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In the aftermath of the terrorist attacks in the US, "know your customer" has taken on greater importance for banks. On September 26 the Hong Kong Monetary Authority (HKMA) issued 2 circulars to banks on this topic in reaction to the US President's Executive Order of September 24 aimed at freezing the assets of named terrorist organizations and stopping financial support for terrorists. The circulars predate the Basle Committee's guidance on customer due diligence for banks of October 4. While acknowledging the Order's extra-territorial basis, the HKMA again stressed the importance of banks in Hong Kong cooperating in international efforts against terrorist activities and not becoming involved (even innocently or accidentally) in facilitating such activities.

The most recent developments at SAir Group and Switzerland's flag carrier SAirLines (Swissair) merit a short outline of the formal proceedings regarding moratorium and composition agreement under Swiss Debt Collection and Insolvency Law. The following three steps are to be distinguished:

In line with other European and US markets, the Finnish capital markets have experienced a fairly rapid slow-down during the past year. Heavily dependent on the technology and telecommunications sectors, the aggregate market capitalization of companies listed on the Helsinki Exchanges has decreased significantly, with the main index of the Helsinki Exchanges dropping some 4,400 points from around 11,200 points to 6,800 points during a period of 12 months. Just a couple of months earlier, the HEX index had reached an all-time high on May 18 2000 at 18,331 points.

Coudert Brothers LLP 7 Ul Gasheka

Davis Polk puts JP Morgan loan in the picture

The nations of central Europe are queuing up to join the EU’s rich club. But in their haste they risk tripping over themselves and catching the west’s economic cold. Ben Maiden and Thomas Williams report from Prague, Warsaw and Budapest on how laws firms are coping

Simmons & Simmons has continued the expansion of its Asian services with the recruitment Masons' Hong Kong litigation team. The move comes just one month after the firm secured a joint venture in Tokyo with mid-size Japanese firm TMI Associates.

Gianni Origoni Grippo & Partners is planning to strengthen both its banking and finance, and antitrust practices, as Linklaters & Alliance's Italian ally tries to become more widely known as a full service firm.

In order to meet the objectives of the Financial Services Action Plan, on March 27 2001 the European Commission introduced a proposal for a Directive on financial collateral arrangements. The Belgian presidency wishes the definitive text to be put on paper by the end of 2001.

A new Financial Markets Control Act (Finanzmarktaufsichtsgesetz) establishes a financial regulator with comprehensive competence, supervising all types of banks, insurance companies, and other financial services companies. The idea of having the concentration within one authority is primarily motivated by the international trend towards all-finance groups. It also looks to the potential synergies to be realized by consolidating separate supervisory authorities for the various branches of financial services in Austria. The new authority will have the status of an independent agency.