting Circular 3.106 regulating credit derivative transactions on April 10 2002. This had previously been authorized by the National Monetary Council's Resolution 2.933 of February 28 2002.

The UK's Company Law Review Steering Group (the Steering Group) has set out its final proposals for making the law regarding corporate governance – the duties of directors and shareholders and the balance of power between them – more precise and easier to understand, and has suggested areas in which the current position could be improved. Its main conclusions and recommendations in this area are dealt with below.

The Finnish Financial Supervision Authority (FSA) has issued five new guidelines, which concern offering of securities, tender offers and mandatory redemption, continuous duty of disclosure, flagging, and pro forma financial statements. Becoming effective on March 1 2002, the new guidelines replace the former guidelines on internet subscription location (K/30/2000/PMO), share subscriptions and sales via the internet in part (K/14/98/PMO) and the interpretation of disclosure provisions in the Securities Markets Act (K/23/99/PMO).

As Europe expands into the emerging markets of eastern Europe, Spanish lawyers are looking to Madrid's lawmakers for a more competitive environment. By Thomas Williams

As a reaction to China's accession to the World Trade Organization, new regulations have been introduced broadly classifying the projects in which foreign sponsors may or may not invest. The projects are listed in four categories: encouraged, permitted, restricted and prohibited. The new legislation appears in the Provisional Regulations for Guiding the Direction of Foreign Investment, and the Catalogue for Guiding Foreign Investment in Industries, effective from April 1 2002. These replace similar regulations dating from 1995 and 1997 respectively.

Taiwan's lawmakers are looking at proposals to allow the securitization of property, helping to increase activity in the real estate market.

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.