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US venture capital industry in 2001: retreat from frenzied pace of 2000 By John Taylor, Vice president - research of National Venture Capital Association

Auditors are often made the scapegoat when companies go bust, and with little protection from the UK courts sometimes end up having to settle expensive claims. As Arrabella Giles of Clifford Chance, London, explains however, a recent decision in the Barings case will limit auditors’ liabilities

The Takeover Panel’s ruling on WPP/Tempus may have been the death blow for material adverse change clauses in the UK, but what of the US? Richard Trobman and Nick Cline of Latham & Watkins, London, ask if the US authorities would have come to the same conclusion if they had been presented with WPP

Gönenç Gürkaynak of White & Case, New York, assesses the nascent competition regime in Turkey and argues that it places too heavy a burden of proof on those accused of anti-competitive behaviour

virt-x, a trading platform launched on June 25 2001, offers trading facilities in the blue chip equities of the FTSE Eurotop 3000, MSCI Europe, S&P 350 and STOXX Europe. While virt-x is a recognized investment exchange under the UK Financial Services Act 1986 and supervised by the Financial Services Authority, the issuers of shares admitted to trading on virt-x remain listed in their chosen jurisdiction (ie Switzerland).

The financial crisis that hit Turkey recently has demonstrated how the country must strengthen its banking system in order to have a robust economy. As part of its efforts to create a sound and stable banking system and to achieve international banking standards, Turkey has been undergoing a fundamental restructuring. After the introduction of the amendments to the Banks Act No 4389 in May 2001, the necessary complementary regulations were also passed. On June 27 2001, the Regulation on the Mergers and Acquisitions of Banks and the Regulation on the Establishment and Activities of Banks were approved, and on June 30 2001, the Provisioning Regulation was introduced. Although the effects of the financial crisis can still be seen, these regulations have demonstrated to foreign investors interested in entering the Turkish banking sector that Turkey is taking the necessary steps for rapid progress.

On December 13 2001 the Finnish government submitted a bill to parliament concerning a number of amendments to be made to the Interest Act. The amendments would, in particular, change the provisions governing penalty interest on overdue payments.

On November 29 2001, the National Monetary Council approved Resolution 2.907, authorizing investment funds in receivables and investment funds in shares of the funds in receivables.

Blake, Cassels & Graydon LLP Box 25

With liberalization in a state of paralysis, India’s legal market remains closed to outsiders. Many observers are concerned that this is hampering both the development of local law firms and the economy as a whole. Nick Ferguson reports