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NautaDutilh is launching a securitzation practice in Europe's leading market. Joanne Kellermann has moved to London to spearhead the development of a practice that will extend the firm's offerings in the UK capital. At the same time she will expand the locally-based team to two partners.

Jones Day Reavis & Pogue has established a joint enterprise with Showa Law Office in Tokyo to strengthen its mergers and acquisitions, antitrust and IP practices.

A number of governmental and international bodies have begun to take action in the so-called "war against terrorism". The IMF, the OECD (through its Financial Action Task Force, or FATF) and the US government have all set down plans to cut off the flow of legitimate and illegitimate to organizations supporting terrorist activities around the world.

Money laundering is a key target in the battle to cut off funds to terrorist organizations. In October the US passed legislation to crack down on laundered funds by requiring financial institutions to use strict compliance and due diligence programmes. Danforth Newcomb, Rachel Barnes and Saamir Elshihabi of Shearman & Sterling, New York, explain the implications

The Takeover Panel’s ruling on WPP’s bid for Tempus could spell the end for material adverse change conditions. Tunde Ogowewo of King’s College London’s School of Law reviews the case

Andrew Malcolm of Linklaters, Hong Kong, analyzes the fifth retail bond offering by HKMC, whose structure and use of publicity provide a model for future deals

In alleged response to an insider bid by 30% shareholder CAIH in the recent contest for control of Hurricane Hydrocarbons, the Hurricane board declared a special dividend payable by way of senior unsecured notes. A controversy arose because the notes contained a change-of-control provision that would be triggered by the acquisition of more than 50% of the Hurricane shares. Upon a change-of-control, the holders of the notes could elect to have the notes redeemed. The net effect was a potential cash depletion of $200 million from Hurricane's cash flow.

The New Zealand government has recently tabled the Securities Markets and Institutions Bill, in the first major revamp of New Zealand's securities and markets legislation since 1988. The Bill aims to increase both domestic and international confidence in New Zealand's securities markets and institutions by strengthening monitoring and the enforcement of securities law, requiring greater disclosure and providing for more effective enforcement of breaches. It will also bring New Zealand law into line with Australia, particularly in the areas of continuous disclosure and the enforcement of insider trading.

Since legislation was first introduced in 1995, the Brazilian tax authorities have been developing their legislation in relation to the taxation of profits earned by Brazilian subsidiaries and associated companies abroad.

The Competition Bill 2001, which seeks to repeal the Monopolistic and Restrictive Trade Practices Act 1969, was introduced during the monsoon session of parliament and may be passed during its winter session, starting November 21 2001. The Bill applies to all enterprises, including companies, firms, sole proprietorships, societies, trusts and any body corporate/associations of persons, whether incorporated or not in India, which carries on a business or commercial activity. The Bill seeks to prohibit or regulate: (i) anti-competitive agreements; (ii) abuse of dominant position; and (iii) combinations.