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Investment banks are preparing for tighter regulation of the activities of analysts after financial watchdogs on both sides of the Atlantic moved to boost investors' confidence in the impartiality of banks' advice. Mounting concern in Europe and the US about researchers advising clients to buy stocks only because investment banking colleagues stand to win business from the companies in question has led regulators in Germany and France to issue new rules governing the conduct of stock-rating specialists.

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

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.

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 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.

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.

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

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.