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Non-US issuers of mortgage- and asset-backed securities stand to benefit from two recent Australian offerings. Teams at Clayton Utz and Allens Arthur Robinson in Sydney have closed the first globally offered securitizations issued off an SEC shelf registration, paving the way for other foreign issuers. Mayer Brown Rowe & Maw in New York also played a crucial role at the SEC, winning approval for Commonwealth Bank of Australia's 2002-1G Medallion Trust, which became the first structured finance transaction conducted by a non-US issuer using an SEC Form S-3 registered shelf prospectus.

Linklaters and Herbert Smith are advising on the UK's largest, most complex restructuring in the utility sector. The restructuring of Anglian Water Group (AWG) will ringfence £1.9 billion ($2.75 billion) of existing debt and raise a further £1.6 billion in new debt.

Finance lawyers are calling on the European Commission to drop proposals for a new takeover directive, which they say could damage Europe's capital markets. In an article in this month's IFLR, the chairman of the company law committee of the City of London Law Society, James Palmer, calls on The High Level Group of Company Law Experts which is making the recommendations in a report to the commission, to think again.

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.