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  • Australia has ventured furtively into the world of compulsory financial philanthropy. A new provision, s1013D of Australia's Corporations Act 2001, requires fund managers, superannuation funds and life insurance companies to disclose "the extent, if any, to which labour standards, environmental, social or ethical considerations are taken into account in the selection, retention, or realization of the investment".
  • The arrival of the euro has far reaching implications in areas such as monetary obligations, legacy currency securities and share capital. Geoffrey Yeowart of Lovells, London, answers some of the key questions for those getting ready to change over
  • Under new SEC proposals, Regulation S-T will be amended to extend the requirement to file with its electronic system, Edgar, to non-US issuers. Sebastian Sperber and Ying Hsu of Cleary Gottlieb Steen & Hamilton, Hong Kong, explain how to negotiate the system
  • In July the Securities and Futures Commission (SFC) issued a consultation paper intended to promote the protection of investors using exchange-traded funds (ETFs). This followed the pioneering launch in May of two Hong Kong ETFs relating to the Taiwan and Korea markets, and the anticipated future listing of other ETFs. The consultation paper's key recommendations include:
  • Chiomenti loses four to Freshfields
  • Shareholders of German companies have had their right to say how hostile takeover bids should be dealt with curtailed. Last minute changes to the controversial takeover bill last month will allow board directors to take some form of poison pill defensive action against hostile bids as soon as they obtain the consent of the company's supervisory board.
  • Slaughter and May is to benefit from the unexpected defection from Clifford Chance of a 10-lawyer securitization team to independent Italian firm Bonelli Erede Pappalardo.
  • Whitney Pidot and former Shearman & Sterling partner, US ambassador to China Clark Randt In a move unprecedented among US firms, Shearman & Sterling has relocated its global managing partner to Asia. Whitney Pidot, who is also a member of the four-man executive committee, has stepped down from the top job to become managing partner for Asia in a move that has left even his New York colleagues surprised.
  • 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.