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Under the terms of its entry to the WTO, China is committed to allowing greater access to its banking sector. Despite the slow inroads being made by foreign institutions, however, rules remain in place that will slow their progress, as Lester Ross of Paul, Weiss, Rifkind, Wharton & Garrison, Beijing, explains

Shearman & Sterling opened its first office in Italy on March 18 in Rome and plans to open another in Milan. Partners Michael Bosco and Robert Ellison, together with Italian lead associate Domenico Fanuele, will lead the Rome operation. The office initially comprises about 10 lawyers with room for 25. And the firm is hunting for more. "We are actively looking for an Italian partner [from another firm]," said Ellison last month.

Growth in the Canadian securitization slowed dramatically last year but there are grounds for optimism in favourable treatment by the courts and the growth of products such as extendable commercial paper as a liquidity substitute. Martin Fingerhut of Blake, Cassels & Graydon, Toronto, looks at the market’s future

Linklaters & Alliance has won the top award at IFLR's European awards ceremony in London, scooping the title of European capital markets team of the year.

The Andersen Legal network started to break up in April after plans to merge the auditor with big five rival KPMG collapsed.

Ben Maiden reports on the findings of this year’s IFLR international bond survey, where Allen & Overy has kept its nerve and its lead on stand alone bonds and Clifford Chance has leapt further ahead on securitization

Many Japanese laws have been amended or created over the past few years to allow the use of electromagnetic data. For instance, Japanese laws providing for the authentication of electromagnetic data as well as electromagnetic signatures are now in place. The Securities and Exchange Law of Japan allows disclosure of certain corporate information in electric form. The electromagnetic information amendments to the Commercial Code of Japan, which will take effect on and from April 1 2002, will allow most corporate documents that must be prepared under the Commercial Code to be made and stored in electromagnetic form. Correspondence that is to be sent between a company and its shareholders may also be sent in electromagnetic form.

Lehman Brothers have invented a new structure that allows a German state-owned Landesbank to raise Tier 1 capital in the international capital markets for the first time. The euro 500 million ($439 million) Landesbank Kiel transaction, which closed in February, would not have been possible previously due to withholding tax issues in Germany. Allen & Overy advised Landesbank Kiel. Freshfields Bruckhaus Deringer advised Lehman Brothers in Germany and Clifford Chance advised the bank in Luxembourg.

Allen & Overy and Linklaters advise on bond with highest conversion premium

Allen & Overy is acting as international counsel on the first cross-border asset-backed deal to launch out of the Philippines for nearly five years.