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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.

New provisions appear in a revised Code of Banking Practice dealing with debt collection agencies in Hong Kong. These are significant in that they prohibit the use of certain improper or harassment tactics and require banks and financial institutions authorized under the Banking Ordinance (AIs) to stop collecting debts once the debtor is adjudged bankrupt. They also impose systems and procedures for the selection of debt collectors and the monitoring of their performance. AIs are required to comply with the revised Code on or before June 1 2002.

White & Case and Allen & Overy have advised on the first initial public offering (IPO) by a German company this year. Wind power company REpower Systems completed its €94.3 million ($83.2 million) listing on the Neuer Markt at the end of last month. The offering included a Rule 144A private placement in the US and a regulation S private placement outside the country.

Uría y Menéndez and former Andersen ally J&A Garrigues are working on what may be one of the largest initial public offerings in Spain this year. Gas Natural's €1.6 billion ($1.4 billion) sale of Enagas, its gas distribution arm, is one of the first steps in a drive to liberalize the country's energy markets and is expected to breathe new life into Spain's capital markets.

Bharti Tele-Ventures has succesfully completed its IPO, making it the first Indian mobile phone company to list publicly. Jones Day and Pathak & Associates, its Indian affiliate, advised the issuer. Shearman & Sterling and Little & Co advised the Indian affiliates of JPMorgan and Merrill Lynch, the book-running lead managers. The deal was postponed on several occasions thanks to market conditions in the US. The company originally announced its intention to list both in India and in the US, but scaled back its plans. Now, two years after starting work, Bharti has seized a window of opporunity and listed on the Delhi, Mumbai and National stock exchanges, making it one of India's top-10 listed companies in terms of market capitalization. The company has ruled out an issue of American depository receipts for the time being.