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The New Zealand government is in the process of a major reform of the country's securities law. The reform is a three-stage process, consisting of the enactment of a Takeovers Code, the introduction of a Securities Markets and Institutions Bill and a review of securities trading law. The first stage of the law reform package, the introduction of a Takeovers Code, was completed in July 2001 and the second, the introduction of the Securities Markets and Institutions Bill, is underway. (Buddle Findlay has commented on each of these developments in previous issues of IFLR.) The third of the trinity of reforms will be a comprehensive review of securities trading law. In a speech to a commercial law conference, the Minister of Commerce, Paul Swain, recently outlined the scope of the review and reiterated the direction of future securities law reform.

Linklaters is working on a euro 8.5 billion ($7.4 billion) takeover that could change the balance of power in the UK's energy sector.

Jersey off tax haven list

"There has been something of a cultural change, with Japan being more welcoming of foreign investment"

Bond market participants are calling for European securities regulators to drop plans for electronic trading systems regulation. In a detailed response to revised proposals published for consultation by the Committee of European Securities Regulators (CESR), the Bond Market Association (TBMA) said that moves to regulate the e-trading of bonds are ill-timed and "raise specific and general concerns". TBMA's letter to the secretary general of CESR comes seven months after the group attacked proposals in the initial consultative document, "Proposed standards for alternative trading systems", as "inappropriate and unduly burdensome". In response to these and other criticisms, CESR produced an updated document in January for a further period of consultation that closed on March 14. Speaking for CESR in January, Financial Services Authority chairman Howard Davies said that the committee had taken these comments into account and that significant changes had been made to the definition of alternative trading systems (ATS) and to the proposed standards.

Clifford Chance will boost the Japanese-law capacity of its Tokyo office when five lawyers join the UK firm's joint venture partner. The lawyers will join the Clifford Chance joint venture firm — Tanaka & Akita — from Nakagawa & Takashina, bringing the number of bengoshi in the joint venture to 17.

The International Accounting Standards Board is examining a compromise over rules to make companies account for stock options on their balance sheets. At a meeting in Tokyo last month, the board considered US-style rules to allow companies to choose between including options in their profit and loss accounts or adding a note to the accounts dealing with them. The Board has previously suggested requiring companies to disclose share options fully.

With Euronext at the forefront of integration in European financial services, Thomas Williams talks to the exchange’s top lawyer about self-regulation and the ten best law firms in Europe

Late last year Pernod and Diageo overcame competition, intellectual property and financing hurdles to close their $8 billion joint acquisition of Seagrams’ wines and spirits division. Edward Nalbantian of Jones, Day, Reavis & Pogue in Paris gives the inside story on an ingenious deal

On January 15 2002, the Mexican Congress passed a new Credit Information Law (Ley para Regular las Sociedades de Información Crediticia, or CBIL). The CBIL became effective on February 14 2002, and is the most recent attempt by the Mexican government to provide greater certainty and transparency to the gathering and supply of credit history. As in other countries, bureau credit companies serve as a means to collect and provide reliable information as to the credit history of individuals and corporate entities. Before the CBIL, the activity of credit information companies was regulated by three provisions of the Law on Financial Groups (Ley para Regular las Agrupaciones Financieras) and by certain general rules regulating credit information companies. Originally envisioned to provide input to banking institutions, the scope of credit information companies (CICs) has grown rapidly and now provide services to department stores and a wide variety of commercial companies offering credit.